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…
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.
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…
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…
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…
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…
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.
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.
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.
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…
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.
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…
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.
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…
Scorpio Bulkers Upsizes Public Offering
Scorpio Bulkers Inc. announced today that it has further upsized and priced its previously announced offering of senior unsecured notes due 2019 in a registered public offering. The size of the offering has been further increased from the previously announced size of $60 million in aggregate principal amount of notes to $65 million in aggregate principal amount of Notes. The notes will mature on September 15, 2019 and may be redeemed in whole or in part at any time or from time to time after September 15, 2016.
Bugbee Named 2014 CMA Commodore
Robert Bugbee, President of Scorpio has been named as the Connecticut Maritime Association (CMA) Commodore for the year 2014. Mr. Bugbee follows a long succession of influential maritime industry leaders as Commodore. The 2014 Commodore Award will be presented to Mr. Bugbee on March 19, 2014 at the Gala Dinner marking the conclusion of the annual Connecticut Maritime Association conference and trade exposition, at the Hilton Hotel in Stamford, Connecticut, U.S. The Award is given…