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Scorpio Bulkers banks $6m from kamsarmax sale and leaseback deal

Scorpio Bulkers banks $6m from kamsarmax sale and leaseback deal

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Monaco-headquartered Scorpio Bulkers has entered into a sale and leaseback deal with an unnamed Japanese party for 2015-built kamsarmax SBI Rumba.

Scorpio has sold the vessel for $19.6m and taken it back on a 9.5-year bareboat charter, which includes an option to extend for a further six months.

The deal is equivalent to a fixed interest rate of 4.24% for 10 years, while Scorpio also has options to repurchase the vessel beginning from five years into the charter and onwards. Scorpio says the transaction improves its liquidity by around $6m after commissions and repayment of the vessel’s loan are taken into account.

Last week, Scorpio Bulk secured $85.5m financing for its acquisition of six ultramaxes from John Fredriksen’s Golden Ocean.

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Grant Rowles

Grant spent nine years at Informa Group based in London, Sydney, Hong Kong and Singapore. He gained strong management experience in publishing, conferences and awards schemes in the shipping and legal areas, working on a number of titles including Lloyd's List. In 2009 Grant joined Seatrade responsible for the commercial development of Seatrade’s Asia products. In 2012, with Sam Chambers, he co-founded Asia Shipping Media.

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