$540m and counting

Scorpio Bulkers has reeled in a loan worth $540m and is closing in on funds to cover the rest of its vast newbuilding programme.

New York-listed Scorpio says two European banks are behind the facility that will help pay for 24 vessels.

Scorpio explains the new $540m loan will run for six years and cover 55% of nine capesize, nine kamsarmax and six ultramax newbuildings.  

As TradeWinds reported last night, Scorpio Bulkers also appears ready to follow the lead of Scorpio Tankers and secure export credit financing.

In a statement today Scorpio Bulkers said it had received a proposal from European and Asian lenders to help pay for up to 60% of its remaining unfinanced vessels.

Scorpio Bulkers has an orderbook running to 79 ships and is presently the second largest dry cargo owner on Wall Street by fleet size after Star Bulk.

At its last earnings report in late-April, Scorpio had achieved financing for only six of the vessels and was proceeding with what one analyst termed "baby steps."