NYSE-listed Scorpio Bulkers has announced it intends to change its name to Eneti Inc. as the dry bulk shipping company sheds the bulk and transitions to the offshore wind market.
Scorpio Bulkers announced its intention to transition to offshore renewables in August and said it planned to invest up to $290 million on a newbuild Wind Turbine Installation Vessel (WTIV) at Daewoo Shipbuilding and Marine Engineering. Since then, the company has announced plans to exit the bulk sector completely and put its entire fleet of dry bulk ships. As a result, the company will take a $500 million write-down.
Monaco-based Scorpio Bulkers IPO’d on the New York Stock Exchange in 2013 but has seen its share price crater 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, chairman and CEO, told Reuters last year.
The wind turbine installation vessel is expected to be delivered in the third quarter of 2023 and the company has options for three more vessels.
The name change is subject to the approval from shareholders during its Extraordinary General Meeting in February.
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