Compañía Sud Americana de Vapores said it hopes to raise $330 million, compared with its initial goal of $500 million, in a share offering that will run until Sept. 18.
The Chilean carrier said its board will consider whether to call for an additional capital increase to complete the $500 million that was approved in April.
CSAV priced its share offer, which opened on Aug. 20, at 24.9 Chilean pesos (about US$0.05) per share. Since then, the share price has dropped and the Chilean peso has weakened.
CSAV said it will use funds raised from the new share offering to support the purchase of nine new ships with capacities of 9,300 20-foot-equivalent units. The vessels, due for delivery by the end of 2014, will replace chartered ships.