Fjord Defence Group ASA

Earnings Release • Nov 30, 2017

Songa Bulk ASA - Financial Report

Songa Bulk ASA - Financial Report

Oslo, November 30 2017 / Songa Bulk ASA (Oslo Axess:SBULK)

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

following highlights (full report attached)

THIRD QUARTER 2017 HIGHLIGHTS

The Company's (Songa Bulk ASA with subsidiaries) net result in Q3 2017 increased compared to Q2 2017 as the Company took delivery of four vessels in the current quarter and vessels were chartered out on higher time charter (TC) rates. The highlights below are a comparative summary of Q3 2017 versus Q2 2017.

- EBITDA was $2.5 million in Q3 2017, compared to $0.8 million in Q2 2017.

- Average time charter equivalent (TCE1) in Q3 2017 was $9 069 per day, compared to $8 043 per day in

Q2 2017.

- Total time charter equivalent earnings1 were $8.1 million in Q3 2017, up from $4.9 million in Q2 2017.

- Net loss was $0.7 million ($0.020 per share) in Q3 2017, compared to a net loss of $0.1 million ($0.003 per share) in Q2 2017.

- Total operating days1 were 903 in Q3 2017, while operating days in Q2 2017 were 627.

- Net ship operating expenses (OPEX1) in Q3 2017 were $5 178 per day, compared to $4 987 per day in Q2 2017.

- Cash break-even per vessel was $7 391 in Q3 2017, with only 10 sailing vessels on average. The target for the fully delivered fleet was about $7 250 per day.

For further information, please contact:

Herman Billung, CEO

Tel: + 47 23 01 14 34

hb@blystad.no

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

www.songabulk.no