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Scorpio News

21 Dec 2023

Cadeler and Eneti Complete Merger

(Photo: Cadeler)

Cadeler and Eneti have officially completed their merger, creating a leading offshore wind installation company.The New York- and Oslo-listed group will be named Cadeler and be headquartered in Copenhagen, Denmark, with offices across the world in Denmark, U.K., U.S., Taiwan, and Japan.Mikkel Gleerup, CEO of Cadeler, said, “This marks a historic moment for Cadeler and the entire offshore wind industry. We offer our partners and clients access to the strongest and most skilled team and the industry's largest, most flexible, most diverse, and modern fleet of windfarm installation vessels.

24 Aug 2023

Port of Los Angeles Pays Tribute to Shipping Lines That Reduced Emissions

Source: Port of Los Angeles

The Port of Los Angeles has recognized the achievements of more than two dozen shipping lines and carriers for participating in the Port’s Vessel Speed Reduction Program (VSRP), an air quality and annual incentive program for vessel operators who reduce their speed as they approach or depart the port.The voluntary program is one of many sustainability efforts currently underway at the Port to reduce emissions and decarbonize operations.Emission reductions are achieved under the…

21 Aug 2023

LPG: Dual-Fuel Engines Prove Their Worth

2022 was the first year all 15 VLGCs of BW LPG’s dual-fuel LPG retrofitted ships were sailing. Image courtesy of BW LPG

BW LPG has demonstrated the value of dual-fuel LPG operations beyond the company’s initial aim of meeting IMO 2020 Sulphur Cap regulations.In October 2020, the LPG carrier BW Gemini became the first very large gas carrier (VLGC) to have its low-speed main engine converted to an LPG dual-fuel engine. The project started several years earlier, sparked by Oslo-listed BW LPG’s preparations for the IMO’s 2020 Sulphur Cap regulations.Compared to heavy fuel oil, LPG reduces Sox emissions by approximately 97%…

12 Jul 2023

Scorpio Sells 2013-built Tanker for $32.5 Million

Scorpio Tankers announced it has sold a medium range (MR) product tanker for $32.5 million.The Monaco-headquartered shipowner said the sale closed this month, but did not disclose the buyer.The vessel is the 183-meter-long STI Ville, built in 2013 by South Korea's Hyundai Mipo Dockyard.Scorpio noted that the ship is unencumbered and that it will make no debt repayments associated with the sale.Scorpio Tankers currently owns, lease finances leases or bareboat charters-in 112 product tankers, including 39 LR2 tankers, 59 MR tankers and 14 Handymax tankers.

28 Jun 2023

Scorpio Tankers Wins $1 Billion Credit for New Vessels

Scorpio Tankers has received commitments from a group of financial institutions for a previously announced $1.0 billion term loan and revolving credit facility.The over-subscribed Credit Facility was capped at an amount of $1.0 billion, and is expected to be used to finance 45 product tankers. Scorpio Tankers currently owns, lease finances or bareboat charters-in 113 product tankers (39 LR2 tankers, 60 MR tankers and 14 Handymax tankers) with an average age of 7.4 years.The Credit Facility is expected to consist of a 50% term loan and a 50% revolving loan, and has a final maturity of five years from the signing date (but not later than June 30, 2028).Emanuele Lauro, Chairman and CEO of the company, said: “We appreciate our lenders and their commitment to the company.

11 Apr 2023

Scorpio Tankers Exercises Purchase Options on Six Ships

Scorpio Tankers announced Tuesday it has exercised purchase options on six ships and that it has repurchased its common shares in the open market.The company said it has given notice to exercise its purchase options on the 2019-built LR2 product tanker STI Lobelia as well as the 2019-built MR product tankers STI Magic, STI Mystery, STI Marvel, STI Mythic and STI Magister. The leases bear interest at LIBOR plus a margin of 3.50% per annum. The purchases, which are expected to occur in June 2023, will result in a debt reduction of $147.3 million for the company.In addition, Scorpio Tankers said it recently purchased 396,706 of its common shares in the open market at an average price of $54.41 per share as part of the company’s securities repurchase program.

13 Mar 2023

Scorpio Exercises Purchase Options on Six Tankers

Scorpio Tankers announced Monday it has exercised the purchase options on six ships.The company said it has given notice to exercise its purchase options on 2016-built LR2 product tankers STI Grace and STI Jermyn, 2019-built LR2 product tanker STI Lavender, 2019-built MR product tankers STI Magnetic and STI Marshall and 2020-built MR product tanker STI Miracle. The leases bear interest at LIBOR plus a margin of 3.5% per annum, Scorpio said.The purchase, which is expected to occur in May 2023, will result in a debt reduction of $149.8 million for the company.Scorpio Tankers currently owns, finance leases or bareboat charters-in 113 product tankers, including 39 LR2 tankers, 60 MR tankers and 14 Handymax tankers, with an average age of 7.1 years.

14 Dec 2022

Scorpio Exercises Purchase Option for Six MR Tankers

Monaco-headquartered shipowner Scorpio Tankers said it has exercised its options to buy back six MR product tankers from China's CMB Financial Leasing Co., Ltd.Scorpio had sold the six ships to CMB in 2018 and leased them back on eight-year bareboat charters with options to buy after four years.The vessels are the STI Battery, STI Milwaukee, STI Tribeca, STI Bronx, STI Manhattan and STI Seneca, all 49,990 dwt and built in 2014 and 2015.New York-listed Scorpio, which announced the move in its fourth-quarter update, said the leases bear interest at LIBOR plus a margin of 3.20% per annum and that the buybacks will reduce its debt by $99 million.The deal is expected to close before the end of 2022, Scorpio said.

22 Sep 2022

Scorpio Tankers Buys LR2 Product Tanker

Shipowner Scorpio Tankers announced this week that it has exercised a purchase option for an LR2 product tanker that is currently leased.The 2016-built, 109,999 dwt STI Sanctity was acquired as part of the acquisition of Navig8 Product Tankers in 2017. The lease bears interest at LIBOR plus a margin of 5.4% per annum.The purchase, which is expected to occur in the first quarter of 2023, is expected to result in a debt reduction of $27.8 million for the company, Scorpio said.Scorpio Tankers currently owns, lease finances or bareboat charters-in 113 product tankers, including 39 LR2 tankers, 60 MR tankers and 14 Handymax tankers, with an average age of 6.7 years.

16 Aug 2022

Eneti Sells Its Stake in Scorpio Tankers

Eneti is currently building a fleet of wind turbine installation vessels. (Image: NOV)

Offshore wind farm construction and services company Eneti Inc. announced it has sold its entire holding in Scorpio Tankers Inc.Eneti said it sold its 2,155,140 common shares in Scorpio Tankers for $38.65 per share, for gross proceeds of approximately $83.3 million.As part of the transaction, Scorpio Tankers purchased approximately 1.3 million shares for approximately $50 million.Eneti, formerly Scorpio Bulkers, in 2021 changed its name and began selling off its bulk carrier fleet in a pivot to offshore wind farm construction and services.

16 Aug 2022

Battery-Electric Surge: ESS Scales Up in Maritime

Battery friendly: the DC set-up aboard an ESS-equipped VARD vessel. Image courtesy Vard

Ask the right government department in any G7 state and you’ll find funding to put battery power for your vessel. Beyond funds, new battery makers and system integrators are ironing out safety issues, and a growing number of giga-sized cell factories offer hope that costs will fall for marine energy storage, as ESS choice grows. Efforts are also underway to recycle rare earth elements and to augment or greenify staggeringly high plant electricity inputs. Apart from funding, the drivers of change include constraints on shipping in Emissions Free Areas like the fjords of Norway…

31 Mar 2022

Scorpio Tankers, Carbon Ridge Partner for Onboard Carbon Storage

(Image: Carbon Ridge)

Scorpio Tankers Inc. has entered into a memorandum of understanding (MOU) with Carbon Ridge to collaborate on the development of onboard carbon capture for maritime vessels.Carbon Ridge is a U.S.-based startup working to commercialize existing gas separation technology without the need for large structural modifications. The agreement addresses the collaboration for detailed front-end engineering, design and validation process with a small-scale test unit onboard one of the company’s vessels.Emanuele A.

04 Feb 2022

NOV's GustoMSC to Design and Equip Eneti's Second WTIV

©NOV

NOV's GustoMSC subsidiary has secured a contract for the equipment and design of a GustoMSC NG-16000X wind turbine installation jack-up vessel for Eneti.Eneti is a new offshore wind player born out of a pivot into offshore renewables by what used to be a bulk carrier specialist Scorpio Bulkers.Eneti ordered its first WTIV in May 2021, and the second in December 2021. Both vessels will be built by South Korean shipbuilder Daewoo Shipbuilding and Marine Engineering (DSME).NOV last year won contracts for the design and the supply of equipment for Enetis's first next-gen WTIV…

01 Feb 2022

Eneti Ends Talks to Build Jones Act-Compliant Wind Turbine Installation Vessel

An illustration of the vessel Eneti ordered last year from DSME - File photo ©NOV

Offshore wind installation company Eneti said Tuesday it has terminated talks with a shipyard in the United States to build a Jones Act-compliant Wind Turbine Installation Vessel. Eneti in May 2021 ordered a $330 million Wind Turbine Installation Vessel from South Korea's Daewoo Shipbuilding and Marine Engineering.The company at the time said it was also in talks to build another offshore wind installation vessel for the U.S. offshore wind market.However, Eneti, established after Scorpio Bulkers decided to sell its bulker vessel fleet to focus on offshore wind…

27 Jan 2022

Hafnia Grows Its Tanker Fleet by 44

Tanker shipping company Hafnia on Thursday announced it has completed its acquisition of 32 product/chemical tankers from Chemical Tankers and 12 LR1 tankers from Scorpio Tankers.Singapore-headquartered Hafnia, created through a merger between Hafnia Tankers and BW Tankers in 2019, now has an owned fleet of 152 vessels and commercially managed fleet of 242 vessels.“These transactions cement our position as the world's largest operator in the product and chemical tanker segment. The 44 new vessels are all compliant with the 2023 EEXI requirements and bring Hafnia closer to achieving IMO’s 2030 carbon intensity goal by 2028," said Hafnia's CEO…

08 Dec 2021

DSME Orders Wärtsilä Thrusters for Eneti's WTIV

Eneti wind turbine installation vessel with Wärtsilä thrusters © Eneti

Finland-based marine technology company Wärtsilä will supply the seven thrusters for Eneti's new Wind Turbine Installation Vessel (WTIV) being built at the Daewoo Shipbuilding & Marine yard in South Korea."By providing outstanding thrust, robust station-keeping capability, and efficient transit operation, the Wärtsilä thrusters will enable optimal propulsion performance for the vessel. The order with Wärtsilä was placed in October 2021. There is an option for a second vessel,"…

02 Dec 2021

Eneti Orders Second Wind Turbine Installation Vessel for $326M

(Image: NOV)

Eneti, an offshore wind installation company in the making, said Thursday it had entered into a binding agreement for the construction of one wind turbine installation vessel (WTIV).The company, formerly known as Scorpio Bulkers, ordered the first WTIV from South Korea-based builder Daewoo Shipbuilding and Marine Engineering (DSME) back in May.Now, the company has exercised an option it held with DSME for the construction of one more  WTIV. The contract price is $326 million,…

01 Feb 2022

Eneti to Raise $200M for WTIV Construction via Share Sale

File image: Huisman

Offshore wind turbine installation firm Eneti plans to raise $200 million through a public offering of shares. It will use the funds raised to fund wind turbine installation vessel newbuilding program consisting of one contracted newbuilding vessel, one optional newbuilding vessel, and one proposed Jones Act compliant newbuilding vessel. As part of the Offering, Scorpio Holdings Limited, a related party of the company, has expressed an interest to purchase common shares at the public offering price with a value of at least $30.0 million.Citigroup…

18 Aug 2021

Eneti Wraps Seajacks Acquisition. Exits Drybulk Business

(Photo: Seajacks)

Eneti, a company until recently known as Scorpio Bulkers, has completed the exit from its bulk carrier business and has also completed the acquisition of Seajacks, boosting its offshore wind ambitions.In its quarterly results release on Tuesday, Eneti said it had on August 12 completed the previously announced transaction to acquire offshore wind installation firm Seajacks for consideration of around 8.13 million shares, $302 million of assumed net debt, $71 million of newly-issued redeemable notes, and $12 million of cash.

05 Aug 2021

Eneti to Acquire Seajacks

(Photo: Seajacks)

Offshore wind services company Eneti announced on Thursday it has entered into an agreement to acquire rival Seajacks, creating one of the world's largest, most capable fleets of wind turbine installation vessels (WTIV).Eneti said its deal with sellers Marubeni Corporation, INCJ, Ltd. and Mitsui O.S.K., Lines Ltd. will see it acquire 100% of Atlantis Investorco Limited, the parent of Seajacks International Limited, for consideration of approximately 8.13 million shares, $299 million of assumed net debt, $74 million of newly-issued redeemable notes, and $12 million of cash.

15 Jul 2021

DSME Orders 2,600mt Huisman Crane for Eneti's Offshore Wind Vessel

Credit: Huisman

South Korean shipbuilder Daewoo Shipbuilding & Marine Engineering Co has ordered from Huisman a 2,600mt Leg Encircling Crane (LEC), to be installed on Eneti’s newbuild wind turbine installation vessel (WTIV)."The new Leg Encircling Crane has a 147-meter long boom, capable of reaching 170 meters above deck. With its 2,600mt lifting capacity, the crane will be able to install up to 20MW turbines, which are expected to come to the market in the near future," the Dutch-based Huisman said.Huisman will design…

22 Jun 2021

NOV to Equip Eneti's New WTIV

(Image: NOV)

NOV announced it has been awarded contracts for the design and the supply of equipment for a wind turbine installation jack-up vessel (WTIV) being built for Eneti. The new offshore wind player Eneti, formerly known as Scorpio Bulkers, ordered the WTIV from South Korea builder Daewoo Shipbuilding and Marine Engineering (DSME) in May.Scheduled delivery in Q3 2024, the self-propelled vessel will be a NG-16000X design engineered by NOV subsidiary GustoMSC to feature increased carrying capacity and lifting capacity, as well as a higher lifting height above the deck.

04 Jun 2021

Tanker Operators File Against Winson Oil in Latest Hin Leong Fallout

(File photo: Maersk Tankers)

Maersk Tankers Singapore Pte Ltd and Scorpio LR2 Pool Ltd have filed separate claims in the Singapore High Court against Winson Oil Trading Pte Ltd for failing to fulfil its contractual obligations, court documents show.The filings are the latest fallout in the unravelling of Hin Leong—once one of Asia's top oil traders—which has left creditors scrambling to recoup about $3.5 billion in debt.Hin Leong's collapse has triggered competing claims for cargoes and assets and ensnared…