Scorpio Bulkers receives $184 million in financing for 12 ships

Scorpio Bulkers has received a commitment from Nordea, acting through its New York branch, and Skandinaviska Enskilda Banken for a loan facility of up to US$184 million.

The loan facility will be used to finance up to 60 per cent of the fair market value of six Ultramax dry bulk vessels: SBI Athena, SBI Thalia, SBI Zeus, SBI Hera, SBI Poseidon and SBI Apollo; and six Kamsarmax dry bulk vessels: SBI Conga, SBI Bolero, SBI Sousta, SBI Rock, SBI Reggae and SBI Mazurka.

The loan facility, which is expected to close within the third quarter of 2018, will be comprised of a term loan up to $104.0 million and a revolver up to $80.0 million.

This loan facility is expected to increase the Scorpio’s liquidity by approximately US$47 million after repayment of the vessels’ existing debt.