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Scorpio seals sale and leaseback for bulker trio with Ocean Yield

Emanuele Lauro’s Scorpio Bulkers has sealed a deal with Norway’s Ocean Yield to sell and lease back ultramax pair SBI Cronos and SBI Achilles and kamsarmax SBI Lynx.

Scorpio has sold the three vessels for $62.8m, and says the deal will add around $33.6m of liquidity after the repayment of outstanding debt on the vessels. Completion is expected in the first quarter of 2020, and Ocean Yield will part finance the installation of scrubbers on the bulkers.

Scorpio will bareboat charter the SBI Cronos for a period of nine years, SBI Achilles for a period of 10 years, and SBI Lynx for a period of 12 years. The company has several purchase options during the charter period and upon the expiration of each agreement.

Lars Solbakken, CEO of Ocean Yield, said: “We are pleased to further expand our relationship with Scorpio Bulkers with the investment in three modern dry bulk carriers with long-term charters. Including this transaction, Ocean Yield has now increased the fleet to 72 vessels.”

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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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