Songa Bulk Adds Second-Hand Kamsarmax

Olso-listed bulker owner Songa Bulk ASA has entered into an agreement to acquire a Kamsarmax bulk carrier built in 2011 at Sanoyas in Japan.

The 83, 494-DWT vessel will be delivered during the fourth quarter of 2017, the company said.

The shipowner plans to establish a wholly owned subsidiary to take delivery of the vessel.

The latest purchase brings Songa Bulk’s total fleet to 13 vessels, which have cost USD 236.4 million so far.

These include 2 Capesizes, 8 Kamsarmaxes and 3 Supramaxes.

Earlier this week, Songa completed a tap issue of USD 45 million in its Senior Secured Callable Bond Issue, the net proceeds of which have been earmarked for the financing of additional bulker acquisitions.

The total nominal amount outstanding in the bond following the tap issue will be USD 120 million.

“The additional USD 45 million from the tap issue will let us continue to grow the fleet in line with our strategy. We still find the risk reward ratio attractive in the dry bulk space and we expect to add additional vessels to our fleet shortly,” Arne Blystad, Chairman of the Board of Directors of Songa, said commenting on the tap issue.

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