Imperial Petroleum Inc. Announces the Sale of Its Aframax Tanker

Rhea-AI Summary

Imperial Petroleum Inc. (Nasdaq:IMPP) has signed an agreement to sell the M/T Stealth Berana, an Aframax oil tanker, for $43 million to C3is Inc. The vessel, built in South Korea in 2010, has a cargo carrying capacity of approximately 115,800 dwt. 10% of the purchase price has been received, and the remaining balance is due within a year after the vessel’s delivery on July 14, 2023. The transaction was approved by the Company’s audit committee.

ATHENS, Greece, July 17, 2023 (GLOBE NEWSWIRE) -- Imperial Petroleum Inc. (Nasdaq:IMPP) (the “Company”) announced today that it has entered into an agreement to sell for $43 million the M/T Stealth Berana an Aframax oil tanker, built at Samsung shipyard, South Korea in 2010, with a cargo carrying capacity of approximately 115,800 dwt, to C3is Inc.

Payment of 10% of the purchase price has been received, with the remaining balance due within one year following the vessel’s delivery which took place on the 14th of July, 2023. The vessel is currently trading in the spot market.

The transaction with C3is Inc., which is an affiliated company, was approved by the Company’s audit committee comprising of independent directors.        

ABOUT IMPERIAL PETROLEUM INC.

Imperial Petroleum Inc. is a ship-owning company providing petroleum products, crude oil and drybulk seaborne transportation services. The Company owns a total of nine vessels; five M.R. product tankers, two Suezmax tankers and two Handysize dry bulk carriers with a total capacity of 682,200 deadweight tons (dwt). Imperial Petroleum Inc.’s shares of common stock and 8.75% Series A Cumulative Redeemable Perpetual Preferred Stock are listed on the Nasdaq Capital Market and trade under the symbols “IMPP” and “IMPPP,” respectively.

Forward-Looking Statements

Matters discussed in this release may constitute forward-looking statements. Forward-looking statements reflect our current views with respect to future events and financial performance and may include statements concerning plans, objectives, goals, strategies, future events or performance, or impact or duration of the COVID-19 pandemic and underlying assumptions and other statements, which are other than statements of historical facts. The forward-looking statements in this release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, management’s examination of historical operating trends, data contained in our records and other data available from third parties. Although Imperial Petroleum Inc. believes that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, Imperial Petroleum Inc. cannot assure you that it will achieve or accomplish these expectations, beliefs or projections. Important factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking statements include risks discussed in our filings with the SEC and the following: the impact of the COVID-19 pandemic and efforts throughout the world to contain its spread, the strength of world economies and currencies, general market conditions, including changes in charter hire rates and vessel values, charter counterparty performance, changes in demand that may affect attitudes of time charterers to scheduled and unscheduled drydockings, shipyard performance, changes in Imperial Petroleum Inc.’s operating expenses, including bunker prices, drydocking and insurance costs, ability to obtain financing and comply with covenants in our financing arrangements, or actions taken by regulatory authorities, potential liability from pending or future litigation, domestic and international political conditions, the conflict in Ukraine and related sanctions, potential disruption of shipping routes due to accidents and political events or acts by terrorists.

Risks and uncertainties are further described in reports filed by Imperial Petroleum Inc. with the U.S. Securities and Exchange Commission.

Company Contact:

Fenia Sakellaris
IMPERIAL PETROLEUM INC.
00-30-210-6250-001

FAQ

What is the name of the company selling the oil tanker?

Imperial Petroleum Inc. (Nasdaq:IMPP) is selling the M/T Stealth Berana.

What is the purchase price for the oil tanker?

The purchase price for the oil tanker is $43 million.

When was the vessel delivered to the buyer?

The vessel was delivered on July 14, 2023.

What is the cargo carrying capacity of the oil tanker?

The oil tanker has a cargo carrying capacity of approximately 115,800 dwt.

Who approved the transaction?

The transaction was approved by the Company’s audit committee.