Scorpio loan to finance Ultramaxes
(Posted on 11/10/18)
Scorpio Bulkers Inc. have announced that the Company has received a commitment from Nordea Bank Abp, acting through its New York branch, and DVB Bank SE for a loan facility of up to $90.0 million. The loan facility will be used to finance up to 60% of the fair market value of six Ultramax dry bulk vessels (SBI Orion, SBI Hyperion, SBI Tethys, SBI Hercules, SBI Samson and SBI Phoenix).
The loan facility has a final maturity date of five years from signing date and bears interest at LIBOR plus a margin of 2.35% per annum. This loan facility, which is expected to close within October 2018, would increase the Company’s liquidity by approximately $28.0 million after repayment of the vessels’ existing debt. The terms and conditions are similar to those set forth in the Company's existing credit facilities and the loan facility is subject to customary conditions precedent and the execution of definitive documentation.
Scorpio Bulkers Inc. is a provider of marine transportation of dry bulk commodities. Scorpio Bulkers Inc. has an operating fleet of 57 vessels consisting of 56 wholly-owned or finance leased drybulk vessels (including 19 Kamsarmax vessels and 37 Ultramax vessels), and one time chartered-in Ultramax vessel. The Company’s owned and finance leased fleet has a total carrying capacity of approximately 3.9 million dwt and all of the Company’s owned vessels have carrying capacities of greater than 60,000 dwt.
Latest News
ICS launches engine room safety guidance
(Posted on 06/07/20)The design, complexity and arrangement of engine rooms across the global shipping fleet vary far more... Read more
North completes Sunderland Marine integration
(Posted on 06/07/20)North P&I Club has completed integration of the Sunderland Marine Insurance Company Limited business... Read more
New NI President to focus on three challenges
(Posted on 06/07/20)The newly elected President of The Nautical Institute, Jillian Carson-Jackson has vowed to help the... Read more
ClassNK amendments to class rules
(Posted on 06/07/20)Leading Classification Society ClassNK has released amendments to its Rules and Guidance for the Survey... Read more
Hydrex repairs bulker scrubber overboard pipe
(Posted on 06/07/20)Last month Hydrex diver/technicians carried out scrubber overboard pipe repairs in Belgium and the Netherlands... Read more
Four new ultramax bulkers for Norden
(Posted on 01/07/20)Following the sale of 10 ships since 2018, Dampskibsselskabet Norden has entered into a newbuilding... Read more
Strategic maritime e-learning partnership formed
(Posted on 30/06/20)V.GROUP, the leading global provider of ship management and marine support services, and Ocean Technologies... Read more
Report investigates role of tech in crew welfare
(Posted on 30/06/20)Inmarsat, the world leader in global, mobile satellite communications, has published a new report focusing... Read more
Safety investment from MENAS
(Posted on 30/06/20)The Middle East Navigation Aids Service (MENAS) has recently invested $20,000 in upgrading its Aids... Read more
Crews pushed to limits on Day of Seafarer
(Posted on 25/06/20)Despite a universal campaign from all sectors of the shipping industry to classify seafarers as key... Read more
