UK shipping fund Tufton Oceanic Assets is plotting a share sale worth up to $38m as it continues to chase vessel buys.
Shareholders at its annual general meeting have approved an issue equal to 10% of the outstanding shares but rejected the sale of a further 10%, with only 63% voting in favour.
All other resolutions were passed, most by votes of at least 98% in favour.
But two other agenda items attracted votes of nearly 16% against.
Tufton has not revealed what these involved, but has been contacted for comment.
The company said bosses intend to speak to the largest shareholders who opposed the items.
In August, the company sold $12.4m of shares at $1.18 each. The stock now stands at $1.37.
Profit rising
The company said its net asset value (NAV) return for the third quarter was 19.7% as containership and bulker values rose strongly.
Operating profit was $0.027 per share, or $7.57m, up from $0.023 a year ago.
Benchmark 10-year-old containership prices rose 29%, while prices for 10-year-old handysizes were up 24%.
On 20 October, Tufton announced the "opportunistic" sale of an unnamed handysize bulker for $16.2m.
The company said it expects to invest the proceeds from the disposal "promptly".
And the owner sees "multiple catalysts" on the horizon for improvement in the product tanker and chemical carrier markets over the medium term.
Oil demand continues to recover and will likely attain pre-pandemic levels in 2022, Tufton said.
"The rising cost of environmental compliance and high scrap prices suggest that the rise in tanker recycling seen earlier this year will continue," the company added.
"While the strong yields in bulkers significantly de-risk new investments, the tanker market is likely to offer value opportunities in the coming quarters with strong capital appreciation potential," Tufton said.
The shipowner believes the shipping market continues to offer "an excellent range of opportunities" across all sectors to provide investors with an attractive level of regular and growing income and capital returns.
