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Wednesday, May 22, 2019

Maritime Logistics Professional

Posted by March 11, 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 Sales
The 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. It is estimated that the company’s liquidity will increase by approximately $18.6 million after the repayment of the Vessels’ outstanding debt.

TCE Rates
Below is a summary of the approximate average daily TCE rates for voyages fixed thus far for the first quarter of 2019. The TCE rates include vessels on previously announced time charter-out agreements.

TCE% of Days
Kamsarmax fleet $11,00090%
Ultramax fleet $9,10090%