Oslo, August 22 2017 / Songa Bulk ASA (Oslo Axess:SBULK)
(the "Company" or "Songa Bulk ") reports second quarter with the
following highlights (full report attached)
SECOND QUARTER 2017 HIGHLIGHTS
The Group net result in Q2 2017 increased compared to Q1 2017 as the
Group took delivery of four vessels in the quarter and vessels were
chartered out on higher time charter (TC) rates. The highlights
below focus on comparing Q2 2017 versus Q1 2017.
- Net loss was $0.1 million in Q2 2017, compared to a net loss of
$1.8 million in Q1 2017.
-Total days on charter were 605 in Q2 2017, as opposed to 240 days
on charter in Q1 2017. Days on charter do not include dry-docking
days and handover days from delivery of the vessels to the Group
until delivery to charterers.
-Total time charter earnings were $4.9 million in Q2 2017, up from
$1.5 million in Q1 2017.
-Average time charter equivalent (TCE) in Q2 2017 was $8 043 per
day, compared to $6 289 per day in Q1 2017.
-Total operating days were 627 in Q2 2017, operating days in Q1 2017
were 255.
-Ordinary ship operating expenses (OPEX) in Q2 2017 were $4 987 per
day, compared to $5 097 per day in Q1 2017. Ordinary ship operating
expenses do not include start-up costs in connection with delivery
of vessels to the Group.
For further information, please contact:
Herman Billung, CEO
Tel: + 47 23 01 14 34
hb@blystad.no
About Songa Bulk ASA
Songa Bulk ASA was founded in 2016 by the Blystad Group and Mr.
Herman Billung. Songa Bulk seeks to actively manage the cyclicality
in dry bulk through investing at historically low asset values. The
Company was founded based on: aligned interests between founders and
shareholders, efficient and low cost set-up and a conservative
leverage profile. Songa Bulk will focus on returning capital to
shareholders through asset sales and dividends as dry bulk
fundamentals allow.
For more information about Songa Bulk ASA, please see
www.songabulk.no