Scorpio Bulkers Inc. (NYSE:SALT) (Scorpio Bulkers), announced yesterday that it has entered into two separate agreements with unaffiliated third parties to acquire three Ultramax dry bulk vessels and one Kamsarmax dry bulk vessel.

Scorpio Bulkers acquires three Ultramax  vessels and one Kamsarmax vessel

The acquisition is for an aggregate of $90 million, of which $77.1 million is payable in cash and the remaining consideration is in the form of approximately 1.592 million common shares of the Company to be issued to one of the sellers.

All of the Ultramax vessels were built at Chengxi Shipyard Co Ltd in China, of which two were delivered in 2014 and one was delivered in 2015.  

The Kamsarmax bulk carrier is a resale unit whose construction will be supervised by the Company and which will be delivered from Jiangsu New Yangzijiang Shipbuilding Co Ltd in China in the second quarter of 2018.

The cash component of the vessel acquisitions will be funded by cash on hand, as well as new debt facilities which are currently under discussion with the Company’s lenders.

Source: Scorpio Bulkers