Monaco-based international shipping company Scorpio Bulkers said it has received a commitment for a loan facility of up to $12.75 million from a leading European financial institution to finance the Company’s Kamsarmax bulk carrier. The bulker will be delivered from Jiangsu New Yangzijiang Shipbuilding in China in the third quarter of 2018. The loan 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 facility is subject to customary conditions precedent and the execution of definitive documentation. Scorpio Bulkers is a provider of marine transportation of dry bulk commodities. It has an operating fleet of 56 vessels consisting of 55 wholly-owned or finance leased drybulk vessels (including 18 Kamsarmax vessels and 37 Ultramax vessels), and one time chartered-in Ultramax vessel. In addition, one Kamsarmax vessel which is being constructed at Jiangsu New Yangzijiang Shipbuilding Co Ltd in China is expected to be delivered to the Company in the second quarter of 2018. Upon final delivery of the last vessel, the Company’s owned and finance leased fleet is expected to have a total carrying capacity of approximately 3.9 million dwt and all of our owned vessels will have carrying capacities of greater than 60,000 dwt.
Monaco -based shipping company Scorpio Bulkers has secured a 2018 loan of up to $12.75 million m to fund the purchase of a Scorpio Bulkers bulk carrier, set to be delivered from China in Q3 2018 by China New Yangzijiang Shipbuilding. The company is also expected to take delivery of another Kamsarmax carrier by the same builder in Q2 , taking the firm's total carrying capacity to approximately 3.9 million deadweight tons .