Songa Buys Another Kamsarmax

Norway-based bulker owner Songa Bulk is continuing with ship acquisitions as it has entered into an agreement to buy another Kamsarmax.

The 81,918 dwt vessel was built at Tsuneishi shipyard in Japan in 2014.

As informed, the bulker will be delivered in September 2017.

The company intends to establish a wholly owned subsidiary to take delivery of the vessel.

The only vessel in Songa Bulk’s fleet that fits the description is the 2014-built Goddess Santosh Devi, according to data provided by VesselsValue. The purchase deal, worth USD 22.75 million, was inked with Japanese United Ocean Group.

Earlier this month, Songa Bulk 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 newest purchase brings Songa Bulk’s total fleet to 14 vessels, with a total of USD 259.2 million invested so far. The vessels include two Capesizes, nine Kamsarmaxes, one Ultramax and two Supramaxes.

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