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Scorpio Bulkers announces sale and leaseback agreements for two dry bulk vessels

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Dry Bulk,

Scorpio Bulkers Inc. has announced that it has agreed to sell and leaseback two ultramax vessels (SBI Libra and SBI Virgo) to an unaffiliated third party.

Upon completion, which is estimated to take place in the second quarter of 2019, the company’s liquidity is expected to increase by up to US$17 million in aggregate, comprising US$14 million upon closing after the repayment of outstanding debt and an additional tranche of up to US$3 million for installation of exhaust gas cleaning systems (scrubbers) on both vessels.

As part of the agreements, the company will bareboat charter-in the vessels for a period of 11 years and have purchase options beginning at the end of the fourth year of each agreement.

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

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Dry cargo shipping news Dry bulk shipping market