rss icon Subscribe
desktop mobile

Scorpio Sells Seven Ships

Pic: Scorpio Bulkers Inc.

Shailaja A. Lakshmi

The provider of marine transportation of dry bulk commodities, Scorpio Bulkers announced that it has agreed to sell and leaseback three Ultramax vessels (SBI Pegasus, SBI Subaru and SBI Ursa) and four Kamsarmax vessels (SBI Lambada, SBI Macarena, SBI Carioca and SBI Capoeira) to CMB Financial Leasing.

Upon completion, which is estimated to take place in the second quarter of 2019, the Company's liquidity is expected to increase by $57.2 million in aggregate, comprising $45.4 million upon closing after the repayment of outstanding debt and an additional tranche of up to $11.8 million for installation of exhaust gas cleaning systems (scrubbers) on the seven vessels.

As part of the agreements, Scorpio will bareboat charter-in the vessels for a period of seven years. In addition, the Company has purchase options beginning after the end of the third year of each agreement. There is also a purchase option for each vessel upon the expiration of each agreement.

Emanuele Lauro, Chairman and Chief Executive Officer, said: "We have undertaken a number of initiatives recently to enhance our liquidity. This transaction represents a single and important step, but we will continue to take actions which strengthen our balance sheet and, as importantly, address the valuation of our stock."

These lease financing arrangements are subject to customary conditions precedent and the execution of definitive documentation, said a statement from the company.

Mar 14, 2019

 

Bulk Carriers

Norden Sells Four Bulk Carriers

Nordpol (Photo: Norden)

In the last couple of weeks, Dampskibsselskabet Norden A/S has sold off four dry cargo vessels as

OP/ED: Smoother Sailing

Jennifer Carpenter, EVP and COO of The American Waterways Operators

Consistent Regulations Critical to Maritime Commerce, American Prosperity.“The ease of moving

INSIGHTS: Peter Stephaich

Peter Stephaich, Chairman & CEO, Campbell Transportation Company

Chairman & CEO, Campbell Transportation Company.Peter H. Stephaich is Chairman and CEO of Blue

Ship Sales

Norden Sells Four Bulk Carriers

In the last couple of weeks, Dampskibsselskabet Norden A/S has sold off four dry cargo vessels as part of its strategy to become increasingly asset light and reduce the owned

Vitol Expands Tanker Fleet

Pic: Vitol

Global energy trader Vitol has agreed to acquire a further 50 percent share of the global asphalt

Navig8 in Sale, Leaseback Pact with China Bank

Pic: Navig8 Chemical Tankers Inc.

Navig8 Chemical Tankers  entered into sale and leaseback agreements with ICBC Financial Leasing

Maritime Apps