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.

Share this article

Follow World Maritime News

In Depth>

Events>

<< Apr 2019 >>
MTWTFSS
1 2 3 4 5 6 7
8 9 10 11 12 13 14
15 16 17 18 19 20 21
22 23 24 25 26 27 28
29 30 1 2 3 4 5

GreenTech in Shipping USA Forum 2019

GreenTech in Shipping USA Forum is an event for Maritime leaders who want to unlock successful business formula of the industry!

read more >

CWC World Gas & Power Series – Brazil & the Americas Summit

CWC World Gas & Power Series: Brazil & the Americas Summit is the perfect meeting place to make contacts…

read more >

FPSO Brazil Congress 2019

Charging ahead with 24 planned orders by 2022, Brazil has once again solidified its status as one of the world’s foremost oil and gas leaders…

read more >

Nor-Shipping 2019

Nor-Shipping’s conference and event programme is tailored to deliver the knowledge, value and networking to help you build your business.

read more >