Imperial Petroleum jumps after announcing buy of 2 product tankers

Imperial Petroleum

09/03/2022 13:45

** Imperial Petroleum  IMPP.O  shares up 16% at $4.93
premarket after announcing acquisition of 2 M.R. refined
petroleum product tankers
    ** Athens, Greece co late Tues said paying Brave Maritime
$31 mln for tankers built at SLS Shipbuilding, South Korea in
2008 and at Shin Kurushima Dockyard, Japan in 2011, with
delivery on charter free basis expected by end-May  urn:newsml:reuters.com:*:nGNXXLlRJ
    ** Co expects to finance purchase with cash-on-hand and new
secured bank debt, for which it's in discussions to secure with
an international financial institution
    ** IMPP shares have seen sharp swings recently. Stock, which
has jumped ~460% this month, hit high of $9.70 on Tues before
closing down 43%
    ** Co debuted on Dec 6 after completing spin-off from
StealthGas Inc  GASS.O   urn:newsml:reuters.com:*:nGNX4hrPW9

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-332-219-1430))