Norway’s Himalaya Shipping has raised $17.5m from a private placement to finance its newcastlemax bulker newbuildings.

The New York and Oslo-listed shipowner said 3.1m new shares were issued at NOK 62 ($5.60) each, against a trading price of NOK 63.40 on Wednesday morning.

The placement aimed at Norwegian and international investors was “significantly oversubscribed”, Himalaya added.