Belships has sold just over one-third of the shares available in its subsequent offering, which followed the private placement in May.
The Oslo-listed bulker owner had set a target of NOK 11.2m ($1.3m) in the repair offering, but ended up raising around NOK 3.9m ($457,000), according to a filing on Monday.
Up to 1,603,128 new shares were offered, but Belships received subscriptions for just 558,541 shares.
A further 6,876 offer shares will be allocated based on over-subscription, the company said.
The offer shares have a nominal value of NOK 2 at a subscription price of NOK 7 each.
The subsequent offering was aimed at shareholders who held Belships' securities as of 28 May but were not allocated shares in the private placement.
Belships said its strategy "is to grow accretively as a fully integrated shipowner and operator of geared bulk carriers".
Bigger picture
The combined results of the subsequent offering and private placement mean Belships has raised just $8.8m of its potential $16.3m target.
In May, Belships' private placement raised around $8.3m of a possible $15m.
Peter Frolich, chairman of Belships' board: 75,000 shares.
Jan Erik Sivertsen, CEO of Kontrari AS and Kontrazi AS: 50,000 shares.
Torinitamar AS, a company controlled by CEO Lars Christian Skarsgard: 35,000 shares. He now holds 414,900 shares plus 5,000,000 options.
Krino Invest AS, a company controlled by CFO Osvald Fossholm: 35,000 shares plus 33,000 options.
Jorunn Seglem, board member: 35,000 shares.
Birthe Cecilie Lepsoe, board member: 7,500 shares.
Belships' chief executive, Lars Christian Skarsgard, was among several Belships insiders who together purchased a total of 237,500 of the offer shares in the private placement.
The bulker owner has taken a number of bold strides since Skarsgard joined in mid-March from Fearnleys, where he was head of the sale and purchase (S&P) desk.
On Friday, Belships announced it had taken an ultramax newbuilding on a 10-year bareboat charter, which will increase its operated fleet to 20 vessels.
Belships has been active in the S&P market and has purchased two secondhand supramaxes and an ultramax so far this year, as TradeWinds has reported.
