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Dato/tid 22.09.2017 14:20
Utsteder Songa Bulk ASA
UtstederID SBULK
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Kategori ANNEN INFORMASJONSPLIKTIG REGULATORISK INFORMASJON
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Tittel Acquisition and Sale
Tekst
Oslo, September 22, 2017 / Songa Bulk ASA (Oslo Axess: SBULK) 
(the "Company" or "Songa Bulk") is pleased to announce that it has 
entered into an agreement to sell a Supramax bulk carrier, built in 
2009 at Tsuneishi Zhoushan. In addition, the Company has reached an 
agreement to acquire a Capesize bulk carrier built at STX Korea in 
2011 (181.258 dwt)

The Supramax will be delivered to its new Owners within the 15th of 
November 2017 while the Cape Size will be delivered no later than 
15th of January 2018.

The sale of the Supramax does not constitute a change in strategy, 
but must be seen in combination with the Cape Size acquisition. The 
Company finds the risk reward ratio attractive for Capesizes going 
forward

The total fleet of Songa Bulk remains at 15 vessels. Following the 
two transactions a total of $296.375.000 has been invested.

Songa Bulk will book a profit of about $2.000.000 in connection with 
the sale of the Supramax


About Songa Bulk 
Songa Bulk ASA (the "Company"), established by the Blystad Group and 
Herman Billung. The Company has low gearing, no legacy issues and a 
cost efficient operational platform. The Company seeks to actively 
manage the cyclicality of the drybulk market by investing at 
historically low levels, focus on returning capital toshareholders 
through asset sales and/or dividends as the market recovers. 
Please see our webpage: www.songabulk.no 

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