Greek Harry N. Vafias led-Imperial Petroleum has agreed to acquire three Japanese-built drybulk carriers from entities affiliated with Brave Maritime Corp Inc.

A securities filing by the Nasdaq-listed company revealed that the company entered into agreements to acquire three vessels with a total capacity of approximately 164,400-dwt and an average age of approximately 12.5 years.

The aggregate purchase price is $51.6m, 10% of which is payable by the company in shares of its common stock valued at the 30-day VWAP through the date of the acquisition agreement.

The deal with Brave Maritime, which is affiliated with members of the Vafias family, was approved by the independent directors of the company, a US securities and exchange commission filing disclosed.

The vessels are expected to be delivered between September 2025 and August 2026.

The company has the option to pay for the vessels one year after the date of each respective purchase agreement, without interest.

Following these vessel deliveries, and assuming no further acquisitions or dispositions, the company’s fleet will total 22 vessels.