UK owner Tufton Oceanic is heading back to the share market to raise more cash for ship purchases.
The company said it continues to "identify an attractive pipeline of secondhand vessels" and wants to capitalise on the opportunities.
It anticipates a continuing focus on tankers, containerships and general cargo vessels, with opportunistic investments in the bulker segment.
"The portfolio will continue an emphasis on medium to long-term time and bareboat charters strategies," the company added.
It did not specify the target amount for the sale, but said the issue price of $1.01 per share is a 2.3% premium to the net asset value on 30 June.
During the last year it has raised combined proceeds of $128.4m through two share issues.
It has invested nearly all of this in vessel buys, but still has 15% of a $50m March sale in the bank.
Profit rising
Tufton has 14 of its 15 vessels employed on fixed-rate medium to long term charters, with an average of 3.5 years.
"The portfolio is largely insulated from geopolitical and macroeconomic shocks," it said.
In the year to 30 June, the company logged a net profit of $16.42m, against $3.28m in the period between February 2017 and June 2018.
Revenue grew to $17.77m from $3.48m as it snapped up ships.
Chairman Rob King said: "The portfolio of vessels in the company continue to perform well.
"There continues to be a strong pipeline of investments particularly in the tanker, bulkers, general cargo and containership segments which makes it possible to invest recent proceeds on a timely basis."
The company is continuing to look for "new and varied opportunities" and aims to increase its size further during 2019 and beyond, King added.
