Scorpio Bulkers Agrees to Sell Two Kamsarmaxes

Monaco-based dry bulk shipping company Scorpio Bulkers has entered into agreements to sell two Kamsarmax vessels.

Illustration. Image Courtesy: Pxhere under CC0 Creative Commons license

The company said that the 2015-Chinese-built units were sold for USD 48 million to unaffiliated third parties. The vessels in question are the 82,000 dwt SBI Electra and 81,000 dwt SBI Flamenco.

The bulkers would be delivered to their new owner in the second quarter of 2019.

Scorpio Bulkers believes that the transaction would allow the company more financial flexibility. The company estimated that its liquidity would increase by around USD 18.6 million after the repayment of the vessels’ outstanding debt.

Additionally, the company provided an update to time charter equivalent (TCE) rates for the first quarter of 2019.

Approximate average daily TCE rates for voyages fixed so far for the first quarter of 2019 are USD 11,000 per day for the company’s Kamsarmax fleet and USD 9,100 for the Ultramax fleet. The TCE rates include vessels on previously announced time charter-out agreements.

“After a down-trending month of January and a very weak February, time charter rates have consistently improved for the last few weeks as demonstrated by the BPI and BSI indexes,” Emanuele Lauro, Chief Executive Officer at Scorpio Bulkers, said.