Officials at Scorpio Bulkers have strenuously denied that the company is looking to sell out all its remaining ships to Greece’s Angelicoussis Shipping Group.
Sources in Italy told Splash that the Emanuele Lauro-led bulker giant is negotiating with John Angelicoussis for a $720m deal to take over all of Scorpio’s bulkers, 48 in total, split evenly between ships afloat and newbuilds still to deliver. The fleet including newbuilds equates to approximately 3.5m dwt.
“The information is totally wrong,” a senior source at Scorpio Bulkers told Splash, adding: “We have no negotiations with Angelicoussis at the moment and we are not interested in selling all the fleet.”
The speculation comes on the back of recent moves by the Lauro family to up their shareholding in the New York-listed firm.
According to Deutsche Bank, Scorpio Bulkers has a current market capitalisation of a little over $60m. Its enterprise value is nearer to $1bn.
The bulker mix of the company is predominately made up of ultramaxes and kamsarmaxes.
Anangel Maritime Services, Angelicoussis’s dry bulk division, is made up 48 ships, predominantly capesizes and very large ore carriers. The addition of Scorpio Bulkers would propel it to second in the dry bulk rankings, according to statistics provided by VesselsValue.com, with just China Cosco Shipping Group ahead of it.