Bulker owner and operator Scorpio Bulkers Inc. entered into agreements to sell seven newbuilding vessels for a total of approximately US$290m.

The sale includes three Capesize newbuilding dry bulk vessels, a Kamsarmax newbuilding dry bulk vessel and three LR1 newbuilding product tankers, and received financing on an Ultramax newbuilding dry bulk vessel for an amount of up to US$17m.

The Capesize vessels are currently being constructed in Romania, and have expected delivery dates between the fourth quarter of 2015 and the second quarter of 2016.

The Kamsarmax vessel is currently being constructed in China and has an expected delivery date in the first quarter of 2016. The LR1 product tankers are currently being constructed in South Korea, two of which are scheduled for delivery during the second quarter of 2017 and one during the third quarter of 2017.

Under the terms of the existing US$409m facility, the company has secured financing on an Ultramax newbuilding vessel due to the substitution capability created by the removal of the financing on one of the three above-mentioned Capesize vessels that Scorpio has agreed to sell. The Ultramax vessel is currently being constructed in Japan, and has an expected delivery date in the third quarter of 2015.

Scorpio Bulkers currently owns eight vessels, consisting of one Capesize, three Kamsarmax vessels and four Ultramax vessels.

After giving effect to the sale of the seven newbuildings, the company has contracted for 59 dry bulk vessels, and 15 Capesize vessels, from shipyards in Japan, South Korea, and China. Scorpio also has six LR2 product tankers on order that are currently classified as held for sale, from shipyards in South Korea and Romania.