Eneti (company) explained

Eneti, Inc.
Former Name:Scorpio Bulkers
Location:Monaco
Industry:offshore wind farm construction

Eneti, previously Scorpio Bulkers,[1] is a Monaco-based company specializing in offshore wind farm construction and services. Headquartered in Monaco, it is listed on the New York Stock Exchange[2] and has Emanuele A. Lauro as its CEO.[3]

On December 29, 2023, the firm was acquired by Cadeler.[4]

History

Scorpio Bulkers was founded in 2013 and completed its underwritten initial public offering on the New York Stock Exchange, or NYSE. In August 2020, the company announced its transition from the dry bulk commodity transportation business to marine-based renewable energy.[5] The company’s decision to invest in a wind turbine installation vessel came as a surprise for the market.[6]

In 2020 Scorpio Bulkers lost more than $600 million due to impairments on ships sold or put up for sale.[7] Star Bulk took on seven Scorpio Bulkers’ ships seeking to capitalize on the company’s exit from dry bulk.[8]

In February 2021, the company’s name change to Eneti Inc. was approved at an extraordinary general meeting.[9] Company’s exit from dry bulk sector and name change is seen as a part of its transition to a sustainable future.[10] Eneti’s Board of Directors authorized the company to sell its remaining dry bulk vessels during 2021.[11]

The company signed shipbuilding contract with Daewoo Shipbuilding and Marine Engineering for the construction of two next generation wind turbine installation vessel to be delivered in 2024 and 2025.[12] [13]

External links

Notes and References

  1. Web site: 2021-01-08. Scorpio Bulkers to Change Name to Eneti. 2021-05-04. Maritime Logistics Professional. en.
  2. Web site: History Eneti. 2021-05-04. www.eneti-inc.com.
  3. Web site: Doorn. Philip van. A little-recognized January catalyst could resurface big gains for these submerged stocks. 2021-05-04. MarketWatch. en-US.
  4. Web site: Cadeler A/S (OB:CADLR) completed the acquisition of Eneti Inc... MarketScreener. 2024-01-07. en.
  5. Web site: Scorpio Bulkers Changes Name to Eneti in Transition to Offshore Energy. 2021-05-04. The Maritime Executive. en.
  6. Web site: 2020-08-06. Scorpio Bulkers: Renewables highly compelling market for our future. 2021-05-04. Offshore Energy. en-US.
  7. Web site: 2021-03-09. Former Scorpio Bulkers lost more than USD 600 million in 2020 after exit from dry bulk. 2021-05-04. shippingwatch.com. en.
  8. Web site: Star Bulk Takes on Seven Ships From Scorpio Bulkers. 2021-05-04. Ship & Bunker.
  9. Web site: Scorpio Bulkers to change its name to Eneti. 2021-05-04. Riviera. En.
  10. Web site: 2020-12-21. Scorpio Bulkers: Farewell to dry bulk & welcome to offshore wind. 2021-05-04. Offshore Energy. en-US.
  11. Web site: Scorpio Bulkers moves ahead with offshore wind plans. 2021-05-04. 4c Offshore.
  12. Web site: 2021-01-08. Scorpio Bulkers переходит в оффшорную энергетику и меняет название на Eneti Inc.. 2021-05-04. Ukrainian Shipping Magazine - Новости судоходства Украины и мира. ru-RU.
  13. Web site: Foxwell . David . Eneti confirms newbuild order and plan to construct Jones Act vessel for US market . Riviera . En . 12 May 2021.

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