Scorpio Bulkers to sell and leaseback six dry bulk vessels
Published by Claire Cuddihy,
Assistant Editor
Dry Bulk,
On Tuesday, Scorpio Bulkers Inc. (Scorpio Bulkers) announced that the company has agreed to sell and leaseback six ultramax vessels (SBI Antares, SBI Bravo, SBI Hydra, SBI Leo, SBI Lyra and SBI Maia) to AVIC International Leasing Co., Ltd. Upon completion, which is estimated to take place in 2Q19, the company’s liquidity is expected to increase by up to US$62.4 million in aggregate, comprising up to US$52.6 million upon closing after the repayment of outstanding debt and an additional tranche of up to US$9.8 million for installation of exhaust gas cleaning systems (scrubbers) on the six vessels.
As part of the agreements, the company will bareboat charter-in the vessels for a period of eight years. In addition, the company has purchase options beginning after the end of the second year of each agreement. There is also a purchase obligation for each vessel upon the expiration of each agreement.
These lease financing arrangements are subject to customary conditions precedent and the execution of definitive documentation.
Read the article online at: https://www.drybulkmagazine.com/shipping/18042019/scorpio-bulkers-to-sell-and-leaseback-six-dry-bulk-vessels/
You might also like
North American rail traffic sees gains
The AAR has reported US rail traffic for the week ending 20 April 2024.