The target issue is made up of 250 million new ordinary shares at an initial issue price of $1 per share.
The new trust, which was incorporated in Guernsey on 31 March, will invest in a diversified portfolio of vessels, primarily second-hand geared ships.
According to the firm, “these vessels have historically demonstrated average yields in excess of 7% per annum and are capable of being acquired at valuations that are expected to be below long-term average prices”.
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