Dry CargoEurope

Songa Bulk spends $28.5m on 2010-built cape

Songa Bulk has bought a 2010-built capesize, adding to its fast growing fleet. Sources tell Splash the unnamed cape was bought from Golden Ocean although Songa Bulk has yet to reveal the identity of the seller. The Arne Blystad-led dry bulk vehicle paid $28.5m for the ship.

Songa Bulk said in a release today: “The Company seeks to actively manage the cyclicality of the drybulk market by investing at historically low levels, focus on returning capital to shareholders through asset sales and/or dividends as the market recovers.”

Last month, Songa Bulk mandated ABG Sundal Collier to arrange a series of fixed income investor meetings in the Nordics as it looks at issuing a five-year senior secured bond with net proceeds to be used to finance the acquisition of additional vessels.

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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