Songa Bulk Expands Fleet with Capesize

Norwegian shipowner Songa Bulk AS has decided to increase its fleet as the company entered into an agreement to acquire a 2009-built Capesize bulk carrier.

Featuring 179,150 dwt, the bulker is scheduled to join its new owner by the end of July 2017.

Songa Bulk said that it plans to establish a wholly-owned subsidiary to take delivery of the Hyundai Heavy Industries-built ship.

With the addition of the Capesize, the company’s fleet will consist of ten vessels, including three Supramaxes, six Kamsarmaxes and one Capesize, with a total acquisition price of USD 171.9 million.

Songa Bulk informed that all the transactions completed so far “are done on an all cash basis, but given the improved market environment the company is in positive dialogue with several banks to take on moderate leverage.”

The firm said that it will continue its low cost efficient operational platform with focus on returning capital to its shareholders through asset sales and/or dividends as the market recovers.

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