Scorpio Bulkers refinances ultramax vessel Voice Voice Voice Voice

Scorpio Bulkers has entered into a financing transaction in respect of one of its ultramax vessels with an unaffiliated third party.

Scorpio will sell a 2015-built Japanese ultramax dry bulk vessel, SBI Echo, for US$19 million and then lease it back from the buyer through a five-year bareboat charter agreement at a rate of US$5,400 per day.

The transaction also provides Scorpio with options to repurchase the vessel beginning on the third anniversary of the sale until the end of the bareboat charter agreement.

This transaction, which shall be treated as a financial lease for accounting purposes, increases the Scorpio's liquidity by approximately US$7.9 million after repayment of the vessel's existing loan.

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Baird Maritime / Work Boat World