NEW YORK (Bloomberg) ? TBS International Shipping Ltd., a Bermuda-based shipowner, reduced the price range of its initial share sale and increased the number of shares in the offer.

The company is seeking to raise $72.1 million by selling 7 million shares in the range of $11 to $12 each on the Nasdaq Stock Market, according to a filing today with the US Securities and Exchange Commission. The company said May 16 it planned to raise $67.9 million by selling 4.75 million shares in the range of $15 to $17 a share.

TBS Commercial Group, a privately held company, and its directors will hold a controlling stake in TBS International, according to the filing. The number of shares to be sold by TBS Commercial directors was reduced today to 1.5 million from 3.75 million.

TBS is the second dry-bulk shipper this week to cut its introductory offering. Shares of Eagle Bulk Shipping Inc., based in New York, began trading on the Nasdaq today after the company reduced the initial price to $14 a share. Eagle Bulk said in May it would sell shares in the range of $16 to $18 each. Eagle Bulk stock fell 38 cents to $13.62 as of 3:11 p.m.

TBS said it plans to use the proceeds to buy ships and pay down debt. The company owns or operates 28 vessels, including dry-bulk carriers and so-called tweendeckers, which range in size from 17,300 to 37,500 dead weight tons and are used to carry different volumes of cargoes that are not easily containerised. A call to TBS wasn?t immediately returned.

The average age of the company?s fleet, excluding the three ships it leases from another owner, is 19 years, according to the filing. The company says the useful life of tweendeckers is approximately 30 years. The company said it lost money in three out of the last five fiscal years and in July 2000 voluntarily filed for bankruptcy.

Merrill Lynch & Co. and Jefferies & Co. are handling the sale. Nasdaq said as many as 12 shipowners may list shares on the New York-based market this year to finance fleet expansion.