Fjord Defence Group ASA - Capital/Financing Update 2017

Acquisition of Capesize bulker

Oslo, April 12, 2017 / Songa Bulk AS (Merkur: SBULK-ME)

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

it has entered into an agreement to acquire one capesize

bulk carrier built 2009 at Hyuandai, Korea (179.150 dwt)

The vessel will be delivered to the Company by the end of July.

The Company will establish a wholly owned subsidiary to take

delivery of the vessel.

This brings the total fleet of the Company to 10 vessels with a

total acquisition price $ 169,950,000

- 3 Supramaxes

- 6 Kamsarmaxes

- 1 Capesize

All the transactions completed so far, including the last addition,

are done on an all cash basis, but given the improved market

environment the Company is in positive dialogue with several banks

to take on moderate leverage.

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.

Please see our webpage: www.songabulk.no

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