New York-listed Imperial Petroleum repurchased 1.1m shares worth about $1.9m in the quarter past after announcing a $10m buyback authorisation.
The buybacks will be seen as supportive to Imperial’s share price, although it is not clear whether they will be enough to mollify critics who have blasted past dilutive equity raises through US investment bank the Maxim Group.
The stock buys were disclosed as Harry Vafias-led Imperial, which is mostly a tanker company, disclosed net income for the third quarter of $12.1m,
