SALT bulks up

Scorpio Bulkers has moved quickly to add to its fleet of chartered in vessels and tied up financing for four newbuildings under construction.
Emanuele Lauro

Emanuele Lauro

An unnamed European bank has agreed to lend the bulker owner $67.5m, New York-listed Scorpio said today.

The company will repay the debt over a seven-year period from delivery of the two ultramax and two kamsarmax vessels.

The loan will cover 60% of the total cost of the quartet.

Five more

Emanuele Lauro-led Scorpio also announced today it has returned to the time charter market for the second time this month.

The company has hired five vessels comprising two kamsarmaxes, a pair of supramaxes and an ultramax.

It fixed a 2010 built ultramax for three years at $14,250 per day from April with three, one-year options to extend at rates of $15,250, $16,250 and $17,250 per day, respectively.

A 2010 built supramax is fixed for 20 to 24 months at $14,250 daily from the second quarter of this year.

The deal comes with the option to extend for a further 10 to 12 months at $14,850 per day.

It took delivery on 15 February of a 2011 built kamsarmax for 23 to 28 months at $15,000 per day and can extend the contract for between 11 and 13 months at $16,000 per day.

On 23 February it took delivery of a 2012 built kamsarmax for 11 to 14 months at a daily rate of $14,000.

The company has an option to extend the charter for an additional 11 to 14 months at $14,750 per day.

In the first half of next year it will take delivery of a 2015 built supramax for three years at $14,000 per day and can extend the deal for up to two years at $15,000 per day and $16,000 per day, respectively.

Emanuele Lauro, CEO, said: "We continue to make significant progress in the execution of our business plan.

“First and foremost, we are pleased to have received a commitment for an additional credit facility, and we expect to announce additional financings over the next two quarters to continue towards our objective of fully financing our fleet within 2014.

Related
  • Funds stack up on SALT

    Two of the largest investors in Scorpio Tankers have taken stakes in sibling dry cargo venture Scorpio Bulkers worth in excess of $100m.
  • SALT passes taste test

    Scorpio Bulkers made waves on Wall Street Monday after adding chartered tonnage to its fleet of bulkers and many believe more contracts are going to materialise in the weeks to come.
  • SALT hits the water

    Scorpio Bulkers, the Emanuele Lauro-led company which has raised some $900m to order 74 newbuildings, has suddenly leapt into the time-charter market.

User