Scorpio Bulkers Continue to Think Big with New Orders, Charters

MarineLink.com March 27, 2014

Photo courtesy of Scorpio Bulkers

Monaco-based Scorpio Bulkers Inc. says it has signed agreements to purchase 5 Capesize dry bulkships from South Korea shipyards for a total of US $306 million, and has entered into charter party contracts as set out below:

Newbuildings
Yard                                                                  DWT          Delivery
Sungdong Shipbuilding Ltd.                              180,000     Q2-15
Daehan Shipbuilding Co., Ltd.                          180,000      Q3-15
Daehan Shipbuilding Co., Ltd.                          180,000      Q4-15
Daehan Shipbuilding Co., Ltd.                          180,000      Q4-15
Daehan Shipbuilding Co., Ltd.                          180,000      Q1-16

Time charter-in agreements

A 2011 built Post-Panamax for approximately 7 to 10 months at Company's option at $13,500 per day. The vessel was delivered on March 24, 2014.
A 2009 built Kamsarmax for 11 to 13 months at Company's option at $14,500 per day. The Company has the option to extend the charter for an additional 11 to 13 months at $15,500 per day. The vessel was delivered on March 8, 2014.
A 2012 built Kamsarmax for 39 to 44 months at Company's option at $15,500 per day. The Company has the option to extend the charter for an additional 11 to 13 months at $16,300 per day. The vessel is expected to be delivered by the end of April 2014.
A 2004 built Panamax for a firm period of 32 to 38 months at $14,000 per day. The vessel is expected to be delivered by the end of June 2014.
A 2007 built Panamax for 11 to 13 months at Company's option at $13,750 per day. The Company has the option to extend the charter for an additional 11 to 13 months at $14,750 per day. The vessel was delivered on March 15, 2014.
A 2011 built Supramax for 10 to 13 months at Company's option at $13,750 per day. The vessel was delivered on March 18, 2014.
A 2002 built Handymax for 34 to 37 months at Company's option at $12,000 per day. In addition the Company has the option to extend the charter for up to three consecutive one year periods at $12,750 per day, $13,600 per day and $14,800 per day, respectively. The vessel is expected to be delivered by the end of April 2014.

About the Company
Scorpio Bulkers Inc. has currently 17 time chartered-in dry bulk vessels (one Handymax, one Ultramax, three Supramax, four Panamax, six Kamsarmax and two Post-Panamax vessels) and has contracted and agreed to purchase 79 dry bulk vessels consisting of 28 Ultramax, 23 Kamsarmax and 28 Capesize vessels to be delivered starting from the second quarter of 2014 from shipyards in Japan, Korea, China and Romania. Upon final delivery of all of the vessels, the owned fleet is expected to have a total carrying capacity of approximately 8.7 million deadweight tonnes.

www.scorpiobulkers.com