Arne Blystad and Herman Billung's Songa Bulk has said it will sell a bulker and tap into a bond issue to raise more cash for expansion.
The Oslo-listed start-up said a supramax will be disposed of and another $18m banked from its $120m five-year series due in 2022. The borrowing limit is $150m.
It added that this would be the last time it would carry out a tap.
