Scorpio Bulkers secures sale and leaseback deal with Ocean Yield

Scorpio Bulkers secures sale and leaseback deal with Ocean Yield

Monaco-headquartered Scorpio Bulkers has entered into an agreement with Ocean Yield for the sale and leaseback of two vessels.

Under the agreement, Scorpio Bulkers agreed to sell ultramax vessels SBI Libra and SBI Virgo to Ocean Yield for $42m and charter them back under a 11-year bareboat charter arrangement.

Ocean Yield has committed to partly finance the scrubber installation on both vessels, with an additional $3m, which is expected in early 2020.

The vessels, both built in 2017, will be delivered to Ocean Yield during the second quarter. Scorpio Bulkers will have certain options to acquire the vessels during the charter period.

“We are delighted to expand and further diversify our portfolio with the investment in two modern ultramax dry bulk carriers with long-term charters to Scorpio Bulkers. Including these two vessels, Ocean Yield will have a fleet of 60 vessels,” Ocean Yield’s CEO Lars Solbakken said.

Last month, Scorpio Bulkers also agreed a deal with CMB Financial Leasing for the sale and leaseback of seven vessels including three ultramaxes and four kamsarmaxes.

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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