Quarterly Report • Aug 22, 2017
Quarterly Report
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Songa Bulk ASA Financial Report Q2 2017
| SONGA BULK 3 |
|---|
| Second Quarter 2017 Highlights, Events, Results and Fleet 3 |
| MARKET 6 |
| Market, Outlook, Strategy and Forward-Looking Statements 6 |
| RISK FACTORS 8 |
| Risk Factors and Responsibility Statement 8 |
| FINANCIAL INFORMATION 10 |
| Condensed Statement of Comprehensive Income 10 |
| Condensed Statement of Financial Position 11 |
| Condensed Statement of Changes in Equity 12 |
| Condensed Statement of Cash Flows 13 |
| NOTES 14 |
The Group net result in Q2 2017 increased compared to Q1 2017 as the Group took delivery of four vessels in the quarter and vessels were chartered out on higher time charter (TC) rates. The highlights below focus on comparing Q2 2017 versus Q1 2017.
was built at STX in 2010 and has a deadweight of 180 706 tons. The vessel is expected to be delivered by the end of August 2017.
| in \$ thousands | ||
|---|---|---|
| Financial performance | Q2 2017 | Q1 2017 |
| Operating revenue | 4 866 | 1 571 |
| Time charter earnings | 4 866 | 1 509 |
| Time charter equivalent (TCE), \$ per day | 8 043 | 6 289 |
| Profit (-loss) before financial items, taxes and depreciations | 823 | -640 |
| Operating loss | -341 | -961 |
| Net loss | -126 | -1 813 |
| Earnings per share, \$ per share | -0.003 | -0.072 |
| Financial position | 30 June 2017 | 31 March 2017 |
| Total assets | 250 283 | 174 991 |
| Cash and cash equivalents | 109 451 | 116 781 |
| Total equity | 172 550 | 172 676 |
| Cash flow statement | Q2 2017 | Q1 2017 |
| Net cash flow from operating activities | 466 | -470 |
| Net cash flow used in investing activities | -81 858 | -42 835 |
| Net cash flow from financing activities | 74 062 | 102 398 |
The comments below are focused on comparing Q2 2017 versus Q1 2017.
The Group reports a net loss of \$0.1 million in Q2 2017. Net loss in Q1 2017 was \$1.8 million.
Time charter earnings increased from \$1.5 million in Q1 2017 to \$4.9 million in Q2 2017. During Q2 2017, the Group took delivery of a total of four vessels, adding to the four vessels delivered per Q1 2017. Days on charter increased from 240 in Q1 2017 to 627 in Q2 2017. TCE was \$8 043 per day in Q2 2017 compared to \$6 289 per day in Q1 2017.
Operating expenses were \$5.2 million in Q2 2017, compared to \$2.5 million in Q1 2017. The rise in operating expenses relates mainly to ship operating expenses and depreciation, since operating days increased from 255 in Q1 2017 to 627 in Q2 2017. Consequently, the total fleet grew from four to eight vessels.
Net financial income was \$0.2 million in Q2 2017, up from a net financial expense of \$0.1 million in Q1 2017.
The Group's total assets amounted to \$250.3 million at 30 June 2017, up from \$175.0 million at 31 March 2017. Noncurrent assets, which comprise of vessels delivered and paid deposits on vessels for future deliveries, increased from \$57.5 million at 31 March 2017 to \$138.2 million at 30 June 2017. This was mainly due to the Group taking delivery of four vessels in the second quarter.
Total equity remained unchanged during the quarter, while interest-bearing debt increased by \$74.1 million through issuance of bond.
Net cash flow from operating activities was \$0.5 million in Q2 2017. Net cash flow from financing activities was \$74.1 million, which were the net proceeds from debt issuance during the quarter. \$81.9 million were used in investment activities this quarter, hereunder the purchase of additional vessels. Net change in cash and cash equivalents from 31 March 2017 to 30 June 2017 was \$-7.3 million. Cash and cash equivalents at the end of Q2 2017 was \$109.5 million.
By the end of the second quarter 2017, the delivered fleet consists of 8 bulk carriers:
| Vessel Name | Ex Name | Type | DWT | Built | Yard |
|---|---|---|---|---|---|
| Songa Glory | Equinox Glory | Supramax | 58 680 | 2012 | Nacks Kawasaki |
| Songa Marlin | Tenki Maru | Supramax | 58 693 | 2009 | Tsuneishi Zhoushan |
| Songa Wave | Xing Fu Hai | Ultramax | 61 491 | 2017 | Dacks Kawasaki |
| Songa Flama | Flama Kamsarmax | 80 448 | 2011 | STX Jinhae | |
| Songa Genesis | Maverick Genesis Kamsarmax | 80 705 | 2010 | STX Jinhae | |
| Songa Delmar | Delmar Kamsarmax | 81 501 | 2011 | Hyundai Heavy Industries | |
| Songa Hadong | Hanjin Hadong Kamsarmax | 82 158 | 2012 | Tsuneishi Zhoushan | |
| Songa Maru | Ten Maru Kamsarmax | 82 687 | 2008 | Tsuneishi Zhoushan |
Total operating days in second quarter 2017 were 627. Days on charter were 605. There were a total of 9 handover days in periods from delivery of vessels to the Group until delivery to charterers. Additionally, there were 13 days in dry dock. The 22 days are deducted from total operating days to calculate days on charter.
The vessels are all chartered out on medium to long term contracts, being up to about 12 months. Except from off hire in connection with the dry docking of the vessel Songa Hadong, no further off hire occurred during second quarter 2017.
At the date of this report, the Group has acquired 13 vessels of which 10 has been delivered.
The first quarter surprised on the positive side ending on a strong note with Capesize spot TC-rates just below \$20 000 per day and Panamax TC-rates just over \$11 000 per day. In general, the positive factors that contributed positively to the first quarter results, levelled off during the second quarter. Subsequently, we saw rates for all dry bulk segments sliding throughout the three-month period.
In the Capesize sector, lower iron ore exports from Brazil to China was substituted by stronger exports from Australia. This had a negative effect on the ton mile demand resulting in weakening freight levels in this segment. Average spot TCrates for Capesize (180 000 dwt) came all the way down from \$18 250 per day at the beginning, to \$7 600 per day on 22 June 2017 before recovering slightly to \$8 900 per day at the end of the quarter.
Strong grain activity contributed positively to the Panamax and Supramax rates during the first quarter. During the second quarter, we saw a leveling off in this trade, which together with lower port congestion, put pressure on freight rates. In addition, we saw a draw-down on coal stocks in China. Consequently, Panamax TC-rates came off from \$11 000 per day on 3 April 2017 to a low \$6 280 per day on 7 June before improving to \$8 900 at the end of the quarter.
The dry bulk fleet had a relatively modest growth in the second quarter, with a net growth of 6.6 million dwt compared with 12.6 million dwt in the first quarter. We believe the fleet growth will taper off further for the balance of the year.
Compared to the previous quarter, the second quarter demand grew by 1.2%, year on year growth was about 6.5%. The utilization of the dry bulk remained steady at 83%. Looking into the main commodities, this can be broken down as follows:
| - | Iron ore: | + 0.8% compared to the previous quarter and + 5.8 % year on year |
|---|---|---|
| - | Coal: | - 0.7% compared to the previous quarter and + 5.6% year on year |
The sale and purchase market has a strong correlation with the chartering market and in particular with time charter employment in excess of one-year duration. Consequently, asset values remained flat through the quarter with a minor negative correction for Supramaxes.
A five-year-old Supramax (56 000 dwt) was worth \$15 million by the end of first quarter 2017 compared to \$16 million at the end of Q2.
A five-year-old Panamax (76 000 dwt) was worth \$18 million, same as at the end of Q2. A five-year-old Capesize (180 000 dwt) was worth \$33.5 million, again flat compared to second quarter.
The most important ingredient of the second quarter statistics, is the low number of new building orders being contracted and made effective. The slightly overstated official order book makes up 7% of the existing fleet by the end of the second quarter and is still shrinking.
Well into the third quarter, the expected summer lull never hit the commodity markets nor the steel industry. It is in particular encouraging to observe recent Chinese data showing increased steel production combined with low inventories in spite of reduced exports. The dry bulk market has shown strength so far in August and in particular within the Capesize segment. Even though the forward curve is in backwardation, the entire curve has shifted up over the last few weeks. If the market remains at present levels, we could expect a step up in asset values in the coming weeks.
Songa Bulk ASA has taken on moderate leverage through the successful placement of a senior secured bond in May of \$75 million, followed by the recent tap issue of \$45 million. The Group is in the process of putting the money at work, and further investments in modern dry bulk assets will be announced shortly.
Following the tap issue and expected fleet additions, Songa Bulk ASA will have a cash breakeven of about \$7 000 per day (including interest). This is excluding dry dockings and startup costs in connection with delivery of the assets, and further when fully invested with an expected fleet of about 15 vessels. The Company is pleased with the fact that we have been able to upscale the operation without adding costs.
The Group has from the end of the second quarter 2017 covered about 500 days of its Supramax exposure at an average net TCE of \$7 850 per day.
About 850 days of its Kamsarmax exposure is covered at a net TCE of \$8 740 per day. Two Kamsarmax vessels have been fixed on index linked charters (Songa Grain and Songa Genesis) against the daily Panamax 4 T/C published by the Baltic Exchange. One Kamsarmax, to be named Songa Sky with expected delivery in November, is still unfixed.
The Capesize vessel to be named Songa Opus, which is expected to be delivered end of August, is fixed for a minimum period of five months at a net TCE of \$14 300 per day. Songa Mountain is participating in the CCL Pool, a spot pool with participating vessels from Bocimar, Star Bulk, Golden Ocean and CTM, and is exposed to the prevailing spot market.
With a growing fleet, the chartering strategy is to have a majority of the fleet employed at fixed time charters with durations dependent on the prevailing market at the time of fixture.
Songa Bulk is focused to create shareholder value and if the market lives up to expectations, dividends will be considered from first quarter 2018 or alternatively buying back own shares.
Forward-looking statements presented in this report are based on various assumptions. The assumptions were reasonable when made, but are subject to uncertainties and contingencies that are difficult or impossible to predict. Songa Bulk ASA cannot give assurances that expectations regarding the outlook will be achieved or accomplished.
Risk Factors and Responsibility Statement
The Group is through its operations exposed to a variety of market, operational and financial risks.
The most significant risk for the Group is the market risk related to the cyclical dry bulk market. Changes in national and international economic conditions, including for example interest rate levels, inflation, employment levels, may influence the valuation of real and financial assets. In turn, this may impact the demand for goods, services and assets globally and thereby the macro economy. The current macroeconomic situation is uncertain and there is a risk of negative developments. Such changes and developments – none of which will be within the control of the Group – may negatively impact the Group's investment activities, realization opportunities and overall investor returns.
The demand for, and the pricing of the underlying assets are outside of the Group's control and depend, among other things, on the global economy, the global trade growth, as well as the prices of oil and gas. On the supply side there are uncertainties tied to the ordering of new vessels and scope of future scrapping. The actual residual value of the vessels in the underlying investments, and/or their earnings after expiration of the fixed contract terms, may be lower than the Company estimates.
In view of operational risk, the Group is considering different factors such as misdelivery of cargoes, cargo claims, off hire due to technical reasons, as well as arrests and/or hijacking of vessels. However, the Group is taking measures to minimize the exposure and the probability of such risks.
The Group is exposed to credit risk and time charter contract risk in the case that receivables from customers and other parties are not paid and time charter contracts are early terminated. The customers are in general large companies with excellent credit rating. For new customers, a credit evaluation is performed.
Liquidity risk may arise if the Group is not able to pay its financial obligations at due date. The Group applies cash flow forecasting to ensure that the activities are adequately financed at all times. Cash flows from operations and from financing activities are considered sufficient to settle all financial obligations.
| in \$ thousands | Note | Q2 2017 | YTD Q2 2017 |
|---|---|---|---|
| (Unaudited) | (Unaudited) | ||
| Operating revenue | 4 866 | 6 437 | |
| Total operating income | 4 866 | 6 437 | |
| Voyage expenses | 60 | 96 | |
| Ship operating expenses | 3 270 | 4 833 | |
| General and administrative expenses | 714 | 1 326 | |
| Depreciation | 3 | 1 164 | 1 485 |
| Total operating expenses | 5 207 | 7 739 | |
| Operating loss | -341 | -1 302 | |
| Interest income | 220 | 225 | |
| Interest expenses | -210 | -210 | |
| Other financial income | 205 | 59 | |
| Net financial income | 215 | 74 | |
| Loss before taxes | -126 | -1 227 | |
| Tax expense | 0 | 712 | |
| Net loss | -126 | -1 939 | |
| Total comprehensive loss | -126 | -1 939 | |
| Basic and diluted earnings – \$ per share | -0.003 | -0.064 |
| in \$ thousands | Note | 30 June 2017 | 31 December 2016 |
|---|---|---|---|
| (Unaudited) | (Unaudited) | ||
| Vessels | 128 274 | 11 108 | |
| Deposit vessels | 9 897 | 3 855 | |
| Total non-current assets | 3 | 138 171 | 14 963 |
| Inventories | 1 016 | 26 | |
| Trade receivables | 18 | 3 | |
| Other receivables | 1 628 | 133 | |
| Cash and cash equivalents | 109 451 | 57 688 | |
| Total current assets | 112 112 | 57 850 | |
| TOTAL ASSETS | 250 283 | 72 813 | |
| Share capital | 21 620 | 9 085 | |
| Share premium | 154 331 | 63 756 | |
| Other paid-in capital | 574 | 400 | |
| Retained earnings | -3 975 | -2 036 | |
| Total equity | 4 | 172 550 | 71 205 |
| Interest-bearing debt | 6 | 74 123 | 0 |
| Financial liabilities at fair value through profit or loss | 355 | 327 | |
| Total non-current liabilities | 74 477 | 327 | |
| Trade payables | 1 083 | 682 | |
| Income taxes payable | 393 | 393 | |
| Other liabilities | 1 780 | 206 | |
| Total current liabilities | 3 256 | 1 281 | |
| Total liabilities | 77 733 | 1 608 | |
| TOTAL EQUITY AND LIABILITIES | 250 283 | 72 813 |
| in \$ thousands | Share | Share | Other paid-in | Retained | Total equity |
|---|---|---|---|---|---|
| capital | premium | capital | earnings | ||
| (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | |
| Incorporation | 3 | - | - | - | 3 |
| Share issuance | 9 082 | 65 188 | - | - | 74 270 |
| Share issuance costs | - | -1 432 | - | - | -1 432 |
| Warrants issued to employees | - | - | 400 | - | 400 |
| Net loss | - | - | - | -2 036 | -2 036 |
| Equity 31 December 2016 | 9 085 | 63 756 | 400 | -2 036 | 71 205 |
| Share issuance | 12 535 | 92 711 | - | - | 105 246 |
| Share issuance costs | - | -2 136 | - | - | -2 136 |
| Warrants issued to employees | - | - | 174 | - | 174 |
| Net loss | - | - | - | -1 939 | -1 939 |
| Equity 30 June 2017 | 21 620 | 154 331 | 574 | -3 975 | 172 550 |
| in \$ thousands | YTD Q2 2017 |
|---|---|
| (Unaudited) | |
| Profit before taxes | -1 227 |
| Depreciation | 1 485 |
| Change in inventories | -990 |
| Net change in trade receivables/payables | 386 |
| Employee benefit expenses in connection with issuance of warrants | 174 |
| Change in financial liabilities at fair value through profit or loss | 28 |
| Net change in other current items | 139 |
| Net cash flow from operating activities | -4 |
| Purchase of vessels | -114 399 |
| Paid deposit vessels | -9 897 |
| Dry-docking paid | -397 |
| Net cash flow used in investment activities | -124 693 |
| Proceeds from share issuance | 105 244 |
| Share issuance costs | -2 846 |
| Proceeds from issuance of debt | 74 625 |
| Debt issuance costs | -563 |
| Net cash flow from financing activities | 176 460 |
| Net change in cash and cash equivalents | 51 763 |
| Cash and bank deposits at beginning of period | 57 688 |
| Cash and bank deposits at end of period | 109 451 |
These interim financial statements are prepared in accordance with IAS 34 Interim Financial Reporting.
The condensed consolidated interim financial reporting should be read in conjunction with the annual financial statements for the year ended 31 December 2016, which have been prepared in accordance with IFRS, as adopted by the EU.
Interest-bearing debt is initially recognised at its fair value less transaction costs. After initial recognition, interest-bearing debt is measured at amortised cost using the effective interest method.
The following new or amendments to standards and interpretations have been issued and become effective during the current period. These include:
The above pronouncements did not have a material impact on the financial statements of the Group, beyond disclosures.
The following new or amendments to standards and interpretations have been issued and become effective in years beginning on or after 1 January 2018, assuming European Union adoption. The Group is evaluating the impact of these changes on the financial statements of the Group:
The Group operates within one single segment, which is the shipping dry-bulk segment.
| in \$ thousands | Q2 2017 |
YTD Q2 2017 |
2016 |
|---|---|---|---|
| Closing balance previous period | 57 477 | 14 963 | 0 |
| Purchase price vessels delivered in the period | 77 803 | 118 254 | 11 145 |
| Paid deposits previous periods on vessels delivered in the period | -4 825 | -3 855 | 0 |
| Paid deposits on vessels for delivery in future periods | 8 483 | 9 897 | 3 855 |
| Dry-docking in the period | 397 | 397 | 0 |
| Depreciation in the period | -1 164 | -1 485 | -37 |
| Closing balance | 138 171 | 138 171 | 14 963 |
As of 30 June 2017, the Group is the owner of a total of eight bulk carrier vessels. During first half year of 2017, the Group took delivery of seven vessels, of which four were delivered in the second quarter of 2017. The Group entered into memorandum of agreements for the purchase of another three bulk carrier vessels during first half year 2017, two of them in the second quarter, for delivery in future periods.
Management have assessed indicators of impairment as of 30 June 2017 and concluded that no such indicators are present.
As of 30 June 2017, the Company's share capital consists of 35 860 000 shares, each at a nominal value of \$0.60 (NOK 5). All issued shares are fully paid.
In a board meeting on 31 January 2017, the Board of Directors resolved to issue 1 000 000 new shares under a proxy from the general meeting. Total gross proceeds from the share issuance were \$5 million. It was also resolved to issue 75 000 warrants to the founding shareholders. For further information, see note 5.
In an extraordinary general meeting on 17 February 2017, it was resolved to issue 20 000 000 new shares. Total gross proceeds from the share issuance were \$100.2 million (the subscription price was fixed at NOK 42 per share). It was also resolved to issue 325 000 warrants to the founding shareholders. For further information, see note 5.
In connection with the two share issuances taking place in first half year 2017, as mentioned in note 4, warrants have been granted to the founding shareholders. Warrants are granted under the same warrant agreement as mentioned in note 8 to the annual report.
Granted warrants as at 30 June 2017 to shareholders that are also employed by the Group:
| Tranche 1 | Tranche 2 | Tranche 3 | |||||||
|---|---|---|---|---|---|---|---|---|---|
| Value | Value | Value | Value | Value | Value | ||||
| per | per | per | per | per | per | ||||
| No of | warrant | warrant | No of | warrant | warrant | No of | warrant | warrant | |
| Share issue | warrants | (NOK) | (USD) | warrants | (NOK) | (USD | warrants | (NOK) | (USD) |
| 4 November 2017 | 201 094 | 5.87 | 0.72 | 201 094 | 5.84 | 0.71 | 201.094 | 4.54 | 0.56 |
| 31 January 2017 | 13 750 | 7.53 | 0.90 | 13 750 | 7.87 | 0.94 | 13 750 | 6.37 | 0.76 |
| 17 February 2017 | 59 583 | 6.85 | 0.82 | 59 583 | 6.99 | 0.84 | 59 583 | 5.52 | 0.66 |
Valuation date is on the date of the respective share issuance. Subscription price is NOK 40.89 for warrants issued on 4 November 2016, NOK 41.63 for warrants issued on 31 January 2017 and NOK 42.00 for warrants issued on 17 February 2017. Warrants are accounted for as employee benefit expenses with a corresponding increase in equity. Total recognized amount in first half year 2017 was \$174 thousand, the amount in second quarter 2017 was 0.
| Tranche 1 | Tranche 2 | Tranche 3 | |||||||
|---|---|---|---|---|---|---|---|---|---|
| Value | Value | Value | Value | Value | Value | ||||
| per | per | per | per | per | per | ||||
| No of | warrant | warrant | No of | warrant | warrant | No of | warrant | warrant | |
| Share issue | warrants | (NOK) | (USD) | warrants | (NOK) | (USD | warrants | (NOK) | (USD) |
| 4 November 2017 | 164 531 | 5.03 | 0.60 | 164 531 | 4.84 | 0.58 | 164 532 | 3.63 | 0.43 |
| 31 January 2017 | 11 250 | 4.83 | 0.58 | 11 250 | 4.59 | 0.55 | 11 250 | 3.41 | 0.41 |
| 17 February 2017 | 48 750 | 4.72 | 0.56 | 48 750 | 4.46 | 0.53 | 48 750 | 3.31 | 0.39 |
Valuation date is 30 June 2017. These warrants are recognized as financial liabilities, since the strike price is not in the functional currency of the entity, and valued at fair value through profit or loss. The fair value of all issued warrants to shareholder not employed by the Group as of 30 June 2017, was \$355 thousand. The recognized net expense in first half year 2017 was \$28 thousand. The amount in Q2 2017 was an income of \$233 thousand. The items are classified as other financial income.
On 30 May 2017, the Group issued a \$75 million senior secured bond with a total borrowing limit of \$150 million. The bond has floating interest rate, of LIBOR plus a margin of 4.50%. Settlement was 13 June 2017 and the bond shall be repaid in full on the maturity date which is 13 June 2022.
| in \$ thousands | 30 June 2017 | 31 December |
|---|---|---|
| 2016 | ||
| Nominal value of issued bond | 75 000 | 0 |
| Debt issuance cost | -877 | 0 |
| Interest-bearing debt | 74 123 | 0 |
The following financial covenants exist under the bond terms:
Set out below is a comparison by category for carrying amounts and fair values of all of the Group's financial instruments that are carried in the financial statements. The estimated fair value amounts of the financial instruments have been determined using appropriate market information and valuation techniques.
| 30 June 2017 | 31 December 2016 | |||
|---|---|---|---|---|
| In USD | Carrying amount | Fair value | Carrying amount | Fair Value |
| Financial assets: | ||||
| Trade receivables | 18 | 18 | 3 | 3 |
| Other receivables* | 803 | 803 | 78 | 78 |
| Cash and cash equivalents | 109 451 | 109 451 | 57 688 | 57 688 |
| Financial liabilities: | ||||
| Interest-bearing debt** | 75 000 | 75 000 | 0 | 0 |
| Financial liabilities at fair value through | ||||
| profit or loss | 355 | 355 | 327 | 327 |
| Trade payables | 1 083 | 1 083 | 682 | 682 |
| Income taxes payable | 393 | 393 | 393 | 393 |
| Other current liabilities* | 1 316 | 1 316 | 115 | 115 |
*The difference between the balance sheet item other receivables and other receivables in the table above is prepaid expenses which are not considered a financial instrument. The difference between the balance sheet item other current liabilities and other current liabilities in the table above is prepaid revenues which are not considered a financial instrument.
**The difference between the balance sheet item Interest-bearing debt and the table above is the debt issuance costs as detailed in note 6.
The different levels for fair value estimation have been defined as follows:
Level 1: Quoted prices in active markets for identical assets or liabilities
Level 2: Inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly or indirectly
Level 3: Unobservable input for the asset or liability
Fair value equals carrying value for all financial instruments. Cash and cash equivalents are valued at level 1, Financial liabilities at fair value through profit or loss, which are warrants issued to shareholder, are valued at level 3.
The Group has purchased corporate services from Arne Blystad AS under the corporate service agreement as mentioned in the annual report for 2016.
The Group has purchased technical management services from Songa Shipmanagement Ltd for the vessel Songa Maru under the technical management agreement as mentioned in the annual report for 2016. In addition, the Group has entered into technical management agreements with Songa Shipmanagement Ltd for the rendering of technical management services for the vessels Songa Genesis, Songa Marlin, Songa Delmar and Songa Hadong.
On 20 July 2017, the Group took delivery of the Capesize bulk carrier Songa Mountain. The purchase price was \$27.95 million, of which \$5.59 million were paid in second quarter 2017 and \$22.36 million upon delivery. The vessel was built at Hyundai Heavy Industries in 2009 and has a deadweight of 179 147 tons.
On 3 August 2017, the Group took delivery of the Kamsarmax bulk carrier Songa Grain. The purchase price was \$14.14 million, of which \$1.41 million were paid during first quarter 2017 and \$12.73 million upon delivery. The vessel was built at Tsuneishi in 2008 and has a deadweight of 82 672 tons.
On 7 August 2017, the Group entered into a purchase agreement for a Kamsarmax bulk carrier, the Songa Sky. The purchase prices was \$18.28 million. The vessel was built at Sumitomo in 2010 and has a deadweight of 81 466 tons. Expected delivery is in November 2017.
On 15 August 2017 the Group announced the successful completion of a tap issue of \$45 million under the existing bond terms for the senior secured bond.
On 18 August 2017, the Group entered into a purchase agreement for a Kamsarmax bulk carrier, the Songa Hirose. The purchase price was \$19.20 million. The vessel was built at Sanoyas in 2011 and has a deadweight of 83 494. Expected delivery is during fourth quarter 2017.
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