Scorpio Bulkers Offloads Three More Newbuilds

Owner and operator of bulk carriers Scorpio Bulkers Inc. has resumed the sell-off of its newbuiling orders as it moves to cut expanses.

Scorpio said that it has entered into agreements to sell two Capesize newbuilding dry bulk vessels and an Ultramax newbuilding dry bulk vessel for approximately USD 111 million in aggregate.

The Capesize vessels are currently being constructed in China and South Korea, and have expected delivery dates between the third quarter of 2015 and the second quarter of 2016, the company added.

The Ultramax vessel is currently being constructed in China and has an expected delivery date in the first quarter of 2016.

The move comes in less than a week from Scorpio’s announcement to sell seven newbuilding vessels for a total of  approximately USD 290 million.

The sale includes three Capesize newbuilding dry bulk vessels, a Kamsarmax newbuilding dry bulk vessel and three LR1 newbuilding product tankers.

Monaco-based Scorpio Bulkers recorded USD 116.6 million net loss in 2014, the majority of which came in the final quarter when the dry bulk shipping operator accumulated a USD 72 million-loss.

Scorpio Bulkers Inc. currently owns eight vessels, consisting of one Capesize, three Kamsarmax vessels and four Ultramax vessels. The company also time charters-in 13 dry bulk vessels and has contracted for 56 dry bulk vessels from shipyards in Japan, South Korea, and China.