Seanergy Maritime Holdings has raised another $5.2m in equity amid the coronavirus downturn, bringing the total share sale to almost $25m since the beginning of April.

The Stamatis Tsantanis-led owner of 10 capesizes on Thursday sold 43m shares at $0.12 each in a private placement, either through a direct offering or a warrant issue good for five years.

The company has offered this much equity in an effort to "further enhance its balance sheet", as capesize rates emerge from historic lows while the pandemic is making day-to-day business almost impossible, chief executive Tsantanis said.