Scorpio Bulkers Inc. has entered into agreements to purchase four Capesize dry bulk vessels currently under construction at Daehan Shipbuilding Co., Ltd. in South Korea and to construct an additional Capesize dry bulk vessel at Sungdong Shipbuilding & Marine Engineering Co., Ltd.
The transaction concerning the four Daehan vessels remains subject to customary closing conditions. In addition, the company has agreed to time charter-in seven dry bulk vessels.
Newbuilding vessel purchases:
The details of the five Capesize newbuildings are listed below:
The total purchase price for the vessels is approximately $306 million.
Time charter-in agreements:
The terms of the time charter-in contracts are summarized as follows:
Scorpio Bulkers, March 27, 2014