Scorpio Bulkers has reached agreements with a shipyard to reduce the price to be paid under the shipbuilding contracts of two Kamsarmax dry bulk vessels that are to be delivered between Q1 2017 and Q2 2017, by an aggregate of $4.9 million.

The company, which has principal executive offices in Monaco and New York, also announced that its Board of Directors has authorised the repurchase of up to $20 million of the company’s outstanding 7.5 percent Senior Notes due in 2019 in open market or privately negotiated transactions.

The specific timing and amounts of the repurchases, which will be funded by available cash, will be in the sole discretion of management and vary based on market conditions and other factors. This authorisation has no expiration date, the company said.

READ MORE BUSINESS: Anti-drone system now live
READ MORE BUSINESS:  National Council approves MFOs