Danish ship operator and manager Erria has succeeded in raising new cash as it looks to expand.

The company said it has banked DKK 7.26m ($1.12m) through a share and bond sale.

It suffered a net loss of DKK 8.87m for the first half of 2018.

JPJ Invest bought into the issue and now has a stake of more than 15%.

Chairman Peter Kristian Ellegaard also bought shares, as did director Kristian Svarrer.

The company may issue another DKK 17.33m of convertible notes to fund growth.

"We believe that our ability to secure these additional capital resources are testimony to the fact that our pursuit of strategic growth opportunities has been well received with the investor community," said Ellegaard.

The cash will mainly go on growing its new container brokerage Erria Containers and to strengthen the capital resources of the company for its current business.

"We are now actively executing a revised commercial strategy across our business units," said CEO Henrik Andersen.

"This new strategy focuses on expanding relationships with current customers and securing new ones through a refined approach.

Chartered fleet grows

"The fruits of this effort are evident particularly in our container services business in Vietnam where we are seeing increased activity levels at several of our locations. However, the financial impact of this development will not manifest itself until 2019."

Earlier this year, Erria continued its strategy of building up its chartered-in fleet.

It fixed the 14,300-dwt tanker FMT Bergama (built 2009) on a medium-term deal from Lycia Shipping.

Last year it had added the 16,500-dwt Bro Nibe (built 2007) from Maersk Product Tankers.

And the fleet also includes the 28,300-dwt bulker Panvision (built 2011), whose deal was extended in March with Arista Shipping.

Its EBITDA forecast for the year is a loss of between DKK 6m and DKK 7m.