The dry bulk company formerly known as Scorpio Bulkers has made its official debut today under its new name, Eneti Inc.
The name change was set to take effect today after shareholders approved the change during a special meeting of shareholders held on February 3. Common shares of the company are now trading on the New York Stock Exchange under the ticker symbol “NETI”.
The new name was selected as part of the company’s transition away from the dry bulk sector in favor offshore renewables, where it plans to invest in the next generation of wind turbine installation vessels. With the transition, the company will sell it entire fleet of dry bulk vessels.
The company’s first wind turbine installation vessel is expected to be delivered in the third quarter of 2023. The company also has options for three more vessels.
Scorpio Bulkers IPO’d on the New York Stock Exchange in 2013, but its share price has struggled over the last several years along with the broader dry bulk market.
“We believe that the investment in renewables is a more attractive opportunity in the marine space going forward as opposed to dry cargo,” Emanuele Lauro, Eneit Inc.’s Chairman and CEO, told Reuters last year.
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