Eyal Ofer’s Zodiac Maritime is said to be the buyer of six capesize bulk carriers sold by Scorpio Bulkers for $227m en bloc or $38m each on average. The resulting impairment loss suffered by Scorpio Bulkers is estimated at roughly $109.9m.
Brokers tell Splash the 180,000-dwt vessels are SBI Maduro, SBI Valrico and SBI Puro, which were built at China’s Shanghai Waigaoqiao Shipbuilding; plus SBI Montecristo, SBI Cohiba and SBI Aroma from Sungdong Shipyard in South Korea.
Historical data from brokers shows the six capes haven’t been Scorpio’s smartest asset play, and have incurred significant impairment losses.
Maduro, Valrico and Puro were originally ordered by Cargill in April 2013 for $47.5m each. Scorpio Bulkers bought the resale contracts for $56m each in December 2013, and resold them to Zodiac for $35.3m each – incurring an impairment loss of $20.5m per vessel, brokers say.
All three of the China-built vessels are on the water, but Maduro is awaiting delivery next month. Puro began an 11-month timecharter to EDF Trading in April for $13,800 daily.
The remaining three vessels – Montecristo, Cohiba and Aroma – were ordered by Scorpio in January 2014 for $56.5m each. Zodiac reportedly bought Montecristo for $38.9m (a $17.6m loss for Scorpio), and the other two for $41.1m each (a loss of $15.4m each).
Montecristo is undergoing sea trials in Korea, and Cohiba and Aroma are expected for delivery in the first quarter of 2016.
Speaking with Maritime CEO this June, Scorpio boss Emanuele Lauro 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.”