2023-07-17 11:05:20 ET
C3is ( NASDAQ: CISS ) will purchase the M/T Stealth Berana, an Aframax oil tanker, from Imperial Petroleum ( NASDAQ: IMPP ) for $43 million, the company said Monday.
M/T Stealth Berana was built in 2010 at the Samsung shipyard in South Korea. The Aframax tanker has a cargo carrying capacity of about 115,800 DWT.
The vessel was delivered to C3is on July 14 .
C3is said it paid 10% of the purchase price and will pay the rest within one year from the date of delivery.
C3is also estimated that as of July 14, its NAV was $26.66 million , about a 370% premium over its current market capitalization.
The NAV estimates for C3is translate to $3.36 per common share currently outstanding, $2.49 per common share on a diluted basis, and $1.73 per common share on a fully diluted basis.
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C3is buys M/T Stealth Berana from Imperial Petroleum for $43M