International Seaways is taking to the equity market, looking to raise up to $25m.
The New York-listed tanker owner announced the at-the-market offering, underwritten by Evercore ISI and Jefferies, Thursday morning. The company said it will use the proceeds to pay off debt and for capital expenditures, including scrubbers.
"[I] wouldn't think they would print at these levels, but could [it] come handy another time," said Espen Landmark Fjermestad, an analyst at Fearnley Securities.
