Scorpio Bulkers Secures Loan for Kamsarmax Newbuilding

  • Business & Finance

Monaco-based bulker owner Scorpio Bulkers has received a commitment for a new loan to finance its Kamsarmax bulk carrier newbuilding.

The vessel in question is currently under construction at China’s shipbuilder Jiangsu New Yangzijiang Shipbuilding Co Ltd.

The unit, which features 82,000 dwt, is expected to join its owner in the third quarter of 2018.

Under the agreement, reached with an undisclosed European financial institution, the company would receive a loan of up to USD 12.75 million.

The facility has a final maturity date of five years from delivery and bears interest at LIBOR plus a margin of 2.40% per annum.

The terms and conditions are similar to those set forth in the company’s existing credit facilities.

The loan is subject to customary conditions precedent and the execution of definitive documentation.

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