Imperial Petroleum Ships Out Aframax Tanker To Bulker Spinoff C3is

Credit: Peninsula’s bunker tanker Hercules Sky supplying a biofuel blend to a chemical tanker in Gibraltar. Peninsula

Greek tanker and bulker owner Imperial Petroleum has sold its 2010-built aframax to an affiliated bulker venture C3is, reports Splash247.

About the deal

The Nasdaq-listed spinoff of Harry Vafias-led StealthGas has agreed for the 115,800 dwt Samsung-built ship to change hands for $43m.

C3is was formed as a spinoff of Imperial Petroleum earlier this year with two handy bulk carriers.

The company’s chief of finance Diamantis Andriotis said the tanker addition should “significantly enhance” C3is’s cashflow and earnings and assist in addressing low price to net asset value valuation currently estimated at $26.66m – around 370% premium over its current market capitalisation.

Imperial Petroleum, founded in 2021, will following the transaction have a fleet made up of five MR tankers, two suezmaxes and two handysize bulkers.

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Source: Splash247


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