Harry Vafias’ bulker spin-off is set to launch with a Nasdaq listing this month.
The new venture called C3is is being created with two bulkers controlled by the Greek shipowner’s Imperial Petroleum and will distribute stock on 23 June to investors on record as of 13 June.
Shareholders of Imperial Petroleum will receive one C3is share for every eight they hold in the parent.
The plan was first revealed in an F-1 form filed in April, with a launch target date of the second quarter.
The handysize ships involved have not been named.
The board of Imperial Petroleum, which is also listed on the Nasdaq, believes that the creation of a “pure play” dry bulk shipping company will provide significant benefits to both companies and their shareholders.
“The transaction will enable C3is to initially focus on the dry bulk sector, while Imperial Petroleum gradually focuses on the tanker sector,” Imperial said back in April.
“Each company will independently attract new investors and provide shareholders the flexibility to adjust their holdings according to the sectors in which they want to invest,” it added.
Tanker owner Imperial has four handysize bulkers in its fleet of 12 ships: the 33,000-dwt Eco Angelbay (built 2009), Eco Bushfire (built 2011) and Eco Wildfire (built 2013), as well as the 38,000-dwt Glorieuse (built 2012).
The parent will be left with two suezmaxes, an aframax, five MR product tankers and two handysizes.
More ships to be dropped down
It is likely the remaining bulkers will be spun off into C3is at a later date.
Imperial was created from Vafias’ US-listed LPG carrier company StealthGas at the end of 2021.
Vafias has since come under criticism from shareholders after a series of dilutive share issues.
Imperial has used proceeds from the equity raises to buy ships, expanding from an original fleet of just four.
The CEO has noted that Imperial, after debuting at $0.40 per share, had generated outsized returns for some investors, bouncing as high as $8.50 on the first trading day. The stock reached a record high of $9.13 on 8 March 2022.
