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Scorpio Bulkers sells ships for $167 million, splits stock

Staff writer |
Scorpio Bulkers entered into agreements with unaffiliated third parties to sell three Capesize dry bulk vessels and two newbuilding Capesize dry bulk vessels under construction for approximately $167 million.

Three of the Capesize vessels were constructed in Korea and delivered to the Company in 2015. The remaining two vessels are currently under construction in Korea and are expected to be delivered in the first quarter of 2016.

Scorpio Bulkers board has determined to effect a one-for-twelve reverse stock split of the company's common shares, par value $0.01 per share, and a reduction in the total number of authorized common shares to 56,250,000 shares.

The company's shareholders approved the reverse stock split and change in authorized common shares at the Company's special meeting of shareholders held on December 23, 2015.

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