Songa Bulk raises $100m from private placement

Songa Bulk raises $100m from private placement

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.

Jason Jiang

Jason worked for a number of logistics firms following his English degree, then switched this hands-on experience to writing and has since become one the most prolific writers on the diverse China logistics industry writing for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week. Jason’s access to the biggest shippers with business in China has proved an invaluable source of exclusives.

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