A recent loader at Kinder Morgan’s Vancouver Wharves was the new Ultramax bulk carrier SBI Tethys, with a distinctive Axe Bow (vertical bow) design, one of several such vessels owned and operated by Scorpio Bulk Carriers. The company is incorporated in the Republic of The Marshall Islands and has principal executive offices in Monaco and New York.
Built by Chengxi Shipyard, Co Ltd; Jiangyin, PRC
Owned and operated by Scorpio Bulkers Inc (SBI)
GRT 34,447 tons
DWT 61,190 MT
Scorpio Bulkers Inc. embarked on an ambitious expansion program in recent years and now operates a fleet of 40 modern bulk carriers in the Kamsarmax and Ultramax sectors, the oldest of which was delivered in 2015. A further five vessels are scheduled for delivery in 2017. Underlining the continuing struggles of the dry bulk sector, the company’s CEO Mr. Emanuele Lauro last year confessed in an interview with the Wall Street Journal that when the company placed a large number of new build orders at rock bottom prices in 2013-14, they were confident of a significant market recovery by 2016-17, which as we know has yet to happen. As a consequence, the company recorded a loss of almost $125 million in 2016. Also, in the period from November 2013 to March 2014, the company purchased 28 Capesize vessels for a total cost of $1.5 billion but all were eventually sold at a combined recorded loss of $400 million.
CEO Mr. Emanuele Lauro, grandson of the late Italian ship owner Mr. Glauco Lolli Ghetti, is the Co-Founder of Scorpio Bulkers Inc. and has been the company’s Chairman and Chief Executive Officer since 2013. He has also been the Vice President of the Chamber of Shipping of Monaco since 2006. In 2013 Mr. Lauro was voted No.2 in the Llloyds List top 100 most influential people in shipping on the back of the company placing more newbuilding orders than anyone else in the dry bulk and tanker sectors that year. Unfortunately he was subsequently quoted as saying “there is never a more appropriate time to take action than when you realize you made a mistake”.
Located in Jiangyin city, Jiangsu Province, Chengxi shipyard Co. Ltd. is one of the largest shiprepair and newbuilding enterprises under China State Shipbuilding Corporation with capacity to build vessels of up to 300,000 DWT.
Ship of the Week contributed by Captain Stephen Brown, West Pacific Marine Ltd.