Upon completion of the deal, estimated to take place in the second quarter of this year, Scorpio Bulker’s liquidity is expected to increase by up to $62.4m, comprising $52.6m upon closing after the repayment of outstanding debt and an additional tranche of $9.8m for installation of scrubbers on the six vessels.
New York-listed Scorpio Bulkers will bareboat charter-in the six ships for a period of eight years. The company has purchase options beginning after the end of the second year of each agreement, as well as a purchase obligation for each vessel upon the expiration of each agreement.
The six ultramaxes are SBI Antares, SBI Bravo, SBI Hydra, SBI Leo, SBI Lyra and SBI Maia.
“These lease financing arrangements are subject to customary conditions precedent and the execution of definitive documentation,” Scorpio Bulkers stated.
Scorpio Bulkers will have an operating fleet of 55 vessels consisting of 54 wholly-owned or finance leased bulkers and one time chartered-in ultramax, upon completion of a pending sale of two kamsarmaxes.