• 2018 May 15 12:56

    Songa Bulk ASA enters into an agreement to combine its fleet with Star Bulk

    Songa Bulk ASA ("Songa") has on 14 May 2018 entered into an agreement with Star Bulk Carriers Ltd. ("Star Bulk", listed on NASDAQ Global Select Market with ticker "SBLK"), regarding the sale of all of Songa's vessels against a consideration of 13,688,000 shares of Star Bulk and USD 144.55 million in cash. In addition Star Bulk will acquire and cancel Songa's outstanding warrant program for 37k shares of Star Bulk and USD 450k in cash, the company said in its press release.

    Star Bulk will finance the cash portion of the Transaction through proceeds of a new five-year capital lease with China Merchants Bank Leasing. The sale of Songa's vessels will constitute a mandatory prepayment event under Songa's existing bond loan. Songa will use the cash proceeds to repay the bond loan on completion at the mandatory prepayment price.

    Star Bulk intends to apply for a secondary listing of its common shares for trading on Oslo Børs and have such listing effective concurrent with the closing of the Transaction. The Consideration Shares will be freely tradeable in Oslo, but restricted from trading in the U.S., including through the Nasdaq Global Select Market, for a period of six months following the distribution of the Consideration Shares to Songa unless they are sold pursuant to a transaction exempt from, or not subject to, registration under the Securities Act of 1933, as amended. Following the six month period the Consideration Shares will be freely tradable on Star Bulk's Oslo and Nasdaq listing.

    Songa's board will propose to distribute the Consideration Shares to the shareholders of Songa as soon as practically possible. Any residual cash, after repayment of the bond loan, transaction costs and costs necessary to operate Songa until it is liquidated or otherwise discontinued, will be distributed to the shareholders as soon as possible. The distribution of the Consideration Shares will be subject to Songa's shareholders completing a status confirmation letter to comply with SEC regulations.

    As part of the transaction Mr. Arne Blystad will join the Board of Directors of Star Bulk and Mr. Herman Billung will join Star Bulk's management team where he will contribute his ~30 years of dry bulk and capital market experience.

    Completion of the Transaction remains subject to, among other things, approval from the general meeting of Songa with a 2/3 majority of the votes cast. Companies controlled by Arne Blystad, Magnus Roth and Herman Billung, in total representing ~29% of the shares of Songa, have committed to vote in favour of the Transaction on terms customary for such undertakings. Completion is also conditional upon customary regulatory approvals being obtained.

    About Song Bulk
    Songa is an investment vehicle established to opportunistically invest in dry bulk assets. The company seeks to actively manage the cyclicality of the dry bulk market by investing at low levels and subsequently focus on returning capital to shareholders. Currently, Songa owns 15 dry bulk vessels.

    About Star Bulk
    Star Bulk is a global shipping company providing worldwide seaborne transportation solutions in the dry bulk sector. Star Bulk's vessels transport major bulks, which include iron ore, coal and grain and minor bulks such as bauxite, fertilizers and steel products. Star Bulk was incorporated in the Marshall Islands on December 13, 2006 and maintains executive offices in Athens, Greece. Its common stock trades on the Nasdaq Global Market under the symbol "SBLK". On a fully delivered basis, Star Bulk will have a fleet of 108 vessels, with an aggregate capacity of 12.26 million dwt, consisting of 17 Newcastlemax, 18 Capesize, 2 Mini Capesize, 7 Post Panamax, 35 Kamsarmax, 2 Panamax, 16 Ultramax and 11 Supramax vessels with carrying capacities between 52,055 dwt and 209,537 dwt.




2018 August 18

08:03 Port of Oakland to build Seaport Logistics Complex
08:00 CMA CGM announces PSS from Europe, Scandinavia, Black Sea and West Med to Indian Ocean islands
07:57 CMA CGM announces FAK rates from Asia to North Europe
07:41 A.P. Møller - Mærsk A/S posts results for Q2 2018

2018 August 17

20:03 A system of floating containment booms installed near two jetties of Petersburg Oil Terminal
18:26 Krasnoye Sormovo Shipyard launches Pola Feodosia, forth of RSD59 dry cargo vessel series
17:54 Primorsk Oil Terminal’s throughput in Jan-Jul falls 12% to 31.38 million tonnes
17:51 Nevsky Shipyard continues testing of unique replenishment system
17:08 Marine Robotics: Laws, Applications, Technologies roundtable registration underway in Moscow and Vladivostok
17:03 Port of Vysotsk volume in Jan-Jul down to 10.45 million tonnes
16:27 Port of Ust-Luga throughput in Jan-Jul down 4% to 56.27 million tonnes (details)
16:04 Western Bulk publishes First half 2018 results
15:53 Port of St. Petersburg seven-month volumes grow 13% to 34.39 million tonnes (details)
15:34 Stena Blue Sky delivers the first LNG cargo at energy giant ENN's new terminal in China
15:03 ANL announces FAK rates from North Europe and Mediterranean to Australia
14:33 A.P. Møller - Mærsk A/S delivers revenue growth in the second quarter of 2018
14:03 Third railway track put into operation in Port Bronka
13:58 Nevsky Shipyard wins contract for Arc4 passenger/freight vessel duo to be deployed on Sakhalin-Kurils route
13:51 Samsung Heavy Industries wins two eco-friendly LNG carriers
13:21 TORM posts H1 2018 interim results
13:04 A.P. Møller - Mærsk A/S to pursue a separate listing of Maersk Drilling
12:30 Hapag-Lloyd invests in growing East African market
12:07 Port of Oakland gives $70,000 to develop eco-jobs workforce
11:07 Hapag-Lloyd announces rates for Far East Westbound East Asia (including Japan) to North Europe and Mediterranean
10:45 Crude oil futures price edges down to $71.38 in London, in New York to $65.44
10:07 Latest Sanmar tugboat under trials
10:02 Gazprom Neft 1H 2018 net profit soars 1.5-fold
09:41 Baltic Dry Index adds 2 pts to 1727 points
09:37 Diana Shipping announces time charter contract for m/v Coronis
09:32 Port of St. Petersburg bunker prices close the week on a down note
09:06 Gulftainer invests AED11 mln in road extension
08:27 CMA CGM implements new FAK rates from North Europe and Mediterranean to Australia

2018 August 16

18:45 Kalashnikov Concern’s Vympel Shipyard lays keel for freezer trawler of Project T30
18:06 Port of Dover awarded contract to Solent Marine Ltd to design and fit-out Dover's new marina
17:32 Maersk Line announces rates from Far East Asia to West Africa
17:06 Hapag-Lloyd increases reefer fleet by 11,100 containers
16:56 DFDS orders additional freight ferry (ro-ro) newbuilding from the Chinese Jinling Shipyard
16:52 Sovcomflot’s shuttle tanker Governor Farkhutdinov ships 600th crude oil cargo for Sakhalin-2
16:03 CMA CGM announces GRR from Asia to Mozambique
15:47 Taganrog Sea Commercial Port's H1 2018 employee benefits and rewards programme totals RUB 2.2 million
15:31 Melbourne port operator ICTSI may be investigated by State and Federal authorities
15:09 Bunker prices at Far Eastern ports remain flat
14:33 CMA CGM announces GRR from Asia to Indian Ocean
14:27 MABUX: Bunker prices may change irregular next week
14:13 Maersk Line announces rates from Far East to North Europe
13:42 First ever S-T-S loading of 70000dwt Panamax coal carrier performed at Shakhtersk harbour transshipment location in Sakhalin
13:32 More investment contracts at the Port of Gdansk
13:02 Wärtsilä equipped Canadian ferry will have minimal environmental impact
12:16 Damen Shipyards Galati celebrates 125 years
12:09 Okskaya Sudoverf Shipyard launches 6th serial barge of Project ROB20
12:03 Boskalis presents half-year results and terminates loss-making low-end transport activities
11:59 Port of Oakland container volume up 3.6 percent in July 2018
11:45 Rolls-Royce launches new battery system for ships
10:58 DP World revenue up 14.4% in H1 2018
10:57 VARD secures contract for one autonomous and electric-driven container vessel for YARA
09:39 EU NAVFOR mission operation commander visits Spanish MPRA in Djibouti
09:21 Baltic Dry Index gains to 1725 points

2018 August 15

18:33 Equinor extends partnership with The Arctic Race of Norway
17:56 Port Kavkaz seven-month volumes soar 30% Y/Y to 25.21 million tonnes
17:36 Russian Gov't to allocate RUB 500 million in subsidies to support small-tonnage fishing ships construction, Rosrybolovstvo says