UK shipping fund Tufton Oceanic Assets is moving quickly to raise more money to capitalise on attractive ship purchase deals.
The London-listed company continues to identify a "pipeline" of vessels that can grow its fleet.
In October, the shipowner won approval from shareholders to issue up to 10% of its stock, now worth close to $40m.
Tufton has brought in joint brokers Hudnall Capital and Singer Capital Markets to run a bookbuilding process for a tap issue of new shares.
Selling for a discount as price rises
The stock will be priced at $1.39 per share, a 1.4% discount to the closing price of $1.41 on 3 November.
This price is also a 3.1% premium to its net asset value on 30 September of $1.35.
The final number of shares to be sold will be determined by the company and its brokers after the close of the offer on 12 November.
Key staff and affiliates of the group have indicated they intend to subscribe for at least $1m of the stock.
Shareholders rejected the chance at the October annual general meeting to authorise the sale of up to another 10% of shares.
In August, the company placed $12.4m of shares at $1.18 each.
Last month, Tufton banked $16.2m from an "opportunistic" sale of an unnamed handysize.
This disposal, together with two bulker acquisitions in September, demonstrated the company's commitment to environment, social and governance factors as well as capital re-allocation, the shipowner said.
