Monaco-based Scorpio Bulkers, the dry-bulk shipping company, issued a market update on Tuesday, January 30, in which it said that for the first time since 2014 dry bulk ton-mile demand growth, at 5.3 percent, outpaced fleet supply growth.
With the advent of new sulphur emission regulations in 2020, modern fuel efficient ships have a competitive advantage over older tonnage through lower fuel consumption. “ECO Ships make a difference,” Scorpio commented.
Scorpio Bulkers has the youngest ECO dry bulk fleet and fuel efficient vessels ready for the new sulphur and ballast water treatment regulations, the company said.
During the last 12 months asset values have increased and resale values now exceed new building values, supporting market expectations of continued recovery.
Scorpio Bulkers Inc. owns 56 mid-size dry bulk “ECO” vessels with an average age of two years and time charters in one vessel. The company is headquartered in Monaco, incorporated in the Marshall Islands, exempt from US income tax, has NYSE-compliant governance and transparency for foreign private issuers and is listed under the ticker “SALT”.