Oslo-listed Songa Container (SCT) is expected to raise $5m from existing investors at an extraordinary general meeting on Tuesday.
Backers including shipowner Arne Blystad are coming up with the cash for the capital increase.
The company said it had received voting proxies from all shareholders.
Fearnley Securities said: "Everything else equal, the equity injection is positive for bondholders, as the contribution secures SCT’s liquidity position going forward and proves the shareholders’ willingness to support the company."
Its 2021 bonds are currently trading at 96% of face value.
The capital increase outstrips its fourth quarter loss of $4.29m, which compared to a deficit of $1.59m in 2018.
Arctic Securities had said last week that the company may need extra cash.
Liquidity needed
Analysts Alexander Jost said he expected Songa's liquidity to fall from $5.4m in the first quarter to $3.4m by the third, resulting in a $5.5m shortfall with $19m in capital expenditure on the books.
The company has been affected by delays to scrubber retrofits caused by the coronavirus outbreak in China.
"Songa had a thin liquidity buffer during [the first and second quarters] when taking into account the minimum cash covenant of $6.5m," Jost wrote.
"The recent delays, which were outside the company’s control, have caused the liquidity buffer to worsen, and on our estimates there could be need for additional cash."
Songa Container said last week it was optimistic about 2020.
The owner of 15 boxships plans to factor negative Covid-19 impacts into future risk assessment but expects positive market forces to allow for a steady sector rebound.
Revenue down
Time charter revenue came in at $7.81m, down from $9.12m, partly due to 374 days without revenue in the fourth quarter versus 116 in the same period in 2018.
Operating expenses were $8.57m, compared to $8.47m at the same stage in 2018.
The company returned to loss for the full year, registering an $18.7m loss for 2019 versus a $4.32m deficit for the prior year.
Arctic Securities had lowered its 2020 outlook, based on scrubber retrofit delays.
Expecting revenue to reach only $47m for 2020, Arctic lowered its Ebitda forecast to $13m from $21m with a higher estimate on off hire days.
Songa in March 2019 ordered scrubbers for its entire fleet.
