Imperial Petroleum Inc., owned by shipowner Haris Vafeias, has approved a share buyback program that allows for the repurchase of up to $10 million in shares. The company's Board of Directors has authorized management to execute share purchases through open market transactions and private deals at times and prices deemed appropriate. The program can be suspended or terminated at any time, allowing for flexibility in adjustments based on market conditions.

The Athens-based shipping company specializes in the marine transportation of crude oil, petroleum products, and dry bulk cargo, boasting a fleet of 20 vessels with a total capacity of approximately 1.29 million deadweight tons (dwt). Recently, Imperial Petroleum has also agreed to acquire five handysize vessels and one product tanker, which will significantly expand its operational capacity. Upon the delivery of these new additions, the company’s fleet will increase to 26 vessels, reaching an impressive total capacity nearing 1.5 million dwt.

This share buyback initiative is part of the company's strategy to return capital to shareholders and is likely aimed at boosting stock prices amid an expanding fleet and operational footprint. With this move, Imperial Petroleum not only strengthens its commitment to shareholder value but also strategically positions itself within the competitive maritime transport sector.