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Scorpio Bulkers rises scrubber installation credit by $41 million

02 Apr 2019

New York-listed dry bulk commodity transportation firm Scorpio Bulkers Inc. on Monday (1 April) announced it has reached agreements with certain lenders to increase certain existing credit facilities by a total of $41 million to finance the installation of exhaust gas cleaning systems (“scrubbers”) on certain of its vessels.

The additional amounts will be drawn upon the installation of the scrubbers on the respective vessels, and are structured as upsizings of existing credit facilities, and have loan margins matching the loan margins on the respective existing credit facilities.

These financing arrangements will be subject to conditions precedent and the execution of definitive documentation.

Pacific Green Marine Technologies Inc. in December 2018 entered into a $42.4 million hybrid scrubber manufacturing agreement for 28 of Scorpio Bulkers’ vessels.

Upon the completion of the pending sale of two Kamsarmax vessels, Scorpio Bulkers Inc. will have an operating fleet of 55 vessels consisting of 54 wholly-owned or finance leased drybulk vessels (including 17 Kamsarmax vessels and 37 Ultramax vessels), and one time chartered-in Ultramax vessel.

Related: Pacific Green enters $42.4 million scrubber deal with Scorpio Bulkers
Related: Scorpio Bulkers: ‘We continue to evaluate scrubbers’
Related: Scorpio Bulkers question scrubber solution

Published: 2 April, 2019
 

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