Scorpio Bulkers secures financing for 24 bulk carriers

2014-07-25 09:00

       Dry Bulk carrier ( Ship type   Shipyard   Trading Scorpio Bulkers, a New York-listed company, recently announced that it has secured $540 million in financing for 24 new vessels from two European financial institutions.

Scorpio Bulkers, which is actively expanding, stated that the funds will be used for the construction of 6 ultra-handysize bulk carriers, 9 Kamsarmax bulk carriers, and 9 Capesize bulk carriers. These vessels are scheduled for delivery between 2015 and 2016. This funding represents 55% of the contract price.

The financing term includes a 6-year period starting in 2014.

The company stated that the remaining funds for these vessels have been secured from leading European and Asian financial institutions, representing 55-60% of the new vessel contract price.

Scorpio Bulkers, established just one year ago, already has 17 chartered bulk carriers in operation and a further 79 under construction, with deliveries commencing from the third quarter of this year.