Croatia’s Tankerska Plovidba has raised its stake again in subsidiary Atlantska Plovidba through a second share offer this year.

Atlantska told the Zagreb stock exchange that it now has 71.16% of the equity, up from 64.51% when it launched a bid to mop up remaining minority shareholders in May.

A total of 513 shareholders offloaded a 6.65% holding, the bulker owner said.

Tanker and bulker company Tankerska, which is also listed in Zagreb, had offered €53.60 ($58) per share.

Atlantska was trading at €53 on Tuesday.

With a market cap of €110m, the extra slice is worth around €7.3m ($7.85m) for Tankerska.

Croatia’s financial watchdog gave the green light for the follow-up offer in May.

Tankerska had taken a 64.51% stake in domestic dry cargo rival Atlantska earlier this year.

It had added 25.01% slice in a takeover offer.

The $75m transaction was launched in January at €53.60 per share for the 60.90% interest it did not own.

Atlantska continued with its fleet renewal in April.

Third ultramax ordered

The owner declared an option for a third ultramax bulker newbuilding at Jiangsu Hantong Ship Heavy Industry in China.

The 63,500-dwt ship will cost $32.5m, the same as the first two bulkers in the series ordered in February.

The latest vessel will be delivered in 2027, following the others in 2026.

Dubrovnik-based Atlantska controls 13 kamsarmax, supramax and handysize bulkers, but this is its debut in the ultramax class.