Scorpio Bulkers announces Sale of Ultramax Vessels

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(Image Courtesy: Scorpio Bulkers)

Scorpio Bulkers today announced that the Company has entered into an agreement with an unaffiliated third party to sell the SBI Bravo, SBI Antares, SBI Hydra, and SBI Maia, Ultramax bulk carriers built in 2015, for approximately $67 million in aggregate.

Delivery of the vessels is expected to take place in the first quarter of 2021. The sales are subject to approval from existing financiers and the execution of definitive documentation.

Scorpio Bulkers is a provider of marine transportation of dry bulk commodities, and is investing in the next generation of wind turbine installation vessels. The Company has recently sold six vessels and has contracted to sell eleven additional vessels, two of which are expected to close in the fourth quarter of 2020 and nine of which are expected to close in the first half of 2021.

Upon the completion of the announced vessel sales, Scorpio Bulkers Inc. will have an operating fleet of 37 vessels consisting of 32 wholly-owned or finance leased drybulk vessels (including 8 Kamsarmax vessels and 24 Ultramax vessels), and five time chartered-in Kamsarmax vessels.

In addition to its dry bulk fleet, the Company has signed a letter of intent to enter into a shipbuilding contract with Daewoo Shipbuilding and Marine Engineering Inc. to build a wind turbine installation vessel to be delivered in 2023, with options to build three further similar vessels.

The Company’s owned and finance leased fleet will have a total carrying capacity of approximately 2.2 million dwt and all of the Company’s owned and finance leased vessels will have carrying capacities of greater than 60,000 dwt.

Sea News, November 27

Baibhav Mishra
Author: Baibhav Mishra