Scorpio Bulkers Inc. Announces the Sale of an Ultramax Vessel
October 22 2020 - 4:15PM
Scorpio Bulkers, Inc. (NYSE: SALT) (the “Company”) announced today
that the Company has entered into an agreement with an unaffiliated
third party to sell the SBI Hyperion, an Ultramax bulk carrier
built in 2016, for approximately $17.5 million. Delivery of the
vessel is expected to take place in the fourth quarter of 2020.
About Scorpio Bulkers Inc.
Scorpio Bulkers Inc. is a provider of marine
transportation of dry bulk commodities, and is investing in the
next generation of wind turbine installation vessels. The Company
has recently sold one vessel and has contracted to sell seven
additional vessels, which are expected to close in the fourth
quarter of 2020. Upon the completion of the announced vessel sales,
Scorpio Bulkers Inc. will have an operating fleet of 46 vessels
consisting of 41 wholly-owned or finance leased drybulk vessels
(including 13 Kamsarmax vessels and 28 Ultramax vessels), and five
time chartered-in Kamsarmax vessels. In addition to its dry
bulk fleet, the Company has signed a letter of intent to enter into
a shipbuilding contract with Daewoo Shipbuilding and Marine
Engineering Inc. to build a wind turbine installation vessel to be
delivered in 2023, with options to build three further similar
vessels. The Company’s owned and finance leased fleet will have a
total carrying capacity of approximately 2.8 million dwt and
all of the Company’s owned and finance leased vessels will have
carrying capacities of greater than 60,000 dwt. Additional
information about the Company is available on the Company’s
website www.scorpiobulkers.com, which is not a part of this
press release.
Forward-Looking Statements
Matters discussed in this press release may
constitute forward-looking statements. The Private Securities
Litigation Reform Act of 1995 provides safe harbor protections for
forward-looking statements in order to encourage companies to
provide prospective information about their business.
Forward-looking statements include statements concerning plans,
objectives, goals, strategies, future events or performance, and
underlying assumptions and other statements, which are other than
statements of historical facts. The Company desires to take
advantage of the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995 and is including this cautionary
statement in connection with this safe harbor legislation. The
words “believe,” “anticipate,” “intend,” “estimate,” “forecast,”
“project,” “plan,” “potential,” “may,” “should,” “expect,”
“pending” and similar expressions identify forward-looking
statements. We undertake no obligation, and specifically
decline any obligation, except as required by law, to publicly
update or revise any forward-looking statements, whether as a
result of new information, future events or otherwise.
The forward-looking statements in this press
release are based upon various assumptions, many of which are
based, in turn, upon further assumptions, including without
limitation, our management’s examination of historical operating
trends, data contained in our records and other data available from
third parties. Although we believe that these assumptions were
reasonable when made, because these assumptions are inherently
subject to significant uncertainties and contingencies which are
difficult or impossible to predict and are beyond our control, we
cannot assure you that we will achieve or accomplish these
expectations, beliefs or projections.
In addition to these important factors, other
important factors that, in our view, could cause actual results to
differ materially from those discussed in the forward-looking
statements include the failure of counterparties to fully perform
their contracts with us, the strength of world economies and
currencies, general market conditions, including fluctuations in
charter rates and vessel values, changes in demand for dry bulk
vessel capacity, the length and severity of the ongoing novel
coronavirus (COVID-19) outbreak, including its effects on demand
for dry bulk products and the transportation thereof, changes in
our operating expenses, including bunker prices, drydocking and
insurance costs, the market for our vessels, availability of
financing and refinancing, charter counterparty performance,
ability to obtain financing and the availability of capital
resources (including for capital expenditures) and comply with
covenants in such financing arrangements, planned capital
expenditures, our ability to successfully identify, consummate,
integrate and realize the expected benefits from acquisitions and
changes to our business strategy, fluctuations in the value of our
investments, changes in governmental rules and regulations or
actions taken by regulatory authorities, potential liability from
pending or future litigation, general domestic and international
political conditions, potential disruption of shipping routes due
to accidents or political events, vessel breakdowns and instances
of off-hires and other factors. Please see our filings with the
Securities and Exchange Commission for a more complete discussion
of these and other risks and uncertainties.
Contact:
Scorpio Bulkers Inc.
+377-9798-5715 (Monaco)
+1-646-432-1675 (New York)
Scorpio Bulkers (NYSE:SALT)
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