OSLO (Bloomberg) - Dockwise Ltd., the biggest operator of ships hauling heavy cargo across the world's oceans, raised 460 million kroner in a public share sale.

Dockwise sold 18.4m new shares at 25 kroner apiece and will use the proceeds to pay off debt, the Hamilton, Bermuda-based company said in a statement distributed by Market Wire yesterday. Carnegie Group Inc. and Lehman Brothers Inc. managed the sale.

Frontline Ltd., the world's largest operator of supertankers, sold 35m existing shares, or a 16.6 percent stake, and no longer owns any shares in Dockwise, it said in a separate statement to the Oslo stock exchange yesterday.