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Scorpio Bulkers sells another ultramax bulk carrier

Scorpio Bulkers sells another ultramax bulk carrier

Scorpio Bulkers has reached an agreement to sell another Ultramax bulk carrier, representing the company's intention to exit dry bulk shipping for a new focus on the wind market offshore.

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On Thursday, the shipowner said it had sold the 2016-built SBI Phoebe for approximately $17.65 million to an unnamed third-party buyer. It is estimated that the Liberian-flagged vessel will be delivered to its new owner in the first quarter of 2021.

Since Scorpio announced in August that it will pivot away from dry bulk shipping into a new position in the offshore wind services sector, the deal is the latest in a series of bulk carrier sales.

Recently, Scorpio has sold eight bulk carriers and has contracted to sell an additional 17, all of which are scheduled to close in the first half of 2021.

The company plans to sell the majority of its wholly owned or leased dry bulk ships, including seven Kamsarmax and 17 Ultramax vessels, over the course of the coming year.

“[Offshore wind] is expected to grow at a compound annual growth rate of over 15% for the next decade. There is a growing shortage of vessels that can install and maintain next-generation turbines core to this growth,” said the company.

Scorpio signed a letter of intent (LOI) earlier this year to enter into a shipbuilding agreement with Daewoo Shipbuilding and Marine Engineering (DSME) of South Korea to construct a wind turbine installation vessel (WTIV) for delivery in 2023, with options to build up to three additional WTIVs.

Maritime Business World 

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