Imperial Petroleum has sold the Suez Protopia tanker, built in 2008, for $82 million. This sale is the company's latest action towards a complete exit from the Suezmax sector.
Transaction Details
According to transaction data as of September 30, VesselsValue has identified Imperial Petroleum as the seller. The buyer of this tanker has not yet been disclosed. VesselsValue estimated the value of the 160,391 deadweight ton tanker at $74.34 million, indicating that this deal was made approximately $7.7 million above its valuation.
Fleet Status Analysis
This transaction allows Imperial Petroleum to completely exit the Suezmax sector. In the company's fleet update on September 10, Suez Protopia was listed as the only remaining Suezmax tanker after the sale of Suez Enchanted in August. Imperial has stated that this sale has brought approximately $32 million in net profit to the company.
In 2022, Imperial Petroleum jointly purchased the Suez Protopia and Suez Enchanted tankers for $46.8 million, with delivery occurring on June 3 of that year. The price of $82 million for Suez Protopia alone is significantly higher than the initial purchase price of these two vessels, although the individual purchase costs have never been disclosed.
The company is not reducing its fleet. Imperial Petroleum, which is listed on Nasdaq, recently announced that it has 21 ships at sea and is in the process of acquiring four new purchases, which will ultimately bring its fleet to 25 vessels. Following the recent sale of the Suezmax, the company's fleet focus will shift towards MR product carriers and its growing dry fleet.
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