The company said it will now sell 12m shares at $8.62 each, compared to a closing price of $9.46 on Monday in NewYork.

This will bring in $103.44m.

The offering should be completed on 11 April.

NAT said on Monday it plans to finance the acquisition of twoto four ships with the proceeds.

In a statement the Norwegian operator of 20 suezmaxes notedthe public offering is backed by Morgan Stanley and Global Hunter Securities.

There