Arne Blystad’s Songa Bulk is already in the money on its asset play project and could enter a $130m second round of purchases should it take on debt as planned, according to Clarksons Platou Securities.
Analysts Herman Hildan and Frode Morkedal say the owner has grown a fleet of 10 vessels with all cash purchases worth $169.95m.
They note that having inspected between 60 and 70 bulkers to amass the present fleet, “the hard work has paid off”.
