Scorpio in Talks to Finance Its 6oth Bulker

Scorpio Bulkers Inc. has received a proposal from an unnamed European financial institution to finance a portion of the cost of the company’s remaining unfinanced dry bulk vessel.

The company has so far either signed credit facility agreements or received commitments for 59 of the 60 vessels in its fleet.

The terms and conditions of the proposed facility for the 60th newbuild are consistent with Scorpio’s previous financing facilities and the final commitment is expected during the fourth quarter of 2015, the company said.

“The closing of any resultant credit facilities would remain subject to credit approval and customary conditions precedent, including negotiation and execution of definitive documentation,” Scorpio said.

Scorpio has contracted for the construction of 60 dry bulk vessels, comprised of 28 Ultramax newbuildings, 21 Kamsarmax newbuilding and 11 Capesize newbuildings.

Of this total, through October 29, 2015, the company took delivery of five Capesize, nine Kamsarmax and 12 Ultramax vessels. The construction price for the remaining 34 dry bulk vessels is USD 1,163.6 million, out of which USD 645.7 million remains unpaid.

The bulker owner reported an adjusted net loss of USD 16.3 million for the third quarter of 2015, against a USD 18.9 million net loss reported in the same period lost year.

For the nine months ended September 30, 2015, the company’s adjusted net loss was USD 49.7 million, against USD 44.6 million net loss reported in 2014.

During the said period, Scorpio sold 11 newbuilding contracts, consisting of four LR2 newbuilding product tankers, two newbuilding Aframax tankers, three Capesize newbuilding vessels, one Kamsarmax newbuilding vessel and one Ultramax newbuilding vessel.

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