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Scorpio Bulkers announces sale and leaseback agreements for 7 dry bulk vessels

Logistic News - Published on Tue, 19 Mar 2019

Image Source: steelguru.com
Scorpio Bulkers Inc agreed to sell and leaseback three Ultramax vessels and four Kamsarmax vessels (SBI Lambada, SBI Macarena, SBI Carioca and SBI Capoeira) to CMB Financial Leasing Co, Ltd. Upon completion, which is estimated to take place in the Q2 of 2019, the Company’s liquidity is expected to increase by USD 57.2 million in aggregate, comprising USD 45.4 million upon closing after the repayment of outstanding debt and an additional tranche of up to USD 11.8 million for installation of exhaust gas cleaning systems on the seven vessels.

As part of the agreements, the Company will bareboat charter-in the vessels for a period of seven years.

In addition, the Company has purchase options beginning after the end of the third year of each agreement. There is also a purchase option for each vessel upon the expiration of each agreement.

Source :

Posted By : Rabi Wangkhem on Tue, 19 Mar 2019
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