Bidding begins
Transpetro launches into the ethanol trade by inviting shipyards to compete for a 100 vessel order.
Part of the funds will help pay OceanFreight's debt on the Tigani.
OceanFreight said Monday that it has scored an equity line of credit that could see it sell up to $148m worth of new shares.
The Nasdaq-listed bulker and tanker owner said in a securities filing that the deal with YA Global allows it to sell the shares gradually until February 2011.
The Athens-based company says that it will primarily use the proceeds of the equity deal to pay off debt.
That includes $25m owed for the 95,800-dwt tanker Tamara (built 1990) and the 95,951-dwt tanker Tigani (built 1991).
OceanFreight bought the vessels from George Economou's Cardiff Marine for a combined $79m. Economou is the uncle of OceanFreight chief executive Anthony Kandylidis.
Remaining funds will be used for general corporate purposes, capital expenditures, vessel acquisitions or enhanced liquidity.
OceanFreight unveiled a similar agreement in June for 4 million shares. The owner now says it has sold all of the shares in that arrangement, bringing in $50.9m in net proceeds.
Under the latest deal, YA Global will purchase the shares with a 1.5% discount on the daily average price of the share on the day of the sale.
OceanFreight owns nine bulkers and four tankers, fixing them out on medium- to long-term charters.
The latest financing disclosures come after the company revealed last month that it received a covenant waiver from lenders on its $325m senior secured credit facility. The deal dropped the loan's ship value requirements.
The company's shares fell by 4.8% Monday to $3.35 in midday trading on a generally down day for shipping stocks in New York.
Oceanfreight |

| Last | +/- % | +/- | High | |
|---|---|---|---|---|
| USD | 0.85 | 3.41% | 0.03 | 0.85 |
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