Songa Bulk has kept its buying spree going in March with the acquisition of two additional bulk carriers.
The Arne Blystad-backed owner has bought a kamsarmax built in 2012 at Tsuneishi Japan and a newly delivered ultramax from China’s DACKS for a total of $43.45m.
Both ships will be delivered to Songa by the end of April, bringing the company’s fleet to nine ships.
TradeWinds understands the Tsuneishi-built vessel was previously owned by bankrupt Hanjin Shipping.
According to Clarksons, there is only one kamsarmax to match the specifications of Songa's last acquisition; the 82,158-dwt Hanjin Port Kamsar (built 2012).
This is the second deal for Songa this month after it spent $35.5m on the 82,000-dwt Hanjin Hadong (built 2012) and BW Grain (built 2008).
Chief executive Herman Billung described the price agreed for the two ships as "attractive", when contacted by TradeWinds earlier today.
Songa said all its transactions so far have been done on an all-cash basis but the company will consider taking on moderate leverage from now on, given the improved market environment.
It added: “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.”
Songa raised $100m in February targeting expansion.
