Scorpio Bulkers nets $101.5 million as it kicks up a notch its bulker selling spree

Scorpio Bulkers Inc. has entered into agreements with two unaffiliated third parties to sell five Kamsarmax bulkers for a total of $101.5 million.

The ships that will be changing hands are the SBI Parapara, SBI Jive, SBI Swing and SBI Mazurka, Kamsarmax bulk carriers built in 2017, and SBI Reggae, a Kamsarmax bulk carrier built in 2016.

Scorpio said the delivery of the vessels is expected to take place in the first half of 2021.

The bulker owner has been on a vessel disposal mission for a couple of months now as part of its strategy to secure a foothold in the offshore wind market.

To remind, in August the company revealed an investment into a next-generation wind turbine installation vessel.

Scorpio has signed a Letter of Intent with South Korean shipbuilder Daewoo Shipbuilding and Marine Engineering Inc (DSME) to construct the vessel costing approximately $265-$290 million. 

The final construction contract is expected to be signed in early Q4 2020, once the final design details are agreed upon, and will include options to construct up to an additional three units having similar specifications.

Scorpio Bulkers has so far sold five vessels and has contracted to sell eight additional vessels, three of which are expected to close in the fourth quarter of 2020 and five of which are expected to close in the first half of 2021.

Upon the completion of the vessel sales, the shipowner will have an operating fleet of 41 vessels consisting of 36 wholly-owned or finance leased drybulk vessels, and five time chartered-in Kamsarmax vessels.