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.

Then, the company said the move would help both companies attract new investors by focusing business in one sector each.

"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," Stealthgas said.

Imperial Petroleum now controls three product tankers — the 47,000-dwt Clean Thrasher and Magic Wand (both built 2008), as well as the 46,000-dwt Falcon Maryam (built 2009). It also owns and the 115,000-dwt crude tanker Stealth Berana (built 2010).

The company fixed all four on period charters in the first quarter, but the Clean Thrasher and Stealth Berana have since finished their employment.

The Magic Wand is on charter until March 2022, while the Falcon Maryam is on bareboat charter through September 2022.

Investors received an Imperial Petroleum common share for every eight StealthGas shares. They also were awarded a preferred share in the new company for every 48 StealthGas shares.

Vafias' Flawless Management is the largest shareholder in both companies, with just over 7.1m shares accounting for 18.8%.

Glendon Capital Management is the second largest with 6.5m shares or 17.2%, followed by MSDC Management and its 3.4m share stake.