Spin-off for tankers is founded by StealthGas of Ch. Vafeias

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By George George

StealthGas, in the interests of Harry Vafeias, will set up a spin-off company for the four tankers of its fleet.

The new company, which will be named Imperial Petroleum Inc., has applied for listing on the US stock exchange and the Nasdaq index. According to the announcement, the transaction is expected to be completed in early December this year.

The board of StealthGas estimates that “the creation of two companies in separate segments of the shipping industry – LPG and tankers – will offer significant benefits to both companies and shareholders.”

The transaction is expected to help StealthGas and Imperial Petroleum focus on their industries, reduce confusion in individual markets, attract new investors and give shareholders the flexibility to adjust their stakes according to the industries in which they want to invest “is noted in the relevant announcement.

StealthGas is listed on the US stock exchange and manages a fleet of 49 ships, of which 45 are LPG carriers and four tankers (three MR tankers and one aframax).

It is recalled that a similar move was finally made Diana Shipping, interests of the Palios family.

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Source From: Capital

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