Western Bulk Chartering is seeking to raise fresh equity and is projecting a return to profit in 2017.
Western Bulk, which today launched a $18m shares sale, recorded a loss of $20m in 2016.
Its two largest shareholders, Kistefoss and Ojada, are supporting the equity raise, which has been bumped up from an initial $15m target.
Should the issue be completed as planned, Western Bulk will have raised $40m in two equity issues in the past year.
