An unnamed European bank has agreed to lend the bulker owner $67.5m, New York-listed Scorpio said today.
The company will repay the debt over a seven-year period from delivery of the two ultramax and two kamsarmax vessels.
The loan will cover 60% of the total cost of the quartet.
Five more
Emanuele Lauro-led Scorpio also announced today it has returned to the time charter market for the second time this month.
The company has hired five vessels comprising two kamsarmaxes, a pair of supramaxes and an ultramax.
It fixed a 2010 built ultramax for three years at $14,250 per day from April with three, one-year options to extend at rates of $15,250, $16,250 and $17,250 per day, respectively.
A 2010 built supramax is fixed for 20 to 24 months at $14,250 daily from the second quarter of this year.
The deal comes with the option to extend for a further 10 to 12 months at $14,850 per day.
It took delivery on 15 February of a 2011 built kamsarmax for 23 to 28 months at $15,000 per day and can extend the contract for between 11 and 13 months at $16,000 per day.
On 23 February it took delivery of a 2012 built kamsarmax for 11 to 14 months at a daily rate of $14,000.
The company has an option to extend the charter for an additional 11 to 14 months at $14,750 per day.
In the first half of next year it will take delivery of a 2015 built supramax for three years at $14,000 per day and can extend the deal for up to two years at $15,000 per day and $16,000 per day, respectively.
Emanuele Lauro, CEO, said: "We continue to make significant progress in the execution of our business plan.
“First and foremost, we are pleased to have received a commitment for an additional credit facility, and we expect to announce additional financings over the next two quarters to continue towards our objective of fully financing our fleet within 2014.
