Globus Maritime is planning secondhand bulker buys after upsizing a share issue to $12m.
The Nasdaq-listed Greek owner told TradeWinds it wants to move into bigger ship sizes with the proceeds.
The company sold 34.28m shares at $0.35 each. Each share came with a warrant for another that can be acquired immediately for the same price. The stock closed at $0.38 in New York on Monday.
Bookrunner Maxim Group bought 5.12m shares in addition, worth a further $1.8m.
"It was very, very successful. There was investor interest across the globe," Globus chief executive Athanasios Feidakis told TradeWinds. "We talked to many US investors, some Asian firms, some in Europe, Israel."
The company had initially targeted $5m.
Welcome liquidity
"Then we had a call from our broker, saying, 'Look, guys, there is a lot of interest and we have an excess amount, do you want to upsize?' " Feidakis said.
"Who would not like some more liquidity in these times?"
The cash will be used to pay down debt, as well as for vessel acquisitions.
"We are already starting to look at some ships ... particularly as there is potentially more money coming in from the warrants," Feidakis said.
"We are making plans, talking to our engineers, asking which ships they like, drawing up a shortlist — and then we will move to inspections."
Globus does not have a fixed number of vessels in mind, but is targeting kamsarmaxes and panamaxes, even though it still likes supramaxes. But he views the time as right to move into bigger asset classes.
The shipowner has four supramaxes and a panamax. It took a $4.6m vessel impairment hit during the first quarter, as it logged a net loss of $9m.
The fleet's average age is 12.1 years, with the oldest ship built in 2005.
