Scorpio Bulkers Agrees Refinancing for Kamsarmax

FinancingIllustration. Image Courtesy: Pixabay under CC0 Creative Commons license

Monaco-based dry bulk shipping company Scorpio Bulkers has reached a financing agreement with an unaffiliated third party related to one of its Kamsarmax vessels.

Under the deal, the company would dispose of a 2015-built Kamsarmax bulker SBI Samba for a consideration of USD 21.4 million.

The vessel would subsequently be leased back from the buyer through a five-year bareboat charter agreement at a rate of USD 6,850 per day.

Scorpio Bulkers said that the transaction also provides the company with the option to repurchase the vessel beginning on the third anniversary of the sale until the end of the bareboat charter contract.

“This transaction increases the company’s liquidity by approximately USD 6.9 million after repayment of the vessel’s existing loan,” Scorpio Bulkers concluded.

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