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

Rhea-AI Summary

Scorpio Bulkers, Inc. (NYSE: SALT) announced that Scorpio Services Holding Limited purchased 50,000 common shares at an average price of $12.92 each. This acquisition increases SSH's ownership to 2,852,751 shares, representing 23.03% of the total 12,386,880 outstanding shares. Scorpio Bulkers operates a fleet of 54 vessels, including 49 dry bulk vessels and five chartered vessels. The Company also plans to build a wind turbine installation vessel, with delivery expected in 2023, showing a commitment to diversifying its portfolio.

Positive

• SSH's purchase indicates strong insider confidence, potentially supporting share price stability.
• The expansion planned with the wind turbine installation vessel underlines the company's diversification strategy.

Negative

• None.

MONACO, Sept. 25, 2020 (GLOBE NEWSWIRE) -- Scorpio Bulkers, Inc. (NYSE: SALT) (the “Company”) announced today that Scorpio Services Holding Limited (“SSH”), a related party, has purchased 50,000 common shares of the Company at an average price of $12.92 per share in the open market. The Company currently has 12,386,880 common shares outstanding, of which SSH and its affiliates own 2,852,751 or 23.03%.

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 54 vessels consisting of 49 wholly-owned or finance leased drybulk vessels (including 16 Kamsarmax vessels and 33 Ultramax vessels), and five time chartered-in Kamsarmax vessels. 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 is the significance of SSH purchasing shares of Scorpio Bulkers (SALT)?

SSH's purchase of 50,000 shares at $12.92 each increases its ownership to 23.03%, reflecting confidence in the company's future.

How many shares does Scorpio Bulkers (SALT) currently have outstanding?

Scorpio Bulkers has a total of 12,386,880 common shares outstanding.

What kind of vessels does Scorpio Bulkers (SALT) operate?

The company operates a fleet of 54 vessels, consisting of 49 dry bulk vessels and 5 chartered-in vessels.

What is Scorpio Bulkers (SALT) planning for its future operations?

Scorpio Bulkers plans to build a wind turbine installation vessel, with expected delivery in 2023, indicating a shift towards renewable energy projects.