$51 million international public offering.

The company's chairman Mr. Harry Rutten confirmed that investors had subscribed to all 10 million shares issued. Shares were priced at $5.18 each.

Mr. Rutten said the object of the offering, which closed earlier this month, was to raise capital for an investment programme for acquisitions.

A public offering was held in Norway and a private placement overseas. Benor Tankers is the operator of a product carrier fleet. The company is reported to be considering buying crude oil carriers up to suezmax size.

Benor has a policy of operating a fleet which is younger than the average age of the world's fleet. At present, Benor's fleet has an average age of less than seven years compared with a world fleet average of 12 years.

Analysts predicted a successful share offering at the outset, stating that investors are becoming more environmentally conscious, in the same way that mainline charterers are becoming more fastidious about the tonnage they employ.