StealthGas is to spin off its product and crude tankers as a new listing on the Nasdaq in New York.
The Harry Vafias-led company, best known for its extensive LPG carrier fleet, will use newly formed subsidiary, Imperial Petroleum, as the new listing vehicle with a fleet made up of three product tankers and an aframax. The transaction is expected to be completed next month.
“The StealthGas board of directors believes that the creation of two businesses in distinct sectors of the shipping industry – LPG carriers and tankers – will provide significant benefits to both companies and their shareholders. The transaction is expected to enable both StealthGas and Imperial Petroleum to increase its business focus, alleviate market confusion and attract new investors, and, with this separation of sectors, give shareholders the flexibility to adjust their holdings according to the sectors in which they want to invest,” StealthGas stated in a release.