Bermuda-based Nordic American Tanker Shipping Ltd. said it will publicly offer 3.5 million common shares to fund further acquisitions.

The offering is expected to close on May 18, with the underwriters having a 30-day option to purchase up to 525,000 additional shares to cover over-allotments.

Morgan Stanley is acting as the bookrunning manager for the offering and DnB NOR Markets Inc is co-manager of the offering, Nordic American said.

Shares of the Hamilton, Bermuda-based company dropped to $33.01 in trading after the bell. They closed at $36.08 Tuesday on the New York Stock Exchange.