TOPS - Imperial Petroleum - Steer Clear Of This Bottom Of The Barrel Shipping Stock

• Initiating coverage of Imperial Petroleum, a small, Greece-based oil tanker operator recently spun-off by StealthGas.
• Company has stated its intent to raise additional equity to renew and expand its fleet.
• Discussing ugly terms of last week's equity offering. Massive dilution resulted in net asset value per share being cut in half.
• Despite shares trading at at 65% discount to net asset value, investors should avoid Imperial Petroleum given ongoing, weak tanker market conditions and the very real risk of further, substantial dilution going forward.

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