It is putting the cash towards its first four capesize market newbuildings, first revealed exclusively by TradeWinds a week ago, and its four LPG carriers.
There appears to be excess cash in the bag too with the owner stating there is capacity for “significant further contracts which are currently at an advanced negotiating stage or can be exercised through existing option agreements”.
RS Platou Markets, DNB Markets, Fearnley Securities, Arctic Securities andSpareBank 1 Markets took joint book runner and lead manager rolls for the fundraiser.
In total 59 million new shares were minted at $5.25, meaning a total purse of $310m from the significantly oversubscribed issue.
Frontline 2012 does not say where the capesize newbuildings have been contracted or how much it has paid for the ships.
We reported last week its potential 14 strong haul had been split between state-owned Shanghai Waigaoqiao Shipbuilding (SWS) in China and South Korean-owned STX Dalian.
Attempts to reach CEO Jens Martin Jensen for further details on the development were not immediately successful.
Fredriksen’s significant cape play was credited with sending dry-cargo stocks into orbit in recent days.
