Scorpio Bulkers has secured additional funds from its lenders, which it will spend on installing scrubbers on certain of its vessels.
An extra $41m in total has been borrowed from the company’s existing credit facilities, in line with the loans' existing margins, Scorpio said Monday.
The specific number of scrubber installations was not disclosed by the company.
The funds come in addition to the $11.8m that Scorpio has already earmarked for scrubber installations on seven of its bulk carriers.
The cash was unlocked in mid-March, when the New York-listed shipowner completed a seven-ship sale and leaseback deal with CMB Financial Leasing.
The deal is expected to contribute $57.2m to the company's liquidity, of which $45.4m will go towards repayment of the ships’ outstanding debt and the rest will be spent on fitting scrubbers.
Scorpio Bulkers has been a vocal proponent of exhaust gas cleaning systems as a means of compliance with the upcoming IMO 2020 sulphur regulation.
