Oslo, Jan. 25, 2017 / Songa Bulk AS (Merkur: SBULK-ME)
(the "Company" or "Songa Bulk") is pleased to announce
that it has through an auction in Seoul, South Korea
acquired a Kamsarmax bulk carrier. The vessel Maverick
Genesis (tbn Songa Genesis), 81.305 dwt built at STX,
Korea in 2010. The successful bid was at a price of USD
13,15 million.
The vessel, which is the Company's fourth acquisition,
is expected to be delivered to Songa Bulk within the
end of March 2017. The Company will establish a wholly
owned subsidiary to take delivery of the vessel.
The chartering strategy of the Company remains to
secure medium term time charters for the Company's
vessels. The three vessels owned by the Company today
have all been chartered out as per this strategy to
reputable charterers at marginally cash-flow positive
charter rates.
Mr. Arne Blystad, the Chairman of Songa Bulk AS, said:
"Songa Bulk is now well underway to deliver in
accordance with the strategy presented in prospectus
prior equity raise. We are pleased with the Company's
ability to identify interesting investment
opportunities not necessarily wide spread in the market
place. We will continue to seek further investment
opportunities we consider to be attractive.
About Songa Bulk
Songa Bulk AS (the "Company"), established by the
Blystad Group and Herman Billung. The Company has no
debt, no legacy issues and a cost efficient operational
platform. The Company seeks to actively manage the
cyclicality of the drybulk market by investing at
historically low levels, focus on returning capital to
shareholders through asset sales and/or dividends as
the market recovers.
For further questions please contact
Herman Billung
hb@blystad.no