Songa Bulk gears up for more acquisitions with $45m fundraiser

Songa Bulk gears up for more acquisitions with $45m fundraiser

Arne Blystad’s Songa Bulk has raised $45m via a tap issue as part of its bond programme, money that it says will be used to fund the acquisition of more vessels.

Songa Bulk debuted late last year acquiring a pair of supramaxes and has since built up a fleet of 12 vessels, made up of two capes, seven kamsarmaxes and three supramaxes. Brokers have linked the firm with several more deals in the past few weeks.

“We are once again very pleased with the response received from the bond market. The additional $45m from the tap issue will let us continue to grow the fleet in line with our strategy. We still find the risk reward ratio attractive in the dry bulk space and we expect to add additional vessels to our fleet shortly,” Blystad said.

Grant Rowles

Grant spent nine years at Informa Group based in London, Sydney, Hong Kong and Singapore. He gained strong management experience in publishing, conferences and awards schemes in the shipping and legal areas, working on a number of titles including Lloyd's List. In 2009 Grant joined Seatrade responsible for the commercial development of Seatrade’s Asia products. In 2012, with Sam Chambers, he co-founded Asia Shipping Media.

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