Cash Injection for Scorpio Bulkers’ Newbuilds

Scorpio Bulkers Inc., has received a commitment for a USD 540 million loan facility to finance the ongoing newbuild projects.

 

The facility will be used to finance up to 55% of the contract price of six Ultramax, nine Kamsarmax, and nine Capesize vessels currently under construction for delivery in 2015 and 2016.

As of July 22, 2014, the company has received proposals from leading European and Asian financial institutions to finance a portion of the cost of its remaining unfinanced vessels.

If definitive agreements are entered into on these terms, the amounts provided by such facilities will vary between 55% of the contract price and 60% of the market value of the remaining unfinanced vessels currently under construction, Scorpio said.

Scorpio Bulkers Inc., has contracted and agreed to purchase 79 dry bulk vessels consisting of 28 Ultramax, 23 Kamsarmax and 28 Capesize vessels to be delivered starting from the third quarter of 2014 from shipyards in Japan, Korea, China and Romania.

Upon final delivery of all of the vessels, the owned fleet is expected to have a total carrying capacity of approximately 8.7 million deadweight tonnes.

Press Release, July 23, 2014

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