Taylor Maritime Investments has raised another $75m by raising new equity in London, with which it plans to buy up to six Japan-built handysize bulk carriers.
The London-listed bulker owner said the offering, which commenced on Friday and targeted institutional investors, was oversubscribed and that it has undertaken a scaling back exercise.
The shipowner has raised 65,217,392 new ordinary shares at an issue price of £0.8363 each ($1.15). The stock opened on the London Stock Exchange on Monday at £0.855 per share.
Nicholas Lykiardopulo, chairman of TMI, said the company already has acquisition candidates in mind.
"The executive team has assembled a high-quality pipeline of Japanese-built handysize vessels, which are expected to be acquired at attractive prices and will deliver strong earnings in the current rate environment," he said on Monday.
"The level of demand from new and existing investors during this fundraise reflects their confidence in our business model and approach, and we appreciate and value their continued support."
Each of the latest six acquisition targets is built in Japan, with an average expected acquisition price of $15m. All six are expected to be fixed on new charters.
The average age is in line with TMI's fleet average of 10.5 years.
TMI has said previously that it plans to use the share cash "immediately" on the six vessels, which are part of a larger near-term list of 14 ships the company has set its sights on.
TMI chief executive Edward Buttery said the firm was looking forward "to putting this money to work rapidly to capitalise upon these attractive market conditions".
