2018 October 10 17:23
Scorpio Bulkers Inc. has agreed to invest $100.0 million in a related party, Scorpio Tankers Inc. The investment is part of a larger $300.0 million equity raise through a public offering of common shares by Scorpio Tankers announced today. As a result of this investment, the Company will own approximately 54.1 million, or 10.9%, of Scorpio Tanker’s issued and outstanding common shares. The investment was unanimously approved by an independent committee of the Board of Directors that was advised by Perella Weinberg Partners.
About Scorpio Bulkers Inc.
Scorpio Bulkers Inc. is a provider of marine transportation of dry bulk commodities. Scorpio Bulkers Inc. has an operating fleet of 57 vessels consisting of 56 wholly-owned or finance leased drybulk vessels (including 19 Kamsarmax vessels and 37 Ultramax vessels), and one time chartered-in Ultramax vessel. The Company’s owned and finance leased fleet has a total carrying capacity of approximately 3.9 million dwt and all of the Company’s owned vessels have carrying capacities of greater than 60,000 dwt.