Arne Blystad’s dry bulk newcomer Songa Bulk has completed a private placement of approximately $100m with the support of new and existing investors, through the subscription of 20m new shares.
The net proceeds from the private placement will be used for vessel investments, working capital and general corporate purposes.
Songa Bulk has been active in the second hand market since an initial capital raising in November 2016. It acquired its fifth vessel this week, the six-year-old bulker Flama.
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