NYSE-listed Scorpio Bulkers has sold another five newbuilding contracts as it scrambles to reduce its exposure to depressed freight rates.
The Emanuele Lauro-led dry bulk company announced the sale of three Capesize contracts and two LR product tanker newbuild contracts for a combined price of USD236 million. The Capesize newbuilds are being delivered in the first to second quarter of 2016 and the LRs in fourth quarter of 2016 to the first quarter of 2017.
Since it began retreating from its orderbook exposure in December 2014, the company has sold 16 newbuild contracts. In addition, it has four contracts it had converted to product tankers orders that remain to be sold.
Related news:Scorpio Bulkers sells seven newbuilds
Of the remaining orderbook for 57 vessels, Scorpio Bulkers said on 4 June that six are classified as ‘held for sale’, including one Ultramax, one Kamsarmax, and four LR2s.
In addition to a current operating fleet of nine owned bulkers and 13 charter-ins, its remaining orderbook that is not ‘held for sale’ is comprised of 51 bulkers: 24 Ultramaxes, 18 Kamsarmaxes, and nine Capesize vessels.