Pangaea Logistics Solutions is selling stock as it looks to raise around $15m.
The bulker operator plans to offload as many as 6.7m shares for $2.25 each through a private placement.
Around 2m shares will be issued as in-kind payment of dividends and debt at the same price.
With gross proceeds of $15m, Pangaea said it will target the acquisition of bulkers and the expansion of its logistics services.
