Oslo, February. 8, 2017 / Songa Bulk AS (Merkur: SBULK-ME)
(the "Company" or "Songa Bulk") is pleased to announce that
it has entered into an agreement to acquire the kamsarmax
bulk carrier M/V Flama (tbn Songa Flama), 80.448 dwt built
at STX, Korea in 2011. The vessel has been acquired for USD
14.8 million.
The vessel, which is the company's fifth 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.
Arne Blystad, the Chairman of Songa Bulk AS, said: "We are
pleased that the Company is able to identify carefully
selected candidates and carry out transactions within the
parameters of the Company's strategy. We continue to find
asset values attractive in this part of the cycle whilst
maintaining a selective approach to the assets we target."
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.