Scorpio Bulkers Confirms Vessels Selloff
Aiswarya Lakshmi
Wednesday, April 22, 2015
NYSE-listed Scorpio Bulkers confirmed the sale of seven newbuildings for a total of $290mln to an unnamed buyer, said a company press release.
The newbuildings comprise three capesizes and a kamsarmax bulk carriers, and three LR1 product tankers.
Scorpio has also rceived financing on an Ultramax newbuilding dry bulk vessel for an amount of up to $17 million.
The Capesize vessels are currently being constructed in Romania, and have expected delivery dates between the fourth quarter of 2015 and the second quarter of 2016. The Kamsarmax vessel is currently being constructed in China and has an expected delivery date in the first quarter of 2016.
The LR1 product tankers are currently being constructed in South Korea, two of which are scheduled for delivery during the second quarter of 2017 and one during the third quarter of 2017.
Under the terms of the existing $409.0 Million Facility, the Company has secured financing on an Ultramax newbuilding vessel due to the substitution capability created by the removal of the financing on one of the three above-mentioned Capesize vessels that the Company has agreed to sell.
The Ultramax vessel is currently being constructed in Japan, and has an expected delivery date in the third quarter of 2015.