The New York-listed bulker and containership owner said the offering will give existing shareholders rights to buy up to 4.34 million shares.
The shares were priced at $4.50 apiece, well below today's price of $5.03 at the close of trading on the Nasdaq stock exchange.
The Aristides Pittas-led company has previously said that it plans to use proceeds of the offering to pay for ships it has ordered.
