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Costamare Inc. (NYSE: CMRE) shares dropped on Wednesday after the company announced the pricing of its secondary offering. The company intends to offer 12 million shares at $6 apiece, with an overallotment option for an additional 1.8 million shares. At this price, the entire offering is valued up to $82.8 million. Keep in mind the company has a total market cap of nearly $440 million.

The underwriters are Morgan Stanley, Wells Fargo, JPMorgan, Citigroup and Barclays, which are all acting as the joint book-running managers of the offering.

This company is one of the world’s leading owners and providers of containerships for charter. Costamare has 42 years of history in the international shipping industry and a fleet of 71 containerships, with a total capacity in excess of 464,000 twenty-foot equivalent units, including six newbuild containerships on order.

Eighteen of the company’s containerships, including six newbuilds, have been acquired pursuant to the framework deed with York Capital Management by vessel-owning joint venture entities in which Costamare holds a minority interest.

The company described the framework deed in the filing:

Under the Framework Deed, we have agreed with York to invest in newbuild and secondhand containerships through jointly held companies, thereby increasing our ability to expand our operations while diversifying our risk. The joint venture established by the Framework Deed is expected to be each party’s exclusive joint venture for the acquisition of vessels in the containership industry during the commitment period ending May 18, 2020, unless terminated earlier in certain circumstances (although we may acquire vessels outside of the joint venture if York passes on a vessel acquisition opportunity). If York decides to participate in a new vessel acquisition, we will hold a 25% to 75% equity interest in such vessel.

The company intends to use the net proceeds of the offering for capital expenditures, vessel acquisitions and repayments of indebtedness, with the remainder going towards other general corporate purposes.

Shares of Costamare were trading down nearly 15% at $5.68 on Wednesday, with a consensus analyst price target of $8.25 and a 52-week trading range of $5.65 to $11.92.