Monaco-headquartered Scorpio Bulkers has agreed a deal for the sale and leaseback of seven vessels.
Scorpio is selling three ultramaxes (SBI Pegasus, SBI Subaru and SBI Ursa) and four kamsarmaxes (SBI Lambada, SBI Macarena, SBI Carioca and SBI Capoeira) to China Merchants Bank’s CMB Financial Leasing.
The vessels will be leased back for a period of seven years, with purchase options available after year three.
Scorpio will pocket around $57.2m from the deal, comprising $45.4m after the repayment of debt attached to the vessels and an additional tranche $11.8m for installation of scrubbers on the vessels.
Emanuele Lauro, chairman and CEO of Scorpio Bulkers, commented, “We have undertaken a number of initiatives recently to enhance our liquidity. This transaction represents a single and important step, but we will continue to take actions which strengthen our balance sheet and, as importantly, address the valuation of our stock.”
The deal is the second sale and leaseback for Scorpio Bulkers this year, having announced the refinancing of a kamsarmax last month. It sealed several similar deals last year.