Scorpio Bulkers entered into an agreement with an unaffiliated third party to sell the SBI Phoebe, an Ultramax bulk carrier built in 2016, for approximately $17.65 million. Delivery of the vessel is expected to take place in Q1/21.

As previously reported, Scorpio Bulkers’ board of directors authorized the company to sell its remaining dry bulk vessels and exit the dry bulk sector during 2021. As a result of this decision, Scorpio Bulkers expects to record a write-down ranging from $475 million to $500 million on vessels sold and classified as held for sale.