Freighters' $75 million public offering will close on December 2.

The offering is aimed at raising $75 million to fund the expansion of the company's fleet, according to its prospectus released yesterday.

American Depositary Shares and Ordinary Shares will be offered. Five million American Depositary Shares (ADS) will be available at a price of $15 each, the equivalent of $1.50 per Ordinary Share.

Each American Depositary Share represents ten Ordinary Shares in the company.

The ADSs are quoted on the NASDAQ market in the US with the symbol "LOFSY''.

London and Overseas Freighters Ltd.'s chief executive officer Mr. Miles Kulukundis and Mr Huw Spiers have recently completed a European and North American roadshow, publicising the offering.

"The company has been quoted on the London Stock Exchange for 42 years,'' said Mr. Spiers. "A listing on NASDAQ provides access to more international capital. We perceived an interest in shipping in the US and there is capital available there. Some US investors can't invest in overseas stock.'' Furman Selz Incorporated and NatWest Securities Limited, managers of the offering, are offering securities through a public offering in the US and an offering to institutional investors in the UK and continental Europe.

London & Overseas Freighters owns and operates a fleet of oil tankers that transport crude oil and oil products to and from ports primarily in the US.

The company's fleet consists of three Panamax tankers and one Suezmax tanker, all registered under the British flag and manned by British officers.

The company has commissioned a double hull Suezmax tanker at a Japanese shipyard and plans to either buy one or two secondhand vessels or commission another Suezmax tanker, depending on financing.

The company will use about $20.4 million of the offering proceeds to pay or secure the payment of the first three installments of the new Suezmax tanker's purchase price. The remaining proceeds will pay for all or a portion of the price of one or two secondhand vessels or the new tanker.

The company believes more restrictive regulation of ocean-going oil transport in the US and heightened environmental liability concerns will benefit the company against its rivals.