This is a study of how ship-owning companies finance their investments. 27 ship-owning companies listed on Oslo Børs are included in the study, from both OSLO Shipping Index and OSLO Energy Index. The companies represents four segments, offshore, LNG and LPG, bulk and tank, hence the thesis also questioners if there are differences between the segments. The pecking order theory, the static trade-off theory and the Miller and Modigliani s propositions are the three financing theories that form the basis of the theoretical framework. The results from the regression analysis are discussed relative to the three theories. The results from the industry regression analysis indicate that interest rate affects companies when considering increasing share capital. The higher interest rate the higher probability of increasing share capital. The segment regression analysis could not prove that there are differences between the segments, due to lack of statistical significance. In conclusion, Miller and Modigliani s propositions seems best to describe financing in the ship-owning industry.