The new $31m fundraiser by First Ship Lease Trust (FSL Trust) will not lead to a mandatory offer from subscribing unitholders.
The company has won approval from Singapore monetary authority SIC to waive this obligation as long as other investors agree.
The fundraiser was revealed last November.
FSL has proposed a non-renounceable preferential offering of 956m new units.
The new units will be offered to existing holders on a three-for-two basis.
Greek shipowner Stathis Topouzoglou, who acquired a 24.7% stake in FSL Trust last year, has agreed to subscribe for his full allotment of new shares.
FSL Trust currently has a fleet of 18 vessels made up of product tankers, chemical tankers, aframax tankers, and a trio of 4,250-teu containerships.
All of the ships were built post-2000 with the oldest ships dating from 2004 and the youngest built in 2008.
However, it has two 114,000-dwt scrubber fitted product tankers on order at Cosco Shipping Heavy Industry’s Yangzhou yard in China.
