Tallink Grupp says it is in the "exploratory process" of looking at strategic options. 

The Estonian ferry and cruise operator hired Citigroup Global Markets as its financial advisor. It said the strategic options contemplated include a recapitalisation through a new equity offering. 

The options may include "attracting new core investors for the company," Tallink said. That could lead to some existing shareholders selling their shares in the company, it added.