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Scorpio switches more bulker contracts to tankersScorpio switches more bulker contracts to tankers

As the dry bulk market continues to scrape along the bottom Scorpio Bulkers is switching three more newbuilding contracts for capesize bulkers to LR1 product tankers,

Seatrade Maritime

February 4, 2015

1 Min Read

Kalyakan - stock.adobe.com

The company has written down $22m relating to the fair market value of the contracts, and would reduce its cash obligations by $60m should it sell the contracts for their current value.

Unlike with Scorpio Bulkers' previous contract alterations, the latest LR1s will not be purchased by sister company Scorpio Tankers. Scorpio Bulkers stated that it has no plans for future contract conversions.

Two of the LR1 tankers will be scheduled for delivery in Q2 2017, with the remainder to follow in the third quarter.

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