Imperial Petroleum Inc. (IMPP) Monday announced that its Board of Directors has approved a share repurchase program and authorized the officers of the company to repurchase, from time to time, up to $10 million of the company's common stock.
Imperial Petroleum is a ship-owning company providing petroleum products, crude oil and drybulk seaborne transportation services. The company owns a total of twenty vessels on the water - seven M.R. product tankers, two suezmax tankers, three handysize drybulk carriers, five supramax drybulk carriers, two kamsarmax drybulk vessels and a post panamax drybulk carrier - with a total capacity of approximately 1,291,000 deadweight tons (dwt) and has contracted to acquire an additional five handysize drybulk carriers and a product tanker of 223,700 dwt aggregate capacity.
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