National Maritime Day Celebrates its 90th Anniversary
National Maritime Day has been celebrated on May 22 across the United States since its creation in 1933, making 2023 the 90th annual celebration. May 22 was chosen to honor...
In an emailed statement this morning that didn’t include any executive commentary, Scorpio Bulkers Inc. (NYSE: SALT) announced $1,171 million in newbuilding contracts for twenty Capesize and two Kamsarmax bulk carriers. The ships and the builders are listed below:
YARD DWT Delivery Shanghai Waigaoqiao Shipbuilding Co., Ltd 180,000 Q1-15 Shanghai Waigaoqiao Shipbuilding Co., Ltd 180,000 Q2-15 Shanghai Waigaoqiao Shipbuilding Co., Ltd 180,000 Q3-15 Shanghai Waigaoqiao Shipbuilding Co., Ltd 180,000 Q4-15 Shanghai Waigaoqiao Shipbuilding Co., Ltd 180,000 Q1-16 Shanghai Waigaoqiao Shipbuilding Co., Ltd 180,000 Q2-16 Shanghai Waigaoqiao Shipbuilding Co., Ltd 180,000 Q3-16 Sungdong Shipbuilding & Marine Engineering Co., Ltd 180,000 Q2-15 Sungdong Shipbuilding & Marine Engineering Co., Ltd 180,000 Q3-15 Sungdong Shipbuilding & Marine Engineering Co., Ltd 180,000 Q3-15 Sungdong Shipbuilding & Marine Engineering Co., Ltd 180,000 Q3-15 Sungdong Shipbuilding & Marine Engineering Co., Ltd 180,000 Q4-15 Sungdong Shipbuilding & Marine Engineering Co., Ltd 180,000 Q4-15 Sungdong Shipbuilding & Marine Engineering Co., Ltd 180,000 Q1-16 Sungdong Shipbuilding & Marine Engineering Co., Ltd 180,000 Q1-16 Sungdong Shipbuilding & Marine Engineering Co., Ltd 180,000 Q2-16 Sungdong Shipbuilding & Marine Engineering Co., Ltd 180,000 Q2-16 Sungdong Shipbuilding & Marine Engineering Co., Ltd 180,000 Q2-16 Daewoo Mangalia Heavy Industries S.A. 180,000 Q1-16 Daewoo Mangalia Heavy Industries S.A. 180,000 Q2-16 Hudong-Zhonghua (Group) Co., Ltd 82,000 Q1-16 Hudong-Zhonghua (Group) Co., Ltd 82,000 Q2-16
In a phone call this morning with Jonathan Chappell, Managing Director at Evercore Partners he wasn’t surprised at all by Scorpio’s move.
“It’s their MO. Following their IPO last month they have the access to capital and appear to be doing the same thing with Scorpio Bulkers that they did with Scorpio Tankers.”
Will the dry bulk market of 2015 and 2016 have the demand to support 3.4 million dwt in additional capacity?
Jay Goodgal from Castalia Advisors says no in his November 26 editorial, “Too Many Bloody Ships.” He writes: “With bulk carrier newbuild deliveries combined with the “shadow” supply of tonnage, the world dry bulk fleet will have over 32 percent in excess fleet capacity over the next few years depending upon market circumstances.”
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