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Another year, another $1bn in orders for Scorpio Bulkers

Another year, another $1bn in orders for Scorpio Bulkers
Scorpio Bulkers has welcomed 2014 with the announcement of 22 newbuilding agreements totalling $1.1bn.

The latest orders bring the company's orderbook to 74 vessels at around $2.7bn.

Three yards will build the 20 capesizes of 180,000 dwt; Shanghai Waigaoqiao Shipbuilding have contracts for seven, Sungdong Shipbuilding and Marine Engineering have 11 and Daewoo Mangalia Heavy Industries have a pair. The total is made up with two 82,000 dwt kamsarmaxes to be built by Hudong-Zhonghua.

Delivery of the vessels is due to be staggered from the start of 2015, through to the first half of 2016.

Scorpio's orderbook comprises 74 vessels totalling around 8m dwt; 28 ultramaxes, 23 kamsarmaxes and 23 capesizes.

No details were given on the financing of the most recent vessels, although in December last year Scorpio Bulkers extended its war chest for its orderbook by doubling its IPO  and securing a credit facility for $330m.