Fjord Defence Group ASA - Earnings Release 2017

Songa Bulk ASA Reports first quarter 2017 results

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

-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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