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Imperial Petroleum announced it has reached a deal to sell the M/T Stealth Berana, its Aframax oil tanker, to C3is Inc for $43 million.

The M/T Stealth Berana was built at Samsung shipyard (Geoje shipyard) in South Korea in 2010.

The vessel features a cargo carrying capacity of approximately 115,800 deadweight tonnage (DWT) and carries an engine power of 13554 KW.

10% of the purchase price was already paid, according to C3is, and the remaining 90% will be paid within a year after delivery.

Dr. Diamantis Andriotis , CFO at C3is emphasised how the acquisition of the vessel will enhance the finances of the company.

Andriotis said: “We are pleased to announce the acquisition of the M/T Stealth Berana as we believe it will significantly enhance the Company’s cashflow and earnings and assist in addressing our low price to NAV valuation.

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“We expect to finance the remaining acquisition consideration with cash on hand, cashflow from operations and possibly the incurrence of senior secured bank debt within the twelve-month period following the vessel’s delivery to us, as agreed with the seller.”

The management of the Company determined that C3is Inc.’s Net Asset Value (NAV) as of July 14, 2023, was $26.66 million, around 370% more than its current market value.