Harry Vafias' StealthGas has successfully spun off its tanker fleet.

The new company, Imperial Petroleum, began trading on New York's Nasdaq under ticker symbol IMPP on Monday, with shares rocketing to $8.05 in midday trading after starting at $2.75.

StealthGas, also listed on Nasdaq, announced it was pursuing the move in early November.

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Then, the company said the move would help both companies attract new investors by focusing...