Fjord Defence Group ASA

Songa Bulk AS announces the acquisition of a kamsarmax built in 2010

Oslo, Jan. 25, 2017 / Songa Bulk AS (Merkur: SBULK-ME)

(the "Company" or "Songa Bulk") is pleased to announce

that it has through an auction in Seoul, South Korea

acquired a Kamsarmax bulk carrier. The vessel Maverick

Genesis (tbn Songa Genesis), 81.305 dwt built at STX,

Korea in 2010. The successful bid was at a price of USD

13,15 million.

The vessel, which is the Company's fourth acquisition,

is expected to be delivered to Songa Bulk within the

end of March 2017. The Company will establish a wholly

owned subsidiary to take delivery of the vessel.

The chartering strategy of the Company remains to

secure medium term time charters for the Company's

vessels. The three vessels owned by the Company today

have all been chartered out as per this strategy to

reputable charterers at marginally cash-flow positive

charter rates.

Mr. Arne Blystad, the Chairman of Songa Bulk AS, said:

"Songa Bulk is now well underway to deliver in

accordance with the strategy presented in prospectus

prior equity raise. We are pleased with the Company's

ability to identify interesting investment

opportunities not necessarily wide spread in the market

place. We will continue to seek further investment

opportunities we consider to be attractive.

About Songa Bulk

Songa Bulk AS (the "Company"), established by the

Blystad Group and Herman Billung. The Company has no

debt, 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 to

shareholders through asset sales and/or dividends as

the market recovers.

For further questions please contact

Herman Billung

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