Songa Bulk ASA (Oslo Axess: SBULK) (Songa Bulk) announced yesterday that it has entered into an agreement to acquire a Kamsarmax bulk carrier built in 2010 at Sumitomo in Japan (81.466 dwt).

The vessel will be delivered during the fourth quarter of 2017. The Company will establish a wholly owned subsidiary to take delivery of the vessel.

Songa Bulk ASA announces acquisition of Kamsarmax Bulker
Image for illustrative purposes only - Photo courtesy of Songa Bulk ASA

This brings the total fleet of the Company to 12 vessels and $217.225.000 has been invested so far. Ten vessels have been delivered while Songa Opus, (Capesize purchased in June) is expected to be delivered end of this month.

About Songa Bulk

Songa Bulk ASA is 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 to shareholders through asset sales and/or dividends as the market recovers.

Source: Songa Bulk