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 worked for a number of logistics firms following his English degree, then switched this hands-on experience to writing and has since become one the most prolific writers on the diverse China logistics industry writing for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week. Jason’s access to the biggest shippers with business in China has proved an invaluable source of exclusives.

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