World News
Scorpio Bulkers Launches IPO
Scorpio Bulkers Inc. (Scorpio Bulkers), the sister company of Scorpio Tankers launched this summer, says it has commenced a $151 million initial public offering.
The company is offering 15.5 million common shares, with shares priced at $9.75 on the Norwegian OTC List, to raise money for newbuilding vessel capital expenditures and general corporate purposes.
Underwriters will also have a 30-day option to purchase 2,325,000 additional common shares.
Scorpio Bulkers has applied for listing on the New York Stock Exchange under the symbol "SALT."
Deutsche Bank Securities Inc., Credit Suisse, and RS Platou Markets AS are acting as joint book-running managers for the IPO, and Evercore, Global Hunter Securities, Stifel and Crédit Agricole CIB are acting as co-managers.
The company also announced that it is buying five Kamsarmax dry bulk vessels now under construction at Hudong-Zhonghua Shipbuilding (Group) Co. Ltd. in China for a total of $157 million.
The new orders bring the company to 52 Ultramax, Kamsarmax, and Capesize newbuilding vessels on order, with delivery starting in the second quarter of 2014.
Scorpio Bulkers began its operations with a private placement completed in June.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 548.00 | 0.50 | 677.50 | 2.00 |
| Rotterdam | 513.00 | 0.50 | 649.00 | 3.00 |
| Houston | 544.50 | 2.50 | 675.00 | 4.00 |
| Fujairah | 541.50 | 2.50 | 744.00 | 3.50 |
| Global 20 Ports Average | 572.00 | 2.50 | 758.00 | 2.50 |
| Global 4 Ports Average | 536.50 | 1.50 | 686.50 | 3.00 |
| Global Average Bunker Price | 624.00 | 2.50 | 801.00 | 3.50 |
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