In the New York-quoted operator’s second-quarter earnings report it said the bankroll is backed by two “leading European financial institutions”.

The company noted the cash will be used to fund up to 55% of the contract price of newbuildings that are due for delivery in 2015 and 2016.

Scorpio indicated that the projects to which the proceeds will be applied include six ultramaxes, nine kamsarmaxes and nine capesizes.

“The terms and conditions of this commitment are consistent with those of the company's existing credit commitments,” it added.

The operator said today’s freshly-minted loan facility follows $437.1m worth of commitments that were sealed this month and last.
 
“The company has now either signed loan agreements or received commitments for 52 of the vessels in its fleet,” Scorpio continued.

“In addition, the company has received proposals from leading European and Asian financial institutions to finance a portion of the cost of its remaining 28 unfinanced vessels.

“If definitive agreements are entered into on these terms, the amounts provided by such facilities will vary between 55% of the contract price and 60% of the market value of the remaining unfinanced vessels currently under construction.”

The commentary came as Scorpio turned in a net loss of $15.0m for the three months to 30 June, a period in which it generated revenue of $13m from chartered tonnage that commanded rates of around $8,867 per day on average.

Scorpio noted it intends to delist its common shares from the Norwegian over-the-counter market on 31 July but was quick to point out that its stock will continue to trade on the New York Stock Exchange under the symbol “SALT”.

Today, the company’s newbuilding backlog includes 80 vessels that carry a combined purchase price of approximately $3.102bn. As of 28 July, the operator says it has made $851.3m worth of instalment payments.