Dry CargoEurope

Scorpio offloads another six capes

Scorpio Bulkers has entered into agreements with unspecified firms to sell two capsizes and four newbuilding capesizes still under construction for approximately $227m, as the Monaco firm continues its retrenchment from bulk, a bet its boss admitted earlier this year it had got wrong.

Two of the capesize vessels were constructed in China and delivered to the Scorpio this year. Of the remaining vessels currently under construction, one is being built in China and expected to be delivered next month and the other three are under construction in Korea and are expected to be delivered in the first quarter of 2016.

Speaking with Maritime CEO this June, Emanuele Lauro, the Scorpio boss, admitted: “Dry cargo was definitely a big bet. Analysis at the time was supporting our ideas. 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.”

Scorpio has been offloading its huge bulker orderbook all year, selling slots and also converting some orders to tankers.

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.
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