Tsakos Energy Navigation is looking to raise almost $100m from a stock offering.

President & CEO Nikolas Tsakos.
Shares in New York-listed TEN plummeted after it priced the offering of 7.6 million units this morning.

Its stock dropped by 14.45% to hit $10.54 in early trading, compared with an offer price of $11.30 per share.

Late last night, the diversified Greek owner announced that it has enlisted Credit Suisse to help it offload the shares, 896,861 of which have been set aside for members of the Tsakos family, according to a filing with the US Securities and Exchange Commission.

"We plan to use the net proceeds from the sale of the common shares ... for the expansion of our fleet and for general corporate purposes," the company said in statement.

With a price tag of $11.30 per share, TEN is poised to pocket $86.1m.

If the underwriters indulge in their overallotment option, another $11.4m could be tossed into the pot.

News of the offering came less than 24 hours after the Athens-based owner warned investors that it may be stung by a "modest" third-quarter loss.