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.
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