The at-the-market offerings will continue until Imperial Petroleum can double its fleet again.

Chief executive Harry Vafias said that the company aims for an “optimal fleet size” of between 20 and 25 ships and that it would continue with the controversial equity raises that have roiled investors in the 14-month-old company.

He said the New York-listed outfit, with eight tankers and two handysize bulkers, was still in growth mode.