Oaktree Capital Management has priced another offering of Star Bulk Carriers after selling $220m of the bulker owner's stock last month.

The US investment giant announced on Tuesday that it has offered 2.38m shares at $22 each, which is slightly below Monday's closing price of $22.50 on Wall Street.

Oaktree, which announced the secondary offering after the market close on Monday, stands to make $52.8m if all of the offered shares are sold.

The private equity company currently holds 27.75% of Star Bulk’s shares but would own only 25.33% of the company if it completed the planned sale.

Oaktree, which sold 10.6m Star Bulk shares last month, began investing in Star Bulk in 2013 and owned more than half of the Petros Pappas-led owner at that time.

The stake has diminished over time as a result of share capital increases to widen Star Bulk's shareholder base and increase its fleet, and another Oaktree share sale in 2018.

Oaktree’s investment horizon in Star Bulk is not known but company founder Petros Pappas said in a 2018 TradeWinds interview that he believed that Star Bulk was “10-year money for them, plus a couple of years of potential options”.

Star Bulk operates a fleet of 128 vessels, with an aggregate capacity of 14.1m dwt.

Its shares, which trade on the Nasdaq under ticker symbol SBLK, remained flat at $23.41 at the close of Tuesday trading on Wall Street.