Imperial Petroleum Announces Agreement to Acquire Two Suezmax Tankers

Source: www.gulfoilandgas.com 5/27/2022, Location: Europe

Imperial Petroleum Inc. (IMPP) announced that it has entered into an agreement to acquire two suezmax tankers, built at Hyundai Samho in 2007 and at Samsung Heavy Industries in 2008, with an aggregate capacity of approximately 320,000 dwt, from an unaffiliated third party for an aggregate purchase price of $46.8 million, with delivery expected by mid- June 2022. The Company expects to finance the purchase price with cash-on-hand and new senior secured bank debt. This transaction is indicative of the Company’s substantial financial resources to consummate new vessel acquisitions due to its high level of available cash raised from its recently completed public offerings. This agreement is consistent with the company’s plan to continue its fleet expansion.


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