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Scorpio Bulkers buys six ultramaxes from Golden Ocean

Scorpio Bulkers buys six ultramaxes from Golden Ocean
Scorpio Bulkers has started buying again scooping up six ultramaxes from Golden Ocean for $142.5m.

The six ultramax vessels were built at Chengxi in China between 2015 and 2017 and expected to be delivered in Q4 of this year. Scorpio Bulkers said the acquisition would be funded through a mix of cash, existing debt and new debt facilities under discussion with its lenders.

Following the acquisition Scorpio Bulkers will own 34 ultramaxes and 18 kamsarmaxes.

John Fredriksen's Golden Ocean said it plans to focus on capesize and panamax vessels. Following the repayment of $39.2m in debt Golden Ocean will receive just over $100m in cash proceeds from the sale.

 "The sale of these vessels strengthens our commercial focus on capesize and panamax vessels, where we have critical mass and that we believe will provide the greatest leverage to a recovery in the dry bulk shipping market,” said Birgitte Ringstad Vartdal, ceo of Golden Ocean.

“It also increases our financial flexibility considerably as the majority of the gross proceeds will directly increase our cash balance.”

Golden Ocean has also agreed to take early delivery of a capesize newbuilding from New Times Shipbuilding which will be charted at a rate of $16,750 per day for 14 to 18 months.

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