Scorpio Bulkers announced that the Company has entered into agreements to sell two Kamsarmax vessels for $48 million and provided an update to Time Charter Equivalent (“TCE”) rates for the first quarter of 2019.
The Company has entered into agreements with unaffiliated third parties to sell the SBI Electra and SBI Flamenco, two 2015 Chinese built Kamsarmax vessels (the “Vessels”), for approximately $48 million in aggregate. Delivery of the Vessels is estimated to take place in the second quarter of 2019. It is estimated that the Company’s liquidity will increase by approximately $18.6 million after the repayment of the Vessels’ outstanding debt.
Emanuele Lauro, the Company’s Chairman and Chief Executive Officer, commented, “We believe the sale of these two vessels will allow the Company more financial flexibility.”