Scorpio Bulkers orders up to 14 ultramax vessels at three Chinese shipyards

25 July 2013 (Last Updated July 25th, 2013 18:30)

Scorpio Bulkers has signed agreements with three Chinese shipyards for the construction of a minimum of 11 and up to 14 ultramax vessels.

Scorpio Bulkers has signed agreements with three Chinese shipyards for the construction of a minimum of 11 and up to 14 ultramax vessels.

The vessels will range from 61,000dwt to 64,000dwt and will be designed for the transportation of dry bulk commodities.

The ships, most of which are scheduled to be delivered throughout 2015, are priced at around $27m each.

The vessels will be built at ChengXi Shipyard (ChengXi), Dalian COSCO KHI Ship Engineering (DACKS) and Nantong COSCO KHI Ship Engineering (NACKS).

Out of the first 11 vessels, two will be delivered in the first quarter of 2015, one in the second quarter of 2015, five in the third quarter of 2015, two in the fourth quarter of 2015, and one in the first quarter of 2016.

If confirmed, two of the additional vessels are expected to be delivered in the second quarter of 2016, while the remaining vessel would arrive in the third quarter of 2016.

Scorpio Bulkers is a newly established company under the Scorpio Group and is focused on the ownership and operation of a fleet of modern mid-size dry bulk carriers.

Scorpio Bulkers raised $250m in private placement in June 2013 to part-finance the construction of a series of fuel-efficient dry bulk vessels, finance chartering operations and general corporate purposes.

Earlier in July 2013, Scorpio Bulkers' sister company Scorpio Tankers signed agreements with South Korean shipyards including Hyundai Samho Heavy Industries (HSHI) and Daewoo Shipbuilding and Marine Engineering (DSME) to build a minimum of five and up to ten very large gas carriers (VLGC) for $74m each.

Each of the five 84,000m³ tankers are designed for the transportation of liquefied petroleum gas (LPG); two of the vessels will be delivered in the second quarter of 2015, one in the third quarter, and the remaining two in the fourth quarter.