Monaco-based dry bulk shipping company Scorpio Bulkers has agreed to sell and leaseback six Ultramax vessels to AVIC International Leasing.
The vessels in question are the SBI Antares, SBI Bravo, SBI Hydra, SBI Leo, SBI Lyra and SBI Maia.
Upon completion of the transaction, estimated to take place in the second quarter of 2019, the company’s liquidity is expected to increase by up to USD 62.4 million in aggregate. The figure comprises of up to USD 52.6 million upon closing after the repayment of outstanding debt and an additional tranche of up to USD 9.8 million for installation of scrubbers on the six vessels.
As part of the deals, Scorpio Bulkers will bareboat charter-in the vessels for a period of eight years.
The company has purchase options beginning after the end of the second year of each agreement. There is also a purchase obligation for each vessel upon the expiration of the contracts.