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Scorpio Bulkers books USD 500 million write-down on vessel values

US-based Scorpio Bulkers, which is making its exit from the dry bulk market, takes a write-down of USD 500 million, as the company has put its remaining fleet up for sale. The carrier also terminates its ship management contracts and expects to announce a new name by Jan. 8, 2021, at the latest.

Photo: Tomas Kristiansen

It will cost Scorpio Bulkers an additional USD 510 million to change its strategy and make its exit from the dry bulk market to instead focus on renewable energy and the offshore wind market.

Scorpio Bulkers has sold off parts of its dry bulk fleet throughout 2020. But the US-based shipping company now books a USD 510 million write-down because it has officially put its remaining 25 dry bulk vessels up for sale. As part of this process their values have been adjusted to reflect the current "fair market value," which is lower than the book value.

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