A.P. Moller-Maersk said it's going to sell up to 250,340 treasury B shares, representing approximately 5.7% of the total share capital, to both new and existing institutional investors.

At Tuesday's closing price of 36,900 kroner per B share, the value of the placing shares would be up to 9.2 billion Danish kroner.

A.P. Moller-Maersk dropped 5.4% to 34,900 kroner in early Copenhagen trade.

The firm said the sale would preserve financial flexibility in line with its traditionally conservative capital structure and provide additional flexibility to pursue strategic opportunities. In addition the sale will increase the free float which should increase the liquidity of the B shares -- on average, less than 11,000 shares are traded each day.

The company recently reported its first-ever loss, losing $540 million in the first half of the year as freight rates dropped by 30% and freight volumes fell 7%. It also predicted a loss-making second half.

The firm was thrust into the limelight in April after Somali pirates apprehended the Maersk Alabama. U.S. Navy sharpshooters ended the siege by killing the pirates and freeing the ship's captain.