StealthGas and Imperial Petroleum CEO says shipping rates have gone up 500% due to Ukraine war

StealthGas Inc and Imperial Petroleum Inc chief executive Harry Vafias says the companies have been benefiting from sanctions on Russian energy companies and on the new trade routes.

“Day rates for our ships, especially for tankers, have gone up between 500% and 700% since the start of the war,” he says.

Vafias, who is CEO of both companies, talks through how Imperial is the oil tankers business that was spun out of LPG specialist StealthGas in late 2021 and how the two companies have totally different strategies, how IMPP has been able to raise money in recent months and what level of expansion is being planned.