London-listed Tufton Oceanic Assets has completed an oversubscribed $12.4m tap issue to raise funds for more vessel buys.
The shipping fund said it had sold all the remaining 10.53m shares authorised by shareholders last year.
The price of $1.18 per share compares to a price of $1.21 in London on Friday afternoon.
The transaction was "materially oversubscribed" and a scaling back exercise was carried out, Tufton said.
Key staff and affiliates of manager Tufton Investment Management have been allocated 393,996 shares.
The new stock represents 3.8% of the issued capital in total.
Efforts will now turn towards expanding the fleet again.
Prospective investments include chemical or product tankers, bulkers, and one or more larger containerships with four to seven-year charters already in place, Tufton has already said.
Earlier in August, the company bought an unnamed ultramax for $21.4m.
The ship is being acquired at below depreciated replacement cost and is fuel efficient versus its peer group, the company said.
The bulker comes with a fixed-rate time charter of 15 to 19 months, producing an annual net yield of 21%.
And further cash has been raised with the sale of a containership for $33m.
Brokers report this vessel as the 2,602-teu Cosmos (built 2006), which has gone to Mediterranean Shipping Co.
