Castor Maritime is raising more money to pursue secondhand bulker buys.
The Cypriot owner said it will sell nearly 57.8m of its Nasdaq-listed shares to unaffiliated institutional investors at $0.30 per share.
The $17.3m of new stock is being issued together with warrants to buy another 57.8m shares.
The warrants are convertible at $0.35 per share.
It is yet another deal involving New York-based Maxim Group as placement agent.
Maxim has been involved in recent shares sales as agent or underwriter for US-listed shipowners Globus Maritime, Seanergy Maritime and Top Ships in recent weeks.
Panamax added
Castor had been bolstered by a share sale worth $20.7m in June, after which it promised to use some of the money on vessel purchases.
The shipowner wasted no time in buying a panamax bulker, the 73,593-dwt Arethusa (built 2007), from Diana Shipping.
The owner said Germany's Oldendorff Carriers then fixed the ship for three to five months at $10,300 per day in rising dry markets.
Castor expects to take delivery of the bulker in August. It paid $7.85m for the ship.
Revenue is expected to rise by about $900,000 over the minimum period of the contract. It could reach $1.6m should Oldendorff keep the ship for five months.
The German giant is a previous client of Castor, which has three other panamaxes.
More chances to grow fleet?
"We are pleased to have been able to take advantage of the recent dry bulk market charter rate improvement by securing an attractive time charter contract for our recent acquisition," Castor chief executive and chief financial officer Petros Panagiotidis said at the time.
"We believe that the recent vessel acquisition and the prompt securing of the time charter has further demonstrated our ability to act quickly and decisively in taking advantage of market opportunities presented to us."
Panagiotidis said the company is determined to keep capitalising on chances to grow the fleet profitably.
The company made a near-$260,000 loss in the first quarter, versus a $56,000 profit during the same period last year.
