Scorpio Bulkers is continuing its fleet sell-off at a rapid pace, this time dealing an ultramax controlled under a sale-leaseback arrangement with Oslo-listed Ocean Yield.
Emanuele Lauro-led Scorpio said on Monday that it had sold the 64,000-dwt SBI Libra (built 2017) for about $18.65m. As is its practice, Scorpio did not identify the buyer.
Ocean Yield said in a corresponding statement that it would receive proceeds of about $20m from the sale and record a small book profit. Delivery is expected this quarter.
Scorpio sold 29 units within 2020 in its rapid transition out of dry bulk and into the wind turbine installation vessel (WTIV) market, and has now disposed of two this year.
The deal leaves it with 22 bulkers.
Kjell Inge Rokke-controlled sale-and-leaseback specialist Ocean Yield owns five ships — four ultramaxes and a kamsarmax — leased back to Scorpio until at least 2029.
Speaking on a conference call with analysts in November, Ocean Yield chief executive Lars Solbakken said: "Scorpio Bulkers has an option to sell the vessels to third parties with a slight premium compared to the outstanding [amount] under the lease."
The Monaco and New York-based owner agreed to lease them back on respective bareboat charters of nine years, 10 years and 12 years. Purchase options for Scorpio had previously been revealed as part of the deal.
In August, Scorpio said it was ordering a maximum of four WTIVs at South Korea's Daewoo Shipbuilding & Marine Engineering for up to $290m each.
The shipowner is using the proceeds from the sale of the bulker fleet to generate cash liquidity for the effort, but has no "material" payments due to the shipyard in the near term.
Scorpio has a letter of intent for the first WTIV and has said a signed contract is imminent. It is widely expected to eventually declare the three optional units.
Scorpio has asked its shareholders to approve a change in the name of the company to Eneti to better reflect its new line of business.
