Scorpio Sells Another Bulk Carrier

Scorpio Bulkers announced it has entered into an agreement to sell another Ultramax bulk carrier, its second this week, as the company continues its transition away from dry bulk shipping to focus on the offshore wind market.

Scorpio said Wednesday the 2015-built SBI Orion was sold to an unaffiliated third-party buyer for approximately $16.1 million. Delivery of the vessel is expected to take place in the first quarter of 2021.

Earlier this week, Scorpio sold the 2016-built SBI Tethys for $18.25 million.

The transactions are the latest in a string of bulk carrier sales since Scorpio announced in August that it planned to depart the dry bulk shipping business. The company has recently sold and has contracted to sell more than 20 vessels, all of which are expected to close in the first half of 2021.

Upon the completion of the announced vessel sales, Scorpio Bulkers will have an operating fleet of 32 vessels consisting of 27 wholly-owned or finance leased drybulk vessels (including eight Kamsarmax vessels and 19 Ultramax vessels), and five time chartered-in Kamsarmax vessels.

Eyeing an exit from dry bulk and new opportunities in the offshore wind sector, Scorpio Bulkers announced in August that it had signed a letter of intent to enter into a shipbuilding contract with South Korea's Daewoo Shipbuilding and Marine Engineering (DSME) to build a wind turbine installation vessel for delivery in 2023, with options to build three further similar vessels.

The company has said it will not order any new bulk carriers going forward.