Songa Bulk adds another Kamsarmax to fleet

SEPTEMBER 20, 2017 — Songa Bulk ASA (Oslo Axess: SBULK) has entered into an agreement to acquire its fifteenth vessel, an 82,188 dwt Kamsarmax bulk carrier built in 2012 at Tsuneishi Shipbuilding in Japan.

Songa Bulk ASA was founded in 2016 by the Blystad Group and former Golden Ocean CEO as an investment vehicle that "seeks to actively manage the cyclicality in dry bulk through investing at historically low asset values."

The Kamsarmax will be delivered in October 2017 and the company will establish a wholly owned subsidiary to take delivery of it.

Songa Bulk did not disclose what it is paying for the vessel, but it brings the number of vessels it has acquired over the past 10 months to fifteen and its total investment to $279,675,000 has been invested so far.
However, when it announced the acquisition of its fourteenth vessel (another Tsuneishi-built Kamsarmax) last month, it said its total investment then tallied $259,175,000, That suggests the price tag on the latest vessel was $20.5 million.

Be that as it may, Songa Bulk says it is "pleased with the composition of its fleet of modern vessels built at reputable shipyards."

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