Imperial Petroleum Gains 18% In Morning Trade

(RTTNews) - Shares of Imperial Petroleum Inc. (IMPP), that provides petroleum product and crude oil seaborne transportation services, are rising more than 18% in the morning trade on Wednesday.

Today there have been no company-specific news to help the stock trade higher.

Tuesday Imperial Petroleum announced its decision to acquire two Medium Range (MR) refined petroleum product tankers with an aggregate capacity of about 97,000 dwt, from Brave Maritime for about $31 million.

The company said delivery is expected expected by end of May 2022.

IMPP, currently at $5.03, has been trading in the range of $0.40-$9.70 in the past 52 weeks.