Euroseas is raising funds as it eyes opportunities to expand its fleet.
The New York traded Greek shipowner announced Tuesday that it is looking to raise $4.2m through the sale of new shares.
The company also revealed that in August, took out a $30m loan to refinance existing debt, in addition to help fund new acquisitions or provide working capital.
"We constantly evaluate vessel purchase opportunities to expand our fleet that are accretive to our earnings and cash flow," the company wrote in its Tuesday filing with the US Securities and Exchange Commission.
Tuesday's stock sale will see new shares ith a preferred stock purchase right alongside the common share.
The sales will be handled by the Maxim Group. The company has 11.3 million shares outstanding and, Monday, shares closed at $2.13.
As it stands, the Aristides Pittas-led company has 11 vessels, nine of which are in service, with one idle and the other in drydock. In total, the fleet can carry more than 338,000 dwt.
In August, Euroseas posted a $1.8m second quarter profit versus a $1.2m from same period the year prior thanks to more active vessels and better charter rates.
That same month, asset management giant Blackrock acquired Tennenbaum Capital, bringing its stake in Euroseas to 17.3% of all outstanding shares.
In May, the company spun off its drybulk fleet into a new company, Eurodry.
