Oslo-listed MPCC Container Ships has added to its cash pile with a private placement of stock.
The German company brought in Fearnley Securities as manager and bookrunner to sell 7.25m new shares worth NOK 125m ($13.5m).
The sale was directed at Norwegian and international investors.
The price was fixed at NOK 17.25 per share, against NOK 18.15 in Friday trading.
The cash will be used for general corporate purposes, MPCC said, but previous equity raises have gone towards expanding the fleet, which now stands at 68 vessels.
It has in the past stated an ambition to reach 100.
Existing shareholders underwrote the deal: Star Spike, a fund managed by Star Capital Partnership, CSI and Pilgrim Global ICAV, which own 19.40%, 13.04% and 3.48% respectively.
They will receive an underwriting fee equalling 2% of the subscription price for any shares allocated to them above their pro-rata ownership.
In the third quarter, the MPC Capital-controlled company plunged to a net loss of $11.43m, compared to a profit of $1.17m a year ago.
Total revenue was down to $46m, from $55.79m in 2018, and deprecation costs increased.
Average time charter equivalent earnings (TCE) were $8,718 per day, from $9,071 in the second quarter.
Cash and cash equivalents stood at $43.5m.
