New York-listed International Seaways has filed to sell up to $100m of shares to fund potential investments or debt repayments.
The move is part of a “general corporate housekeeping” review, the tanker owner said.
An updated and renewed equity distribution deal has been signed with investment banks Evercore Group and Jefferies.
Stock could be sold from time to time in the open market or at any privately negotiated price.
The shipowner said any proceeds would be used for general corporate purposes, including additions to working capital, repayment or refinancing of debt, financing of capital expenditure, or investments in current and future projects.
Seaways added it has not yet sold or agreed to sell any shares.
“The company’s trading blackout period is currently in effect, and the next potential trading window will not occur until at least March 1, 2024,” the company said.
Seaways will pay a 3% commission on the sales, giving potential net proceeds of $97m.
Major shareholder John Fredriksen is unlikely to be on the list of potential buyers.
The holder of 16% of the company has been seeking to influence management policy.
The Frontline owner has said Seaways pays executives too much, but bosses adopted a poison pill provision capping his stake at 17.5% to stop any takeover bid.
Nordea analyst Erik Hovi has said any takeover attempt at Seaways is unlikely in the short term, but suggested there were ways forward for Fredriksen, including potential alliances with other shareholders such as Eastern Pacific Shipping principal Idan Ofer or pools power Navig8.
Fredriksen’s camp has also maintained his investment is purely financial.
