Imperial Petroleum has two new ships, but they will not be carrying crude or oil products.
The New York-listed, Harry Vafias-backed shipowner announced alongside its second-quarter earnings the acquisition of two handysize bulkers, 32,165-dwt Eco Angelbay (built 2009) and the 32,081-dwt Eco Bushfire (built 2011), from an affiliated company for $39m.
The acquisition will be paid for with cash on hand, raised through a series of controversial stock issuances.
