The Nasdaq-listed bulker and tanker owner on Monday outlined plans to sell 5m shares in a public offering underwritten by Deutsche Bank Securities and Credit Suisse.

Based on a closing price of $17.55, which slid 4.56% to $16.75 immediately after the announcement in after hours trading, the exercise could top $87m.

If all goes according to plan, when the dust settles DryShips says it will still control 61.3%