May 16, 2023
No Comments
Scorpio Bulkers Inc. (“Scorpio Bulkers,” or the “Company”) 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 the second quarter of 2019, the Company’s liquidity is expected to increase by up to $62.4 million in aggregate, comprising up to $52.6 million upon closing after the repayment of outstanding debt and an additional tranche of up to $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.
Reference: scorpiobulkers.com
We believe that knowledge is power, and we’re committed to empowering our readers with the information and resources they need to succeed in the merchant navy industry.
Whether you’re looking for advice on career planning, news and analysis, or just want to connect with other aspiring merchant navy applicants, The Marine Learners is the place to be.