Scorpio Bulkers secures $34m facility to fund vessels

Scorpio Bulkers secures $34m facility to fund vessels

Scorpio Bulkers has announced that it has received a commitment from a European financial institution for a loan facility of up to $34m.

The loan facility, which has a maturity of seven years, will be used to finance up to 62.5% of the fair market value of two kamsarmax bulk vessels – SBI Jive and SBI Swing.

The facility is expected to close within the third quarter of 2018 and will be comprised of a term loan up to $17m and a revolver up to $17m. It is expected to increase the company’s liquidity by approximately $10m after the repayment of the vessels’ existing debt.

Jason Jiang

Jason is one of the most prolific writers on the diverse China shipping & logistics industry and his access to the major maritime players with business in China has proved an invaluable source of exclusives. Having been working at Asia Shipping Media since inception, Jason is the chief correspondent of Splash and associate editor of Maritime CEO magazine. Previously he had written for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week.

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