The New York-listed shipowner said it had priced the sale of 4.2m American depositary shares (ADS) at $25 each.
Underwriters can buy another 630,000 ADSs, adding $15.75m to the pot.
One ADS represents 1% of a redeemable preferred share.
Dividends on this redeemable stock will be payable at a rate of 8.625% per year.
The issue - open to the public - will be listed in New York.
Morgan