Eyeing offshore wind, Scorpio Bulkers sheds a Kamsarmax

Written by Nick Blenkey
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Emanuele A. Lauro, Chairman and CEO, Scorpio Bulkers

Scorpio Bulkers has reached an agreement with an unaffiliated third party to sell the SBI Rock, a 2016 built non-scrubber-fitted Kamsarmax vessel, for a price slightly in excess of $18 million.

Delivery of the vessel is expected to take place in the fourth quarter of 2020. The sale is expected to generate additional liquidity of approximately $5 million. In addition, the company will save approximately $1 million in budgeted drydocking costs during the first quarter of 2021.

The sale comes after August’s news that Scorpio had signed a letter of intent (LOI) with South Korea’s Daewoo Shipbuilding and Marine Engineering Inc, covering the construction of a large Wind Turbine Installation Vessel (WTIV) with options for additional vessels.

Emanuele Lauro, Chairman and CEO, commented, “Last month we announced a new direction for Scorpio Bulkers — offshore wind as a sustainable business opportunity. This sale represents a step, one of the many deliberate steps we must take, in our transition.”

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