Scorpio Bulkers has secured a further boost to its balance sheet with its latest sale and leaseback deal.
The New York-listed owner has agreed to sell and leaseback six vessels in a pact with AVIC International Leasing, a subsidiary of Chinese aerospace and defence juggernaut Aviation Industry Corp of China.
The 2015-built, 77,546-dwt sister ships headed over to AVIC's balance sheet for the next eight years are the Antares, Bravo, Hydra, Leo, Lyra and Maia.
The company's liquidity is expected to grow by $62.4m in total, including $9.8m for a scrubber on each ship, once some outstanding debt is repaid.
Scorpio expects to finalise the movesthis quarter.
Per the agreement, Scorpio will bareboat charter-in the vessels for eight years with purchase options after two years.
Scorpio must buy back the ships at the end of the leaseback.
The Greek company has entered into a series of sale and leasebacks for a number of ships over the past several months as a way to boost liquidity.
Those vessels include six other ultramaxes to Ocean Yield and China Merchants Bank.
Scorpio will have 55 vessels — 17 kamsarmaxes, 37 ultramaxes and a chartered-in ultramax — once two kamsarmaxes are sold.
Sister company Scorpio Tankers sold and leased back 21 ships last year.