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Songa Bulk readies for more

Arne Blystad’s aggressive charge for bulker bargains continues. Songa Bulk, which he created last year with Herman Billung at the helm, has built up a double digit fleet in a short space of time and is now fixing financing to take on more ships.

Songa Bulk will take on moderate leverage, and has mandated ABG Sundal Collier to arrange a series of fixed income investor meetings in the Nordics starting today. The company is looking at issuing a five-year senior secured bond with net proceeds to be used to finance the acquisition of additional vessels.

“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,” the company said in a release today.

The line now has a total of 10 vessels in its fleet made up of three supramaxes, six kamsarmaxes and a single capesize.

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.
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