Scorpio Secures Financing for Newbuild Bulkers

Scorpio Bulkers said it has closed a previously announced credit facility worth USD 42 million with a leading European financial institution.

The loan is intended to finance a portion of the purchase price of two Kamsarmax vessels, of which one Kamsarmax vessel was recently delivered to the company from Imabari Shipbuilding Co. Ltd., Japan and one Kamsarmax vessel is under construction at the shipyard.

Scorpio said that the facility may be drawn in two tranches, each of which has a final maturity six years from the date of the respective vessel delivery from the yard.

The company has contracted for 68 dry bulk vessels consisting of 27 Ultramax, 19 Kamsarmax and 22 Capesize vessels from shipyards in Japan, South Korea, China and Romania.

The company’s sister firm Scorpio Tankers has taken delivery of STI Veneto, an LR2 product tanker from Hyundai Samho Heavy Industries Co., Ltd.

The vessel will begin a voyage for 60 days at approximately USD 32,000 per day.

Scorpio Tankers has contracted for 18 newbuilding product tankers (nine MR and nine LR2), four of which are expected to be delivered in the first quarter of 2015, ten of which are expected to be delivered in the second quarter of 2015 and the remaining four vessels throughout 2016.


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