Fjord Defence Group ASA

Earnings Release • May 29, 2018

Songa Bulk ASA - Financial Report

Songa Bulk ASA - Financial Report

Oslo, May 29 2018 / Songa Bulk ASA (Oslo Axess:SBULK) (the "Company" or "Songa Bulk ") reports first quarter with the following highlights (full report attached)

FIRST QUARTER HIGHLIGHTS

The highlights below are a comparative summary of

Q1 2018 versus Q4 2017

EBITDA was $6,9 million in Q1 2018, compared to $6,7 million in

Q4 2017. Included in EBITDA for Q4 2017 was gain on sale of a

vessel, amounting to $2,0 million.

Average time charter equivalent (TCE) in Q1 2018 was $10 844 per day compared to $10 391 per day in Q4 2017.

Total time charter equivalent earnings were $14,3 million in Q1 2018, up from $12,2 million in Q4 2017.

Net profit was $1,6 million in Q1 2018, compared to $2,3 million in Q4 2017 which included the profit from the ship sale.

Total operating days were 1 326 in Q1 2018, up from 1 190 the previous quarter.

Net ship operating expenses (OPEX) in Q1 2018 were $5 085 per day in Q1 2018, compared to $5.585 per day in Q4 2017.

Cash break-even per vessel in Q1 2018 was $7 276 per day

For further information, please contact:

Herman Billung, CEO Tel: + 47 918 31 590

hb@blystad.no