Songa Bulk Brings Its Vessel Tally to 15

  • Business & Finance

Oslo-listed bulker owner Songa Bulk ASA has entered into an agreement to acquire a 2012-built Kamsarmax bulker built at Tsuneishi in Japan.

Songa Bulk said it would establish a wholly-owned subsidiary to take delivery of the 82,188 DWT vessel, set to take place in October 2017.

The latest acquisition brings the company’s fleet to 15 vessels, which resulted in an investment worth USD 279.6 million.

The vessels include two Capesizes, ten Kamsarmaxes, one Ultramax and two Supramaxes.

The purchase comes on the heels of the buying spree from August when the Norwegian shipowner bought three second-hand Kamsarmaxes.

Prompted by attractive second-hand prices, Songa Bulk announced last month it would be looking into more ship acquisitions.

To this end, the company 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 bulker acquisitions. The total nominal amount outstanding in the bond following the tap issue will be USD 120 million.

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