Fjord Defence Group ASA

Songa Bulk ASA - Financial Report

Oslo, August 22 2017 / Songa Bulk ASA (Oslo Axess:SBULK)

(the "Company" or "Songa Bulk ") reports second quarter with the

following highlights (full report attached)

SECOND QUARTER 2017 HIGHLIGHTS

The Group net result in Q2 2017 increased compared to Q1 2017 as the

Group took delivery of four vessels in the quarter and vessels were

chartered out on higher time charter (TC) rates. The highlights

below focus on comparing Q2 2017 versus Q1 2017.

- Net loss was $0.1 million in Q2 2017, compared to a net loss of

$1.8 million in Q1 2017.

-Total days on charter were 605 in Q2 2017, as opposed to 240 days

on charter in Q1 2017. Days on charter do not include dry-docking

days and handover days from delivery of the vessels to the Group

until delivery to charterers.

-Total time charter earnings were $4.9 million in Q2 2017, up from

$1.5 million in Q1 2017.

-Average time charter equivalent (TCE) in Q2 2017 was $8 043 per

day, compared to $6 289 per day in Q1 2017.

-Total operating days were 627 in Q2 2017, operating days in Q1 2017

were 255.

-Ordinary ship operating expenses (OPEX) in Q2 2017 were $4 987 per

day, compared to $5 097 per day in Q1 2017. Ordinary ship operating

expenses do not include start-up costs in connection with delivery

of vessels to the Group.

For further information, please contact:

Herman Billung, CEO

Tel: + 47 23 01 14 34

About Songa Bulk ASA

Songa Bulk ASA was founded in 2016 by the Blystad Group and Mr.

Herman Billung. Songa Bulk seeks to actively manage the cyclicality

in dry bulk through investing at historically low asset values. The

Company was founded based on: aligned interests between founders and

shareholders, efficient and low cost set-up and a conservative

leverage profile. Songa Bulk will focus on returning capital to

shareholders through asset sales and dividends as dry bulk

fundamentals allow.

For more information about Songa Bulk ASA, please see

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