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Scorpio Bulkers refinances kamsarmax vessel

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Dry Bulk,

Scorpio Bulkers Inc. has entered into a financing transaction in respect of one of the company’s kamsarmax vessels with an unaffiliated third party.

As part of the transaction, the company will sell a 2015 Japanese built kamsarmax dry bulk vessel, SBI Samba, for a consideration of US$21.4 million and then lease it back from the buyer through a five-year bareboat charter agreement at a rate of US$6850 per day.

The transaction also provides the company with the option to repurchase the vessel beginning on the third anniversary of the sale until the end of the bareboat charter agreement. This transaction increases the company’s liquidity by approximately US$6.9 million after repayment of the vessel’s existing loan.

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Dry bulk shipping market