Marine Link
Tuesday, March 19, 2024
SUBSCRIBE

Scorpio Bulkers Inc News

04 May 2021

Dry Bulk Performance: Pangaea Logistics (Again) Claims the Top Spot

© mrnai/AdobeStock

Maritime Advisors, Liengaard & Roschmann have published for the third year running its Vesselindex Performance Report, ranking the listed dry bulk companies based on their TCE performance.In a year 2020 which was characterized by a high level of volatility it is noticeable that 17 companies managed to outperform the general market as defined by the Baltic Indices. U.S. listed Pangaea Logistics claims top spot for the third year in a row, competing against 24 other listed Dry Bulk…

14 Oct 2020

Scorpio Bulkers Sells Two Ultramax Vessels

Scorpio Bulkers, Inc. announced Wednesday that it has entered into agreements with an unaffiliated third party to sell two 2017-built Ultramax bulk carriers for approximately $34 million as the dry bulk shipping company continues its transition to offshore wind services.The ships, SBI Phoenix and SBI Samson, are expected to be handed over to the unnamed buyer in the fourth quarter, Scorpio said. Both vessels were built at China's Chengxi Shipyard.The bulk carriers are the fourth and fifth Scorpio has sold since its August announcement revealing plans to enter into a shipbuilding contract with South Korea's Daewoo Shipbuilding and Marine Engineering (DSME) to build a wind turbine installation vessel for delivery in 2023, with options to build three further similar vessels.

27 May 2020

Pangaea Takes Top Spot in Dry Bulk Benchmark Study

For the second year straight, US-based Pangaea Logistics ranks highest among dry bulk owners based on Time Charter Earnings (TCE), according to a recent market benchmarking report.Notably, the Rhode Island-headquartered shipowner's 53.7% TCE performance is well above Hong Kong's Pacific Basin Shipping Ltd. (24.3%) and Thailand's Thoresen Thai Agencies (23.5%) in second and third place respectively.The Vesselindex Performance Report by Danish maritime advisors Liengaard & Roschmann measures the TCE performance of 25 individual companies in relation to the earning potential of their respective fleets, making sure that no company is neither penalized nor getting an advantage from inferior/superior fleet compositions.

10 Mar 2020

Scorpio Bulkers Sells 3 Vessels

The provider of marine transportation of dry bulk commodities Scorpio Bulkers has entered into agreements with unaffiliated third parties to sell two ultramaxes and one kamsarmax for about $53.5 million in aggregate.The vessels are the SBI Jaguar and SBI Taurus, 2014 and 2015 built Ultramax vessels, respectively, and the SBI Bolero, a 2015 built Kamsarmax vessel.None of the three vessels have been fitted with scrubbers, said a press release from the Monaco-headquartered firms said.Delivery of the vessels is expected to take place between March and May of 2020.It is estimated that Scorpio Bulkers' liquidity will increase by approximately $18.3 million after the repayment of outstanding debt.Upon the completion of the sale of the three vessels, Scorpio Bulkers Inc.

12 Feb 2020

Scorpio Bulkers to Sell, Leaseback 3 Bulkers

The provider of marine transportation of dry bulk commodities Scorpio Bulkers has agreed to sell and leaseback two Ultramax vessels (SBI Cronos and SBI Achilles) and one Kamsarmax vessel (SBI Lynx) to Ocean Yield ASA for a total financing consideration of $62.8 million.Upon completion, which is estimated to take place in the first quarter of 2020, the company’s liquidity is expected to increase by up to $33.6 million after the repayment of outstanding debt.The company will also be able to drawdown on an additional tranche of up to $4.5 million in aggregate for installation of exhaust gas cleaning systems (“scrubbers”) on the three vessels.As part of the agreements…

23 Sep 2019

Scorpio Sells Two Ultramax Bulkers

Scorpio Bulkers Inc. (NYSE:SALT) (“Scorpio Bulkers) has announced that the company has entered into agreements with an unaffiliated third party to sell the SBI Puma and SBI Cougar, 2014 and 2015 built Ultramax vessels, respectively, for approximately $37.9 million in aggregate, generating $16.0 million of additional liquidity.As of June 30, 2019, these vessels were classified as held for sale, with delivery of the vessels to the buyer estimated to take place within October 2019. The company recorded a loss of approximately $4.9 million in the second quarter of 2019 and expects to write-off deferred financing costs of $0.2 million upon closing of the sale and repayment of $21.9 million of outstanding debt.

21 May 2019

Ocean Yield Takes Delivery of Two Ships

Norway-based ship owning company Ocean Yield ASA has taken delivery of two 2017-built Ultramax dry bulk vessels.The Ultramax ships  are "SBI Libra" and "SBI Virgo", both of which were built in 2017.Upon delivery, the vessels commenced 11 years' bareboat charter to Scorpio Bulkers Inc, said a press release.Ocean Yield has further committed to part finance the installation of scrubbers on both vessels, which is expected in early 2020.Ocean Yield ASA is a ship owning company with investments in vessels on long -term charters.Scorpio Bulkers is a leading international provider of marine transportation of dry bulk commodities that currently owns and operates a fleet of 57 modern dry bulk vessels, specifically Ultramax and Kamsarmax vessels.

16 Apr 2019

Scorpio Sells, Leaseback Six Vessels

Monaco-based dry bulk shipping company Scorpio Bulkers has agreed to sell and leaseback six Ultramax vessels to AVIC International Leasing.The dry bulk operator said in a press note that the six vessels are SBI Antares, SBI Bravo, SBI Hydra, SBI Leo, SBI Lyra and SBI Maia.Upon completion, which is estimated to take place in the second quarter of 2019, the Company’s liquidity is expected to increase by up to $62.4 million in aggregate, comprising up to $52.6 million upon closing after the repayment of outstanding debt and an additional tranche of up to $9.8 million for installation of exhaust gas cleaning systems (scrubbers) on the six vessels.As part of the agreements, the Company will bareboat charter-in the vessels for a period of eight years.

08 Apr 2019

Scorpio Bulkers Sells Two More Vessels

The international provider of marine transportation of dry bulk commodities Scorpio Bulkers has once again sold vessels with two new sale and lease back agreements.This time the sale concerns two Ultramax vessels - SBI Libra and SBI Virgo - to an unaffiliated third party.Upon completion, which is estimated to take place in the second quarter of 2019, the Company’s liquidity is expected to increase by up to $17.0 million in aggregate, comprising $14.0 million upon closing after the repayment of outstanding debt and an additional tranche of up to $3.0 million for installation of exhaust gas cleaning systems (scrubbers) on both vessels.As part of the agreements…

22 Feb 2019

Scorpio Refinances a Kamsarmax Vessel

New York-listed Scorpio Bulkers has entered into a financing transaction in respect of one of its Kamsarmax vessels with an unaffiliated third party.As part of the transaction, the provider of marine transportation of dry bulk commodities will sell a 2015 Japanese built Kamsarmax dry bulk vessel, SBI Samba, for a consideration of $21.4 million and then lease it back from the buyer through a five-year bareboat charter agreement at a rate of $6,850 per day.The transaction also provides the shipping company with the option to repurchase the vessel beginning on the third anniversary of the sale until the end of the bareboat charter agreement. This transaction increases the Company’s liquidity by approximately $6.9 million after repayment of the vessel’s existing loan.Scorpio Bulkers Inc.

13 Dec 2018

Scorpio Bulkers Gets Work for SBI Hera

Scorpio Bulkers Inc, shipping company, owns and operates dry bulk carriers,  announced that it has entered into a time charter-out agreement with an unaffiliated third party for SBI Hera, one of its Ultramax drybulk carriers.According to a press release from the provider of marine transportation of dry bulk commodities, the charter is for a period of between four and six months at a rate of $14,850 per day.Recently, it has entered into a time charter-out agreement with an unaffiliated third party for SBI Libra, one of its Ultramax drybulk carriers, for a period of between five and seven months at a rate of $15,250 per day.Two months ago, Scorpio Bulkers announced that time charter-out agreements have been entered into for seven of its Ultramax vessels and four of its Kamsarmax vessels.

16 Oct 2018

Scorpio Charters Out Eight Bulk Carriers

Dry bulk shipping company Scorpio Bulkers Inc. announced Tuesday that it has entered time charter-out agreements for seven of its Ultramax vessels and four of its Kamsarmax vessels. Daily rates range between $14,500 and $16,500.VesselTypeEarliest Redelivery DateRate Per DaySBI JaguarUltramaxApril 2019$16,000SBI UrsaUltramaxJune 2019$15,000SBI TangoUltramaxMarch 2019$14,500SBI CougarUltramaxMarch 2019$16,500SBI EchoUltramaxFebruary 2019$15,000SBI ThaliaUltramaxApril 2019$16,500SBI LyraUltramaxApril 2019$16,500SBI BoleroKamsarmaxMay 2019$14,500SBI MacarenaKamsarmaxFebruary 2019$16,000SBI MazurkaKamsarmaxMay 2019$16,000SBI SambaKamsarmaxApril 2019$15,500

15 Oct 2018

Scorpio Bulkers Inks LOI for Scrubber Installs

Dry bulk shipping company Scorpio Bulkers Inc. announced that it has signed letters of intent with suppliers, engineering firms and ship repair facilities to cover the purchase and installation of exhaust gas cleaning systems, also known as scrubbers, on substantially all of its owned and finance leased Kamsarmax and Ultramax vessels.Scorpio said the scrubbers and their installation will cost between $1.5 - $2.2 million per vessel, and the company anticipates that between 60-70 percent of these costs will be financed.The installations are scheduled between the second quarter of 2019 and the third quarter of 2020.Emanuele Lauro, Chairman & CEO, said, “We have long maintained that scrubbers could be the right choice for compliance with the IMO 2020 regulations.

10 Oct 2018

Scorpio Bulkers Invests $100 mln in Scorpio Tankers

Scorpio Bulkers has agreed to invest $100.0 million in a related party, Scorpio Tankers. The investment is part of a larger $300.0 million equity raise through a public offering of common shares by Scorpio Tankers announced yesterday (October 10). As a result of this investment, the Company will own approximately 54.1 million, or 10.9%, of Scorpio Tanker’s issued and outstanding common shares. The investment was unanimously approved by an independent committee of the Board of Directors that was advised by Perella Weinberg Partners. Emanuele Lauro, Chairman and CEO, commented “This investment in Scorpio Tankers, one of the world's leading product tanker companies, is a compelling opportunity for the Company.

28 Sep 2018

Scorpio Bulkers in Ultramax Vessel Deal

Scorpio Bulkers has entered into a financing transaction in respect of one of the Company’s Ultramax vessels with an unaffiliated third party.A press release from the provider of marine transportation of dry bulk commodities said that as part of the transaction, the Company will sell a 2016 Japanese built Ultramax dry bulk vessel, SBI Hermes, for a consideration of $20.5 million and then lease it back from the buyer through a five-year bareboat charter agreement at a rate of $5,850 per day.If converted to floating interest rates, based on the expected weighted average life of the transaction, the equivalent cost of financing at current…

06 Aug 2018

Scorpio Bulkers Gets New Build Financing form Nordic Banks

Scorpio Bulkers announced that it has received a commitment from Nordea AB (publ), acting through its New York branch, and Skandinaviska Enskilda Banken AB (publ) for a loan facility of up to $184.0 million.The loan facility will be used to finance up to 60% of the fair market value of six Ultramax dry bulk vessels (SBI Athena, SBI Thalia, SBI Zeus, SBI Hera, SBI Poseidon and SBI Apollo) and six Kamsarmax dry bulk vessels (SBI Conga, SBI Bolero, SBI Sousta, SBI Rock, SBI Reggae and SBI Mazurka).The loan facility, which is expected to close within the third quarter of 2018, will be comprised of a term loan up to $104.0 million and a revolver…

27 Jul 2018

Scorpio Bulkers Secures $60 Mln Loan Facility

Scorpio Bulkers Inc. said it has received a commitment from ABN AMRO Bank N.V. and Norddeutsche Landesbank Girozentrale for a loan facility of up to $60 million that will be used to finance up to 60 percent of the fair market value of two Ultramax dry bulk vessels (SBI Perseus and SBI Phoebe) and two Kamsarmax dry bulk vessels (SBI Electra and SBI Flamenco).The loan facility has a final maturity date of five years from drawdown date and bears interest at LIBOR plus a margin of 2.25 percent per annum.The loan facility, which is expected to close within August, would increase the company’s liquidity by approximately $21 million after repayment of the vessels’ existing debt.

26 Jul 2018

Scorpio Bulkers Gets New Loan Facility

Monaco-based international shipping company Scorpio Bulkers announced that it has received a commitment from ABN AMRO Bank N.V. and Norddeutsche Landesbank Girozentrale for a loan facility of up to USD 60 million.The loan facility will be used to finance up to 60% of the fair market value of two Ultramax dry bulk vessels (SBI Perseus and SBI Phoebe) and two Kamsarmax dry bulk vessels (SBI Electra and SBI Flamenco).The loan facility has a final maturity date of five years from drawdown date and bears interest at LIBOR plus a margin of 2.25% per annum.This loan facility, which is expected to close within August, would increase the Company’s liquidity by approximately $21 million after repayment of the vessels’ existing debt.

09 Jul 2018

Scorpio Bulkers Refinances Ultramax Vessel

Scorpio Bulkers announced that the Company has entered into a financing transaction in respect of one of the Company’s Ultramax vessels with an unaffiliated third party. As part of the transaction, the Company will sell a 2015 Japanese built Ultramax dry bulk vessel, SBI Echo, for a consideration of $19.0 million and then lease it back from the buyer through a five-year bareboat charter agreement at a rate of $5,400 per day. If converted to floating interest rates, based on the expected weighted average life of the transaction, the equivalent cost of financing at current swap rates would be LIBOR + 1.97% per annum. The transaction also provides the Company with options to repurchase the vessel beginning on the third anniversary of the sale until the end of the bareboat charter agreement.

17 Apr 2018

Scorpio Bulkers Refinances Ultramax Vessel

Monaco-based Scorpio Bulkers announced that the Company has entered into a financing transaction in respect of one of the Company’s Ultramax vessels with an unaffiliated third party in Japan. As part of the transaction, the Company will sell a 2015 Japanese built Ultramax dry bulk vessel, SBI Tango, for a consideration of $19.0 million and then lease it back from the buyer through a five-year bareboat charter agreement at a rate of $5,400 per day. If converted to floating interest rates, based on the expected weighted average life of the transaction, the equivalent cost of financing at current swap rates would be LIBOR + 1.73%. The transaction…

29 Dec 2017

Bulkers to Benefit as China Iron Ore Appetite Grows

Photo: © martinfredy/Adobe Stock

It has been quite awhile since the global bulk carrier market has had much to cheer about, but U.S. dry bulk shippers are set to post strong revenue growth in the next two years thanks to soaring Chinese demand for high-grade iron ore from Brazil and Australia. To combat severe winter smog, China has slashed iron ore output, pushing steel mills in the world's second biggest economy to import more high-grade ore. China also wants to make pollution control a priority for the next three years.

05 Dec 2017

Scorpio Bulkers Opts New Loan Facility to Acquire Ultramax

Scorpio Bulkers announced that the Company has received a commitment from a leading European financial institution for a loan facility of up to $38.7 million. The loan facility will be used to finance up to 60% of the market value of the three Ultramax dry bulk vessels the Company has recently agreed to acquire. The loan facility will have a final maturity of five years from the signing date and bears interest at LIBOR plus a margin of 2.85% per annum. The terms and conditions will be similar to those set forth in the Company's existing credit facilities. The loan facility is subject to customary conditions precedent and the execution of definitive documentation.

06 Nov 2017

Scorpio Bulkers Acquires Four Vessels

Scorpio Bulkers, announced that it has entered into two separate agreements with unaffiliated third parties to acquire three Ultramax dry bulk vessels and one Kamsarmax dry bulk vessel. The deal was for an aggregate of $90 million, of which $77.1 million is payable in cash and the remaining consideration is in the form of approximately 1.592 million common shares of the Company to be issued to one of the sellers. All of the Ultramax vessels were built at Chengxi Shipyard Co Ltd in China, of which two were delivered in 2014 and one was delivered in 2015. The Kamsarmax bulk carrier is a resale unit whose construction will be supervised by the Company and which will be delivered from Jiangsu New Yangzijiang Shipbuilding Co Ltd in China in the second quarter of 2018.

Subscribe for
Maritime Reporter E-News

Maritime Reporter E-News is the maritime industry's largest circulation and most authoritative ENews Service, delivered to your Email five times per week