Imperial Petroleum Announces Agreement to Acquire Two Suezmax Tankers
May 27 2022 - 9:20AM
Imperial Petroleum Inc. (Nasdaq: IMPP) (the “Company”) announced
today 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.
ABOUT IMPERIAL PETROLEUM INC.
Imperial Petroleum Inc. is a ship-owning company
providing petroleum product and crude oil seaborne transportation
services. The Company owns four M.R. product tankers and one
Aframax oil tanker with a total capacity of 305,804 deadweight tons
(dwt) and has agreed to acquire one additional product tanker and
two suezmax tankers with expected delivery by mid-June 2022.
Following these deliveries Imperial Petroleum will own a total of
eight tankers with an aggregate capacity of approximately 682,000
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 completion of the acquisition
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
E-mail: fs@Imperialpetro.com
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