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Scorpio Bulkers set to change names as it seals dry bulk exit

Scorpio Bulkers set to change names as it seals dry bulk exit
Monaco's Scorpio Bulkers will be announcing its proposed new name within the next two weeks as it nears the completion of its transition from dry bulk to offshore wind.

Scorpio has authorised the sale of its remaining 25 dry bulk vessels and submitted notice to end its relationship with managers Scorpio Commercial Management and Scorpio Ship Management.

The company expects to record a write-down ranging from $475m to $500m on vessels sold and classified as held for sale.

Scorpio announced plans to move into the offshore wind sector in August, signing a letter of intent with South Korea’s Daewoo Shipbuilding & Marine Engineering (DSME) to construct a wind turbine installation vessel (WTIV).

The vessel will cost around $265m-$290m and is scheduled for delivery in 2023, and Scorpio also has options for an additional three vessels.

The move sparked a string of sales as management revealed plans to exit the dry bulk segment altogether.

Emanuele Lauro, chairman and CEO of Scorpio, told Maritime CEO in an interview that the decision to pivot was taken as dry bulk was a sector it could not dominate, unlike wind installation or the product tanker sector where it has led consolidation in recent years.

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