Oslo, September 22, 2017 / Songa Bulk ASA (Oslo Axess: SBULK)
(the "Company" or "Songa Bulk") is pleased to announce that it has
entered into an agreement to sell a Supramax bulk carrier, built in
2009 at Tsuneishi Zhoushan. In addition, the Company has reached an
agreement to acquire a Capesize bulk carrier built at STX Korea in
2011 (181.258 dwt)
The Supramax will be delivered to its new Owners within the 15th of
November 2017 while the Cape Size will be delivered no later than
15th of January 2018.
The sale of the Supramax does not constitute a change in strategy,
but must be seen in combination with the Cape Size acquisition. The
Company finds the risk reward ratio attractive for Capesizes going
forward
The total fleet of Songa Bulk remains at 15 vessels. Following the
two transactions a total of $296.375.000 has been invested.
Songa Bulk will book a profit of about $2.000.000 in connection with
the sale of the Supramax
About Songa Bulk
Songa Bulk ASA (the "Company"), established by the Blystad Group and
Herman Billung. The Company has low gearing, 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 toshareholders
through asset sales and/or dividends as the market recovers.
Please see our webpage: www.songabulk.no