Scorpio Bulkers Inc. Announces the Sale of Two Ultramax Vessels
Scorpio Bulkers (NYSE: SALT) announced agreements to sell two Ultramax bulk carriers, SBI Phoenix and SBI Samson, for approximately $34 million. The delivery is expected in Q4 2020. Following this sale, the company will operate 47 vessels, including 44 owned or finance leased dry bulk vessels and five time chartered-in Kamsarmax vessels. Scorpio is also pursuing a new shipbuilding contract for wind turbine installation vessels, indicating a strategic shift towards renewable energy capabilities.
- Sale of SBI Phoenix and SBI Samson for approximately $34 million.
- Post-sale, the company will maintain a fleet of 47 vessels.
- Strategic investment in wind turbine installation vessels indicates growth potential.
- None.
MONACO, Oct. 14, 2020 (GLOBE NEWSWIRE) -- Scorpio Bulkers, Inc. (NYSE: SALT) (the “Company”) announced today that the Company has entered into agreements with an unaffiliated third party to sell SBI Phoenix and SBI Samson, two Ultramax bulk carriers built in 2017 for approximately
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. Upon the completion of the announced vessel sales, Scorpio Bulkers Inc. will have an operating fleet of 47 vessels consisting of 44 wholly-owned or finance leased drybulk vessels (including 13 Kamsarmax vessels and 31 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 will have a total carrying capacity of approximately 3.0 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 recent announcement by Scorpio Bulkers regarding vessel sales?
When is the delivery of the sold vessels expected?
How many vessels will Scorpio Bulkers operate after the sale?
What does Scorpio Bulkers plan to do with the proceeds from the vessel sales?
Is Scorpio Bulkers investing in renewable energy?
