The latest facility will be used to finance 60% of seven capesizes currently built at Shanghai Waigaoqiao Shipbuilding.

Estimated delivery for the vessels is between the first quarter of 2015 and the second quarter of 2016.

Terms and conditions of the loan will be similar to those in existing credit facilities, the company said.

This is not the first time the bank has teamed with Scorpio in the funding of its huge newbuilding programme.