Scorpio Bulkers sells capesize and LR2 tanker newbuildings for $236m

Scorpio Bulkers sells capesize and LR2 tanker newbuildings for $236m

Athens: Scorpio Bulkers is to sell three capesize bulk carrier and two LR2 product tanker newbuildings for a total of around $236m.

The name of the buyer has not yet been disclosed, nor has the per-vessel pricing of the sale.

The capesize vessels are currently under construction at Shanghai Waigaoqiao Shipbuilding, China. In addition to these three vessels, Scorpio Bulkers still has 13 other capesize vessels being built at yards in Asia and Romania.

The LR2 product tankers are currently being built in Romania, and are expected to be delivered in the fourth quarter of 2016 and the first quarter of 2017, the NYSE-listed owner said today.

“We have to face the music,” Emanuele Lauro, co-founder chairman and CEO of Scorpio Bulkers, told Splash this week.

“Dry cargo was definitely a big bet. Analysis at the time was supporting our ideas,” he said. “We should not blame analysts, we should be blamed. We made mistakes, we read the market wrong. We acquired assets that are worth less than the acquisition price.”

Holly Birkett

Holly is Splash's Online Editor and correspondent for the UK and Mediterranean. She has been a maritime journalist since 2010, and has written for and edited several trade publications. She is currently studying for membership of the Institute of Chartered Shipbrokers. In 2013, Holly won the Seahorse Club's Social Media Journalist of the Year award. She is currently based in London.

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