Imperial Petroleum, a ship-owning company providing transportation services led-by the Greek Harry N. Vafias, has managed to repay early and in full the $30.0 million outstanding loan with NBG Bank. This loan was secured with first priority mortgages against the Suezmax tankers the “Suez Enchanted” and the “Suez Protopia”.

The Nasdaq-listed company said in a statement that after this loan repayment Imperial Petroleum’s total debt is in the region of $15.0 million. The company currently owns and operates a fleet of twelve vessels, ten of which are unencumbered.

Chief Executive Officer Harry Vafias says Imperial Petroleum “elected to voluntarily repay the majority of its outstanding loans so as to utilize its excess cash amidst a positive market environment, and shield its cash flow generation going forward against the increasing finance costs.”

Imperial Petroleum, a ship-owning company providing petroleum products, crude oil and drybulk seaborne transportation services, owns a total of twelve vessels. Specifically, five M.R. product tankers, one Aframax oil tanker, two Suezmax tankers, and four Handysize dry bulk carriers with a total capacity of 808,000 deadweight tons.