Imperial Petroleum approves $10 million share buyback program

Imperial Petroleum Inc. (NASDAQ: IMPP) announced that its board of directors approved a share repurchase program authorizing the company to buy back up to $10 million of its common stock.

The Athens-based shipping company stated that shares may be purchased through open market or privately negotiated transactions at times and prices the company considers appropriate. The program may be suspended or discontinued at any time.

Imperial Petroleum operates a fleet of 20 vessels providing petroleum products, crude oil and drybulk seaborne transportation services. The fleet includes seven product tankers, two suezmax tankers and 11 drybulk carriers with a total capacity of approximately 1.29 million deadweight tons.

The company has contracted to acquire six additional vessels, including five handysize drybulk carriers and one product tanker, with aggregate capacity of 223,700 deadweight tons. Following these deliveries, Imperial Petroleum's fleet will total 26 vessels with approximately 1.5 million deadweight tons of capacity.

Imperial Petroleum's common stock and 8.75% Series A Cumulative Redeemable Perpetual Preferred Stock trade on the Nasdaq Capital Market under the symbols "IMPP" and "IMPPP," respectively.

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