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Scorpio Bulkers sells seven newbuilds for $290m

Scorpio Bulkers sells seven newbuilds for $290m
Scorpio Bulkers has agreed to sell seven of its newbuilding contracts for a total of $290m, as the dry bulk market lingers in the doldrums.

The three capesizes, one kamsarmax and three LR1 tankers are on order from yards in Romania, China and South Korea.

The three capesize bulkers were initially ordered in 2013 from Daewoo Shipbuilding and Marine Engineering's (DSME) Romanian yard, Daewoo Mangalia Heavy Industries, for a total around $162m, the kamsarmax was ordered at Hudong-Zhonghua Shipyard as part of a 10-vessel deal in late 2013 worth $278m.

Scorpio Bulkers suffered write downs of $22m on the value of the three capesize newbuilding contracts when it switched them to LR1 contracts in February 2015.

The company also reported it had secured up to $17m in financing for a newbuild ultramax under construction in Japan, as the vessel took the place of one of the sold capesizes under Scorpio Bulkers' $409m credit facility.