Scorpio Bulkers offloads kamsarmax pair for $48m

Scorpio Bulkers offloads kamsarmax pair for $48m

Scorpio Bulkers has announced the sale of 2015-built kamsarmax bulkers SBI Electra and SBI Flamenco.

The sale, to an unaffiliated third party, is at an eye-catching price of $48m. VesselsValue values the pair at around $42.6m, although MSI puts the fair market value of both the SBI Electra and SBI Flamenco at $24.6m.

Scorpio paid $29m each for the vessels, ordered in 2013 at China’s Jiangsu New Yangzijiang.

The sale will see Scorpio pocket around $18.6m after the repayment of outstanding debt attached to the pair.

“We believe the sale of these two vessels will allow the Company more financial flexibility,” commented Emanuele Lauro, chairman and CEO of Scorpio Bulkers.

While the buyer was not revealed, broking sources are pointing to Canada Steamship Lines (CSL) who will convert the vessels to self-dischargers.

Grant Rowles

Grant spent nine years at Informa Group based in London, Sydney, Hong Kong and Singapore. He gained strong management experience in publishing, conferences and awards schemes in the shipping and legal areas, working on a number of titles including Lloyd's List. In 2009 Grant joined Seatrade responsible for the commercial development of Seatrade’s Asia products. In 2012, with Sam Chambers, he co-founded Asia Shipping Media.

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