Safe Bulkers to offer shares
The New York-listed company said it will sell 9m shares to the public, plus up to 1.35m to underwriters to cover over-allotments.
Controlling shareholder Polys Haji-Ioannou"s Vorini Holdings will also have the chance to snap up another 1m shares.
Proceeds will go towards ship acquisitions and debt repayment, it said.
The issue could be worth $78.03m if priced at Friday"s closing level of $8.67 each.
BofA Merrill Lynch and Credit Suisse are acting as joint book-running managers.
Athens-based Safe posted profit of $23.1m in the fourth quarter, up from $11.8m a year earlier.
It has six post-panamaxes in its fleet of between 87,000 and 91,000 dwt. It also has a trio of 82,300-dwt kamsarmaxes and five 76,000-dwt panamaxes.
Three post-panamaxes are on order at an unnamed Japanese yard.