There is also an extra $750,000 for underwriters.

This is the second time the issue has been increased, after the company added $25m last week to bring the total amount up to $60m, plus an optional slice of $9m for underwriters.

The notes will carry interest of 7.5%.

The cash will go towards covering instalment payments on the owner’s newbuilding programme, a statement said.

Stifel,