Scorpio Bulkers Inc. intends to change its name to Eneti Inc as part of its transition away from the dry bulk business towards marine-based renewable energy.
“The change of the company’s name is subject to approval at an Extraordinary General Meeting to be held on February 3, 2021 for shareholders of record as of December 29, 2020,” the company said.
The move comes on the heels of Scorpio Bulkers’ decision to sell or have commitments to sell its remaining 24 wholly-owned or finance leased dry bulk vessels (including 7 Kamsarmax vessels and 17 Ultramax vessels) during the first quarter of 2021.
The company recently sold eight vessels and has contracted to sell seventeen additional vessels.
The offloading of its extensive dry bulk fleet is in line with the company’s breaking into a completely new market, the offshore wind.
To remind, back in August 2020, Scorpio Bulkers made waves after revealing that it had signed a Letter of Intent with South Korean shipbuilder Daewoo Shipbuilding and Marine Engineering Inc (DSME) to construct a wind turbine installation vessel.
The total project cost is expected to be approximately $265-$290 million, subject to final design modifications.
The vessel is scheduled for delivery in 2023. It will be powered by a hybrid battery and is fuel-cell ready.
Under the deal, the company has options to build three further similar vessels.
Emanuele A. Lauro , the company’s co-founder, Chairman, and Chief Executive Officer explained that the strategic rationale, the financials, and the long-term outlook in this area of renewables was highly compelling for Scorpio Bulkers’ future.
The move into renewables has been described as a natural progression for the company as many of Scorpio’s clients transition from fossil fuels to low carbon technologies and less-polluting energy sources.