Malaysian owner HUBLine wants to boost its dry bulk business with a new stock sale.
It is looking to raise MYR 23.02m ($5.64m) through a private placement of up to 230m shares.
This represents up to 10% of its capital.
It has decided to raise additional funds to further reduce debt and expand dry-bulk operations.
HUBLine has already issued redeemable convertible notes for MYR 80m.