The step follows Scorpio Bulkers' decision to sell or undertake to sell, during the first quarter of 2021, its remaining 24 wholly-owned or leased dry bulk vessels (including 7 Kamsarmax vessels and 17 Ultramax vessels).

Recently, the company has sold eight vessels and has contracted to sell 17 additional vessels.

“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 announced.

The discharge of its vast dry bulk fleet is in line with the breaking into a completely new market for the firm, the offshore wind.

To note, Scorpio Bulkers made headlines back in August 2020 after announcing that it had signed a Letter of Intent to build a wind turbine installation vessel with South Korean shipbuilder Daewoo Shipbuilding and Marine Engineering Inc (DSME).

Subject to final design modifications, the overall project cost is estimated to be approximately $265-$290 million.

The vessel is expected to be launched in 2023. It will be powered by a hybrid battery and it is ready for fuel cells. The company has rights under the agreement to build three additional similar vessels.

The company's co-founder, Chairman, and Chief Executive Officer, Emanuele A. Lauro, clarified that the strategic rationale, the finances, and the long-term prospects for Scorpio Bulkers' future in this field of renewables were highly compelling.

Maritime Business World