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Scorpio Bulkers delays eight newbuildings, terminates time charters

Scorpio Bulkers delays eight newbuildings, terminates time charters
Scorpio Bulkers has delayed the delivery of eight bulker newbuildings by roughly six months.

The dry bulk shipowner has delayed two ultramaxes and six kamsarmaxes under construction in China from delivery between March and September 2016 to September 2016 and April 2017.

As a result of the delivery delays $41.2m in newbuilding payments due in 2016 will be pushed back to 2017.

Scorpio Bulkers has also reached agreement to reduce the final installments on the ultramax bulkers by $0.9m.

The company has also terminated time charter contracts on four bulkers from 19 March 2016 for a one-time payment of $10m, of which it has paid $8m to date.