Christen Sveaas-led Western Bulk Chartering raised $20m from 20 investors in June and this week sent out a prospectus to former shareholders in its one-time parent inviting them to re-engage.
Western Bulk Chartering was controversially spun-off from Western Bulk ASA earlier this year amid financial difficulties at its shipholding division.
That strand of the business remained in an Oslo-listed company, which was renamed Bulk Invest and has since been liquidated.
Jens Ismar, chief executive of Western Bulk Chartering, says a listing on the OTC is a natural progression after the capital raise. However, he says promotion to the Oslo Bors is not on the cards this time.
Ismar says it is not yet clear how many of the former Western Bulk ASA investors will return. “I’m sure some will be enthusiastic and some will be disappointed with the performance of the previous company,” he said.
“Western Bulk Chartering is a pure play company and asset light, which a lot of people have been enthusiastic about. Now the people who like that have the chance to participate.”
Western Bulk Chartering revealed the $20m equity raise as it reported its second-quarter accounts this week.
“We think we have turned a corner with the equity raise and put behind us the major problems based on what happened in the first quarter,” Ismar said.
“We can look forward and try to move on. We feel we have the setup and the resources, being people and system, to do that.
“Based on everything that unfortunately happened, we feel it’s a fresh start where we are now.”
Western Bulk Chartering this week reported a net loss of $11.4m for the second quarter, overturning a profit of $1.7m a year earlier.
Ismar says the company’s aim is to once again trade the market and look to extract a margin.
“In that activity we have performed all along, aside from the first six months this year,” he said.
“We think we are now back on track to do that and that is our aim.”
