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Friday, September 25, 2020

Scorpio Bulkers News

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Scorpio Bulkers Plans to Buy Wind Turbine Installation Vessel

Dry bulk shipowner Scorpio Bulkers on Monday announced it has signed a letter of intent to purchase a newbuild wind turbine installation vessel (WTIV) as a “first step in a transition towards a sustainable business in renewable energy”.Scorpio said it expects to sign a $265-$290 million shipbuilding contract with South Korea's Daewoo Shipbuilding and Marine Engineering (DSME) in the fourth quarter of 2020. The deal would include options for up to three additional vessels to potentially be delivered within the following 18 months.The lead vessel…

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Pangaea Takes Top Spot in Dry Bulk Benchmark Study

For the second year straight, US-based Pangaea Logistics ranks highest among dry bulk owners based on Time Charter Earnings (TCE), according to a recent market benchmarking report.Notably, the Rhode Island-headquartered shipowner's 53.7% TCE performance is well above Hong Kong's Pacific Basin Shipping Ltd. (24.3%) and Thailand's Thoresen Thai Agencies (23.5%) in second and third place respectively.The Vesselindex Performance Report by Danish maritime advisors Liengaard & Roschmann…

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Scorpio Bulkers Sells 3 Vessels

The provider of marine transportation of dry bulk commodities Scorpio Bulkers has entered into agreements with unaffiliated third parties to sell two ultramaxes and one kamsarmax for about $53.5 million in aggregate.The vessels are the SBI Jaguar and SBI Taurus, 2014 and 2015 built Ultramax vessels, respectively, and the SBI Bolero, a 2015 built Kamsarmax vessel.None of the three vessels have been fitted with scrubbers, said a press release from the Monaco-headquartered firms…

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Scorpio Bulkers to Sell, Leaseback 3 Bulkers

The provider of marine transportation of dry bulk commodities Scorpio Bulkers has agreed to sell and leaseback two Ultramax vessels (SBI Cronos and SBI Achilles) and one Kamsarmax vessel (SBI Lynx) to Ocean Yield ASA for a total financing consideration of $62.8 million.Upon completion, which is estimated to take place in the first quarter of 2020, the company’s liquidity is expected to increase by up to $33.6 million after the repayment of outstanding debt.The company will also…

Scorpio Sells Two Ultramax Bulkers

Scorpio Bulkers Inc. (NYSE:SALT) (“Scorpio Bulkers) has announced that the company has entered into agreements with an unaffiliated third party to sell the SBI Puma and SBI Cougar, 2014 and 2015 built Ultramax vessels, respectively, for approximately $37.9 million in aggregate, generating $16.0 million of additional liquidity.As of June 30, 2019, these vessels were classified as held for sale, with delivery of the vessels to the buyer estimated to take place within October 2019.

Scorpio Bulkers: $48 Mln Sale of Two Kamsarmax Vessels

Scorpio Bulkers announced that the company has entered into agreements to sell two Kamsarmax vessels for $48 million and provided an update to Time Charter Equivalent (“TCE”) rates for the first quarter of 2019.Vessel SalesThe company has entered into agreements with unaffiliated third parties to sell the SBI Electra and SBI Flamenco, two 2015 Chinese built Kamsarmax vessels (the “Vessels”), for approximately $48 million in aggregate. Delivery of the Vessels is estimated to take place in the second quarter of 2019.

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Scorpio Bulkers Gets Work for SBI Hera

Scorpio Bulkers Inc, shipping company, owns and operates dry bulk carriers,  announced that it has entered into a time charter-out agreement with an unaffiliated third party for SBI Hera, one of its Ultramax drybulk carriers.According to a press release from the provider of marine transportation of dry bulk commodities, the charter is for a period of between four and six months at a rate of $14,850 per day.Recently, it has entered into a time charter-out agreement with an unaffiliated third party for SBI Libra…

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Scorpio Bulkers Updates on New TC

Scorpio Bulkers announced  that it has entered into a time charter-out agreement one of its Ultramax drybulk carriers for a period of between five and seven months.The  provider of marine transportation of dry bulk commodities said that the 64,000-dwt SBI Libra (built 2017) will earn $15,250 per day. However, it did not name the charterer.Scorpio Bulkers announced last month that it has entered time charter-out agreements for seven of its Ultramax vessels and four of its Kamsarmax vessels.

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Scorpio Charters Out Eight Bulk Carriers

Dry bulk shipping company Scorpio Bulkers Inc. announced Tuesday that it has entered time charter-out agreements for seven of its Ultramax vessels and four of its Kamsarmax vessels.

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Scorpio Bulkers Gets New Build Financing form Nordic Banks

Scorpio Bulkers announced that it has received a commitment from Nordea AB (publ), acting through its New York branch, and Skandinaviska Enskilda Banken AB (publ) for a loan facility of up to $184.0 million.The loan facility will be used to finance up to 60% of the fair market value of six Ultramax dry bulk vessels (SBI Athena, SBI Thalia, SBI Zeus, SBI Hera, SBI Poseidon and SBI Apollo) and six Kamsarmax dry bulk vessels (SBI Conga, SBI Bolero, SBI Sousta, SBI Rock, SBI Reggae and SBI Mazurka).The loan facility…

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Scorpio Bulkers Gets New Loan Facility

Monaco-based international shipping company Scorpio Bulkers announced that it has received a commitment from ABN AMRO Bank N.V. and Norddeutsche Landesbank Girozentrale for a loan facility of up to USD 60 million.The loan facility will be used to finance up to 60% of the fair market value of two Ultramax dry bulk vessels (SBI Perseus and SBI Phoebe) and two Kamsarmax dry bulk vessels (SBI Electra and SBI Flamenco).The loan facility has a final maturity date of five years from drawdown date and bears interest at LIBOR plus a margin of 2.25% per annum.This loan facility…

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Scorpio Bulkers Back in the Black

With a net profit of USD 0.8 million, Scorpio Bulkers shows positive results in the second quarter of 2018 compared to a net loss was USD 13.4 million for the the same period in 2017.Total vessel revenues for the second quarter of 2018 were $60.6 million, compared to $37.7 million for the same period in 2017.The shipping company, which owns and operates dry bulk carriers, took delivery of the SBI Lynx, a Kamsarmax vessel, from Jiangsu Yangzijiang Shipbuilding  last month.During the second quarter of 2018…

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Scorpio Bulkers Refinances Ultramax Vessel

Scorpio Bulkers announced that the Company has entered into a financing transaction in respect of one of the Company’s Ultramax vessels with an unaffiliated third party. As part of the transaction, the Company will sell a 2015 Japanese built Ultramax dry bulk vessel, SBI Echo, for a consideration of $19.0 million and then lease it back from the buyer through a five-year bareboat charter agreement at a rate of $5,400 per day. If converted to floating interest rates, based on the expected weighted average life of the transaction…

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Scorpio Bulkers Refinances Ultramax Vessel

Monaco-based Scorpio Bulkers announced that the Company has entered into a financing transaction in respect of one of the Company’s Ultramax vessels with an unaffiliated third party in Japan. As part of the transaction, the Company will sell a 2015 Japanese built Ultramax dry bulk vessel, SBI Tango, for a consideration of $19.0 million and then lease it back from the buyer through a five-year bareboat charter agreement at a rate of $5,400 per day. If converted to floating interest rates…

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Scorpio Bulkers Gets Loan for Kamsarmax

Monaco-based international shipping company Scorpio Bulkers said it has received a commitment for a loan facility of up to $12.75 million from a leading European financial institution to finance the Company’s Kamsarmax bulk carrier. The bulker will be delivered from Jiangsu New Yangzijiang Shipbuilding in China in the third quarter of 2018. The loan facility has a final maturity date of five years from delivery and bears interest at LIBOR plus a margin of 2.40% per annum. The terms and conditions are similar to those set forth in the Company's existing credit facilities.

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Bulkers to Benefit as China Iron Ore Appetite Grows

It has been quite awhile since the global bulk carrier market has had much to cheer about, but U.S. dry bulk shippers are set to post strong revenue growth in the next two years thanks to soaring Chinese demand for high-grade iron ore from Brazil and Australia. To combat severe winter smog, China has slashed iron ore output, pushing steel mills in the world's second biggest economy to import more high-grade ore. China also wants to make pollution control a priority for the next three years.

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Scorpio Bulkers Opts New Loan Facility to Acquire Ultramax

Scorpio Bulkers announced that the Company has received a commitment from a leading European financial institution for a loan facility of up to $38.7 million. The loan facility will be used to finance up to 60% of the market value of the three Ultramax dry bulk vessels the Company has recently agreed to acquire. The loan facility will have a final maturity of five years from the signing date and bears interest at LIBOR plus a margin of 2.85% per annum. The terms and conditions will be similar to those set forth in the Company's existing credit facilities.

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Scorpio Bulkers Acquires Four Vessels

Scorpio Bulkers, announced that it has entered into two separate agreements with unaffiliated third parties to acquire three Ultramax dry bulk vessels and one Kamsarmax dry bulk vessel. The deal was for an aggregate of $90 million, of which $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 Co Ltd in China, of which two were delivered in 2014 and one was delivered in 2015.

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Scorpio Gets Financing for Kamsarmax Vessel in Japan

Scorpio Bulkers Inc announced that it has entered into a financing transaction in respect of one of the Company’s Kamsarmax vessels with unaffiliated third parties in Japan. The cost of the financing is equivalent to an expected fixed interest rate of 4.24% for 10 years. If converted to floating interest rates, based on the expected weighted average life of the transaction, the equivalent margin at current swap rates would be LIBOR + 2.07%. As part of the transaction, the Company will sell a 2015 Japanese built Kamsarmax dry bulk vessel…

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Scorpio Bulkers Narrows Loss

Scorpio Bulkers has its loss narrowed to $124.8 million, or $2.22 per share for the year ended December 31, 2016, compared with a net loss of $510.7 million  seen in the same period a year earlier. However, it  reported a loss of $20.6 million in its fourth quarter of 2016 ended December 31, compared with a net loss of $302 million seen in the same period a year earlier. In Q4 on a per-share basis, the company said it had a loss of 29 cents. The dry bulk ocean shipper posted revenue of $26.8 million in the period. The results fell short of Wall Street expectations.

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Scorpio Cancels Kamsarmax Newbuilding Contract

Scorpio Bulkers has continued to cull its fleet expansion with the cancellation of a newbuilding contract for a kamsarmax bulk carrier. US-listed bulker owner set to save $19.3m final installment costs after walking away from order. The vessel had been scheduled for delivery in April 2016. The shipowner informed it had reached agreement with as shipyard to cancel a kamsarmax newbuilding, which had been due for delivery this month. Scorpio Bulkers Inc. is a provider of marine transportation of dry bulk commodities. Scorpio Bulkers Inc.

Graphics: Drewry Shipping Consultants Limited

Outlook for Listed Dry Bulk Companies in 2016

Investors suffered massive wealth erosion in 2015, as share prices of dry bulk companies kept tumbling during the year, says Drewry Maritime Equity Research (DMER). DMER’s shipping index, which is based on the market cap of leading dry bulk companies, was down ~43% in 2015. Asset values failed to find a bottom with ship owners putting their vessels on the block in a bid to fix their balance sheets. Investors, enticed by cheap valuations, were caught on the wrong foot as stock prices breached critical support levels during the year.

Courtesy Scorpio Bulkers

Scorpio's Reverse Stock Split

Scorpio Bulkers Inc. informed yesterday that its board of directors has determined to effect a one-for-twelve reverse stock split of the Company's common shares, par value $0.01 per share, and a reduction in the total number of authorized common shares to 56,250,000 shares. The Company's shareholders approved the reverse stock split and change in authorized common shares at the Company's special meeting of shareholders held on December 23, 2015. The reverse stock split will take effect…

Courtesy Scorpio Tankers

Scorpio Tankers' Buyback Plan, Newbuild Delivery

Scorpio Tankers Inc. announced today (i) a new $250 million Securities Buyback Program, (ii) that it has recently taken delivery of an MR product tanker and (iii) that it will not exercise the options to purchase two LR2s currently under construction (with deliveries expected in the fourth quarter of 2016 and first quarter of 2017) from Scorpio Bulkers Inc., a related party. On May 27, 2015, the Company's Board of Directors authorized a new securities buyback program to purchase up to an aggregate of $250 million of the Company's common stock and bonds…

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Scorpio Bulkers Sells Three Vessels

Scorpio Bulkers has agreed to sell two new capesize bulk carriers and an ultramax for a combined $111m to an unknown buyer. The two capes are currently under construction in China and in South Korea, and will be delivered between Q3 2015 and Q2 2016. The ultramax bulk carrier is being built in China and will be delivered within the first three months of 2016, Scorpio says. Last week Scorpio Bulkers announced it was selling seven newbuildings for $290m including three LR1 product tankers it had previously converted from orders for capesize bulkers. Scorpio Bulkers Inc.

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Scorpio Bulkers Confirms Vessels Selloff

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.