Fjord Defence Group ASA

Songa Bulk ASA Reports first quarter 2017 results - correction

First quarter 2017 highlights

The net loss in the first quarter of 2017 is mainly a result

of the Group being in the start-up phase. Only 4 vessels

were delivered as of 31 March 2017 and expenses include

start-up costs and non-cash expenses by issuance of

warrants. As the Group was formed in Q4 2016, there exist no

comparatives from Q1 2016. The highlights below focus on

comparing Q1 2017 versus Q4 2016.

-Net loss was $1.8 million in Q1 2017, compared to $2.0

million in Q4 2016.

-Total TC-out days were 240 in Q1 2017, TC-out days in Q4

2016 were 17.

-Total time charter earnings were $1.5 million in Q1 2017,

up from $0.1 million in Q4 2016.

-Average time charter equivalent (TCE) in Q1 2017 was $6 289

per day, compared to $6 591 in Q4 2016.

-Total operating days were 255 in Q1 2017, operating days in

Q4 2016 were 22.

-Ordinary ship operating expenses (OPEX) in Q1 2017 were $5

097 per day, compared to $5 315 in Q4 2016. In addition to

ordinary OPEX, start-up costs for delivery of vessels in Q1

2017 amounted to $263 thousand.

Please find full report attached

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Herman Billung

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