Imperial Petroleum Inc. (IMPP) to Acquire Two Product Tankers

Imperial Petroleum Inc. (Nasdaq: IMPP) (the “Company”) announced today that it has entered into an agreement to acquire two M.R. refined petroleum product tankers, built at SLS Shipbuilding, South Korea in 2008 and at Shin Kurushima Dockyard, Japan in 2011 respectively, with an aggregate capacity of approximately 97,000 dwt, from Brave Maritime for an aggregate purchase price of about $31 million, with delivery on a charter free basis expected by end of May 2022. The Company expects to finance the purchase price with cash-on-hand and new senior secured bank debt for which it is in discussions to secure with an international financial institution. The transaction with Brave Maritime, which is affiliated with members of the Vafias family, was approved by the Company’s audit committee comprised of independent directors.

You May Also Be Interested In

• Sparton, Glen Eagle ink joint venture deal for Ontario silver mine
• GoPro to merge with Starman Optical in $285M recapitalization deal
• BMO Capital: 'Eli Lilly (LLY) to Acquire Precision I&I Biotech Merida Bio'