Scorpio Buying Four More Bulkers

Image Courtesy: Scorpio Bulkers

Monaco-based dry bulk shipping company Scorpio Bulkers has entered into two separate agreements with unnamed parties to acquire one Kamsarmax and three Ultramax dry bulk vessels.

As informed, the ships will be bought for USD 90 million, of which USD 77.1 million is payable in cash and the remaining consideration is in the form of approximately 1.592 million common shares of the company to be issued to one of the sellers.

All of the Ultramax vessels were built at Chengxi Shipyard in China. Two of them were delivered in 2014 and one in 2015.

The Kamsarmax bulk carrier is a resale unit whose construction will be supervised by the company and which will be delivered from Jiangsu New Yangzijiang Shipbuilding in China in the second quarter of 2018, Scorpio Bulkers said.

The cash component of the vessel acquisitions will be funded by cash on hand, as well as new debt facilities which are currently under discussion with the company’s lenders.

In September, Scorpio Bulkers also entered into agreements with Golden Ocean Group Limited (GOGL) to buy six Ultramax vessels.

Following the completion of its recent acquisitions of nine Ultramaxes and one Kamsarmax, the company will own or finance lease 56 vessels. In addition, Scorpio time charters-in one Ultramax.

On the back of an improvement in dry bulk rates, Scorpio Bulkers managed to cut its net loss for the period ended September 30. For the third quarter of 2017, the company’s GAAP net loss was USD 10.7 million, compared to a GAAP net loss of USD 21.3 million reported in the same period a year earlier.

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