Songa Bulk adds two more vessels, looks for further fleet growth

Songa Bulk adds two more vessels, looks for further fleet growth

Having snapped up a pair of kamsarmaxes a week ago, Arne Blystad’s Songa Bulk has continued its rapid fleet build up announcing the acquisition of another two vessels.

Songa Bulk paid $43.25m for the pair, the kamsarmax built in 2012 at Japanese shipbuilder Tsuneishi and the ultramax a 2017-build from China’s Cosco Dalian (DACKS).

Both bulkers are expected to be delivered by the end of April and will take Songa Bulk’s fleet to nine vessels.

The company indicated more acquisitions are on the way, stating: “All the transactions completed so far, including the two last additions, are done on an all cash basis, but given the improved market environment the company will consider to take on moderate leverage going forward.”

“Songa Bulk will continue its low cost efficient operational platform with focus on returning capital to its shareholders through asset sales and/or dividends as the market recovers,” it added.

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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1 Comment

  1. Avatar
    Andrew
    April 3, 2017 at 5:22 pm

    Kamsarmax vessel is seemingly the Hanjin Port Kamsar, built at Tsuneishi.
    Songa’s Songa Hadong (ex Hanjin Hadong, 82k/12 blt Tsuneishi) is currently ballasting towards Singapore, presuming they will go for period like their other vessels.