Monaco’s Scorpio Bulkers raises European cash

Photo: Scorpio Bulkers
Photo: Scorpio Bulkers

Monaco-based Scorpio Bulkers Inc. announced on Monday, December 4, that the company has received a commitment from a leading European financial institution for a loan facility of up to €32.6 million ($38.7 million). The facility will be used to finance up to 60 percent 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 percent per annum. The terms and conditions will be similar to those set out in the company’s existing credit facilities. The loan facility is subject to customary conditions precedent and the execution of definitive documentation.

Scorpio Bulkers also announced that it has agreed to modify a previously announced contract with an unaffiliated third party to acquire a 2015 Chinese built Ultramax dry bulk vessel.

Scorpio Bulkers Inc. is a provider of marine transportation of dry bulk commodities. After the completion of its recent acquisitions of nine Ultramax vessels, the company will own or finance lease 55 vessels, consisting of 18 Kamsarmax vessels and 37 Ultramax vessels.

The company also time charters-in one Ultramax vessel and one dry bulk Kamsarmax vessel is expected to be delivered to the company in the second quarter of 2018 from a shipyard in China. Upon final delivery of all the vessels the owned fleet is expected to have a total carrying capacity of approximately 3.9 million deadweight tonnes.


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