Songa Bulk snaps up kamsarmax pair

Songa Bulk snaps up kamsarmax pair

Arne Blystad’s Songa Bulk has acquired a pair of kamsarmax bulkers as it continues its rapid fleet build-up. The transactions also show how another acquisitive new name in the sector is becoming adept at asset plays.

Songa Bulk snapped up the pair for a total of $32.85m, with one of the vessels built in 2008 at Japan’s Tsuneishi and the other built in 2011 at Hyundai Samho Korea. The Korean-built vessel is scheduled for delivery in May and comes attached with a $8,075 per day charter until November.

Brokers report that the Japanese vessel acquired is the BW Grain from BW Dry Cargo, listing the price at $14.5m. BW acquired the vessel last September from Japanese owners for just $10.5m, profiting $4m in just six months.

The other ship bought by Songa Bulk is the four-year-old Hanjin Rosario.

Meanwhile, the company has chartered out 2011-built kamsarmax Songa Flama for one year at $9,880 per day commencing upon the vessel’s delivery next month.

Songa Bulk now has a fleet of seven vessels, made up of two supramaxes and five kamsarmaxes.

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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