Scorpio Bulkers Inc. Announces Purchase of Common Shares by Scorpio Services Holding Limited

Rhea-AI Summary

Scorpio Bulkers (NYSE: SALT) reported that Scorpio Services Holding Limited (SSH), a related party, has acquired 100,000 common shares at an average price of $12.88. This purchase increases SSH’s ownership to 2,497,751 shares, representing 20.83% of the company’s total shares outstanding of 11,992,380. Scorpio Bulkers operates a fleet of 55 vessels and is expanding into the wind turbine installation market, with plans to build new vessels in collaboration with Daewoo Shipbuilding and Marine Engineering.

Positive

• SSH's acquisition of 100,000 shares signifies confidence in the company's stability.
• Expansion into wind turbine installation vessels indicates growth potential.

Negative

• None.

MONACO, Aug. 05, 2020 (GLOBE NEWSWIRE) -- Scorpio Bulkers, Inc. (NYSE: SALT) (the “Company”) announced today that Scorpio Services Holding Limited (“SSH”), a related party, has purchased 100,000 common shares of the Company at an average price of $12.88 per share in the open market. The Company currently has 11,992,380 common shares outstanding, of which SSH and its affiliates own 2,497,751 or 20.83%.

About Scorpio Bulkers Inc.

Scorpio Bulkers Inc. is a provider of marine transportation of dry bulk commodities, and is investing in the next generation of wind turbine installation vessels. Scorpio Bulkers Inc. has an operating fleet of 55 vessels consisting of 49 wholly-owned or finance leased drybulk vessels (including 16 Kamsarmax vessels and 33 Ultramax vessels), and six time chartered-in vessels (including five Kamsarmax vessels and one Ultramax vessel). 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 has a total carrying capacity of approximately 3.4 million dwt and all of the Company’s owned and finance leased vessels will have carrying capacities of greater than 60,000 dwt. Additional information about the Company is available on the Company’s website www.scorpiobulkers.com, which is not a part of this press release.

Forward-Looking Statements

Matters discussed in this press release may constitute forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides safe harbor protections for forward-looking statements in order to encourage companies to provide prospective information about their business. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts. The Company desires to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and is including this cautionary statement in connection with this safe harbor legislation. The words “believe,” “anticipate,” “intend,” “estimate,” “forecast,” “project,” “plan,” “potential,” “may,” “should,” “expect,” “pending” and similar expressions identify forward-looking statements.

The forward-looking statements in this press release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, our management’s examination of historical operating trends, data contained in our records and other data available from third parties. Although we believe that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, we cannot assure you that we will achieve or accomplish these expectations, beliefs or projections.

In addition to these important factors, other important factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking statements include the failure of counterparties to fully perform their contracts with us, the strength of world economies and currencies, general market conditions, including fluctuations in charter rates and vessel values, changes in demand for dry bulk vessel capacity, changes in our operating expenses, including bunker prices, drydocking and insurance costs, the market for our vessels, availability of financing and refinancing, charter counterparty performance, ability to obtain financing and comply with covenants in such financing arrangements, changes in governmental rules and regulations or actions taken by regulatory authorities, potential liability from pending or future litigation, general domestic and international political conditions, potential disruption of shipping routes due to accidents or political events, vessel breakdowns and instances of off-hires and other factors. Please see our filings with the Securities and Exchange Commission for a more complete discussion of these and other risks and uncertainties. 

FAQ

What recent share purchase was made by a related party of Scorpio Bulkers?

SSH purchased 100,000 common shares of Scorpio Bulkers at an average price of $12.88 per share.

How many shares does SSH own after the recent purchase?

After the purchase, SSH owns 2,497,751 shares, which is 20.83% of the total outstanding shares.

What is the total number of common shares outstanding for Scorpio Bulkers?

Scorpio Bulkers currently has 11,992,380 common shares outstanding.

What is Scorpio Bulkers' plan regarding wind turbine installation vessels?

Scorpio Bulkers plans to build a wind turbine installation vessel with Daewoo Shipbuilding and Marine Engineering, with options for three additional vessels.