Life in the Equity Markets!

Knowing full well that when you need money you can’t get it, DHT Maritime, following quickly on the heels of Teekay LNG’s share offering earlier in the week, announced a secondary offering of it’s own on Thursday. Originally targeting the retail market, the offering was initially set at 6 million shares, but was priced to attract institutions resulting in the offer being upsized to 9 million shares as institutions joined in. The offering price was $4.35, a discount of approximately 8.8% from Thursday’s closing price. Net proceeds were approximately $37 million. After the offering, the stock traded down 4.6% on Friday closing at $4.15.

Concerned about the future of the tanker market, and in particular asset values, the company, in offering these shares, was exercising caution. The offering bolsters

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