Scorpio Bulkers Inks Sale and Leaseback for Seven Units

BulkerIllustration. Image Courtesy: PxHere under CC0 Creative Commons license

Dry bulk shipping company Scorpio Bulkers has agreed a sale and leaseback deal for a total of seven vessels with CMB Financial Leasing.

The vessels in question are the three Ultramaxes, the SBI Pegasus, SBI Subaru and SBI Ursa, and four Kamsarmax bulkers, SBI Lambada, SBI Macarena, SBI Carioca and SBI Capoeira.

As part of the deals, Scorpio Bulkers will bareboat charter-in the vessels for a period of seven years. In addition, the company has purchase options beginning after the end of the third year of each agreement, as well as a purchase option for each vessel upon the expiration of each agreement.

Upon completion of the transaction, expected in the second quarter of 2019, the company’s liquidity is set to increase by USD 57.2 million in aggregate, comprising USD 45.4 million upon closing after the repayment of outstanding debt and an additional tranche of up to USD 11.8 million for installation of scrubbers on the seven vessels.

“We have undertaken a number of initiatives recently to enhance our liquidity. This transaction represents a single and important step, but we will continue to take actions which strengthen our balance sheet and, as importantly, address the valuation of our stock,” Emanuele Lauro, Scorpio Bulkers’ Chairman and Chief Executive Officer, said.

Share this article

Follow World Maritime News

In Depth>


<< Jul 2019 >>
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 31 1 2 3 4

World Gas Series: Morocco Summit

Bringing together key players in the gas value chain in Morocco, the World Gas Series:

read more >

GreenTech in Shipping USA Forum 2019

GreenTech in Shipping USA Forum is an event for Maritime leaders who want to unlock successful business formula of the industry!

read more >

Shipping Transformation Asia

Shipping Transformation Asia will provide a platform for future-focused discussion in the shipping,…

read more >

Global Sustainable Shipping Forum 2019

The event will provide valuable insights from conference sessions, great networking opportunities and will offer…

read more >