Scorpio Bulkers Scraps Deal for New Kamsarmax Bulker

NYSE-listed dry bulk owner and operator Scorpio Bulkers has reached an agreement to decrease its newbuilding orders by cancelling a shipbuilding contract for a Kamsarmax bulk carrier.

The company said that it has been released of any and all obligations and rights arising out of the shipbuilding contract, including the final installment of USD 19.3 million.

Scorpio Bulkers said that the vessel was expected to be delivered in April 2016.

The move comes in light of the company’s efforts to return to liquidity in a sluggish dry bulk shipping market.

Scorpio Bulkers has seen its profits tumble during 2015, reaching a net loss of USD 510.8 million for the full year, going further in the red from 2014-recorded net loss of USD 116.6 million.

In February 2016, the company reached agreements in principle with its lenders not to make future principal repayments of USD 67.9 million in exchange for making advance principal repayments of USD 41.2 million in aggregate under its credit facilities.

Scorpio Bulkers currently owns a fleet 33 vessels, consisting of 14 Kamsarmax and 19 Ultramax ships.

Share this article

Follow World Maritime News

In Depth>

Events>

<< Nov 2019 >>
MTWTFSS
28 29 30 31 1 2 3
4 5 6 7 8 9 10
11 12 13 14 15 16 17
18 19 20 21 22 23 24
25 26 27 28 29 30 1

Maritime Reconnaissance and Surveillance Technology

As varied threats in the Mediterranean Sea continue to proliferate, the need to advance…

read more >

CrewConnect Global 2019

CrewConnect Global is the leading forum for collaboration to advance new industry approaches to seafarer recruitment and training.

read more >

CruiseConnect Global 2019

Attend CrewConnect Global and stay on for the CruiseConnect Summit to take part in an industry-wide conversation focused…

read more >

CWC World LNG Summit & Awards Evening

The CWC World LNG Summit & Awards Evening will be returning to Rome in 2019 to celebrate it’s 20th year.

read more >