Scorpio Bulkers to Get Loan for Kamsarmax Pair

Illustration. Image Courtesy: Pixabay under CC0 Creative Commons license

Monaco-based shipping company Scorpio Bulkers is to receive a loan to refinance two of its Kamsarmax bulkers.

The company has received a commitment for a loan facility of up to USD 30 million from ING Bank N.V. to refinance SBI Zumba and SBI Parapara.

SBI Zumba and SBI Parapara were built in China in 2016 and 2017, respectively. Each of the two ships has a market value of around USD 24 million, VesselsValue’s data shows.

As informed, the loan facility has a final maturity date of five years from drawdown date and bears interest at LIBOR plus a margin of 2.20% per annum.

Scorpio said that this loan facility increases the company’s liquidity by approximately USD 8 million after repayment of the vessels’ existing debt. It is subject to customary conditions precedent and the execution of definitive documentation.

Scorpio Bulkers has an operating fleet of 56 vessels consisting of 55 wholly-owned or finance leased drybulk vessels and one time chartered-in Ultramax vessel. In addition, one Kamsarmax vessel which is being constructed at Jiangsu New Yangzijiang Shipbuilding in China is expected to be delivered to the company in the second quarter of 2018.

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