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Editor in chief: Angelo Scorza
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30/07/18 11:08

Four more Lauro’s dry cargo vessels financed

Scorpio Bulkers announced a commitment for a new loan facility from ABN AMRO and Norddeutsche Landesbank Girozentrale

Scorpio Bulkers Inc. has received a commitment from ABN AMRO Bank N.V. and Norddeutsche Landesbank Girozentrale for a loan facility of up to 60 million USD to finance 60% of 2 Ultramax bulkers (SBI Perseus and SBI Phoebe) and 2 Kamsarmax bulkers (SBI Electra and SBI Flamenco).

The loan facility has a final maturity date of 5 years from drawdown date and bears interest at LIBOR plus a margin of 2.25% per annum, and is expected to close within August, to increase the company’s liquidity by 21 million USD after repayment of the vessels’ existing debt. 

Scorpio Bulkers Inc., listed at NYSE, has an operating fleet of 57 vessels (all have carrying capacities of greater than 60,000 dwt) consisting of 56 wholly-owned or finance leased drybulk vessels (including 19 Kamsarmax vessels and 37 Ultramax vessels) and 1 time chartered-in Ultramax vessel, for a total carrying capacity of 3.9 million dwt.

The Monaco-based shipping company reported its results for the 6 months ended June 30 and declared a quarterly cash dividend of $0.02 per share.

For the first half year the GAAP net loss was $5.0 million or $0.07 loss per diluted share against, for the same period in 2017, $48.0 million, or $0.67 loss per diluted share. Total vessel revenues for the first half of 2018 were $114.9 million, compared to $72.5 million for the same period in 2017. EBITDA for the six months ended June 30, 2018 and 2017 were $48.4 million and a loss of less than $0.1 million, respectively.

While the first half of 2018 included no non‐GAAP adjustments to net income, the Company’s first half of 2017 net income included a loss/write‐off of vessels and assets held for sale of $17.7 million and the write‐off of deferred financing costs on the credit facility related to those specific vessels of $0.5 million. Excluding these items, the Company’s first half of 2017 adjusted net loss was $29.8 million, or $0.41 adjusted loss per diluted share. Adjusted EBITDA for the first half of 2017 was $17.7 million.

 

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