Scorpio Bulkers gets ultramax loan, fleet now fully financed

Scorpio Bulkers gets ultramax loan, fleet now fully financed

Scorpio Bulkers has secured a $12.5m loan from a “major European financial institution” that will partly fund its acquisition of an ultramax delivered this quarter from Japan’s Imabari shipyard.

The NYSE-listed owner said it has now either signed credit facility agreements or received commitments for all 60 vessels in its fleet, including the new facility.

Scorpio did not disclose the specific vessel to be funded with the new loan, but the 64,000-dwt ship is likely to be either SBI Chronos, SBI Echo or SBI Tango, all of which were delivered from the Japanese yard this year.

The facility has a final maturity of five years from the date of signing, Scorpio said, and the terms and conditions are “similar to those in the company’s existing credit facilities and customary for facilities of this type”.

Holly Birkett

Holly is Splash's Online Editor and correspondent for the UK and Mediterranean. She has been a maritime journalist since 2010, and has written for and edited several trade publications. She is currently studying for membership of the Institute of Chartered Shipbrokers. In 2013, Holly won the Seahorse Club's Social Media Journalist of the Year award. She is currently based in London.

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