Scorpio Completes Kamsarmax Vessels Sale

Maritime Activity Reports, Inc.

July 23, 2019

Pic: Scorpio Bulkers

Pic: Scorpio Bulkers

Monaco-headquartered Scorpio Bulkers completed the sale of the SBI Electra and SBI Flamenco last month.

The provider of marine transportation for major bulks said in a press note that it agreed to sell the two 2015 Chinese built Kamsarmax vessels in March 2019, for approximately $48.0 million in aggregate.

Scorpio recorded a loss of approximately $7.8 million, including the write-off of deferred financing costs, during the first half of 2019.

During the second quarter of 2019, the shipping company's Board of Directors made the decision to sell two Ultramax vessels and as such these vessels were classified as held for sale at June 30, 2019.

The operator of dry bulk carriers worldwide 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 repaying the outstanding debt.

Meanwhile, the company informed that it has time chartered-in four Kamsarmax vessels, for approximately 24 to 27 months.

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