Scorpio Bulkers enters sale and leaseback agreements for three vessels

Scorpio Bulkers has agreed to sell and leaseback the Ultramax vessels SBI Cronos (pictured) and SBI Achilles and the Kamsarmax vessel SBI Lynx to Norway’s Ocean Yield for a total financing consideration of US$62.8 million.

Completion of the transaction is estimated to take place in the first quarter of 2020.

As part of the agreements, Scorpio will bareboat charter-in SBI Cronos for a period of nine years, SBI Achilles for a period of 10 years, and SBI Lynx for a period of 12 years.

In addition, the company has several purchase options during the charter period of each agreement. There is also a purchase option for each vessel upon the expiration of each agreement.

The lease financing arrangements are subject to customary conditions precedent and the execution of definitive documentation.