Scorpio Takes Facility to Finance Dozen Newbuilds

Scorpio Bulkers has received commitments from DNB Capital, the Export-Import Bank of Korea, Korea Trade Insurance Corporation, as well as Korean and international pension funds and financial institutions, for a loan facility of up to USD 411.2 million. The loan will be used to finance up to 60% of 12 Capesize bulk carriers under construction at Sungdong Shipbuilding & Marine
Engineering Co., Ltd, South Korea. The facility will mature six years from the delivery of the final vessel securing the facility, however not later than June 2022, and in certain circumstances it will mature 12 years after the delivery of each financed vessel.

 Emanuele Lauro, Chairman and CEO, said: “We now have five closed or committed loan facilities amounting to up to USD 1.388 billion, financing 64 vessels in our 80 vessel fleet. We have also received proposals for loan facilities for our remaining 16 unfinanced vessels and expect that we will announce commitments in respect of these vessels within the fourth quarter of 2014.”