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Scorpio Bulkers flogs off another three newbuilds for $111m

Scorpio Bulkers flogs off another three newbuilds for $111m
Scorpio Bulkers is continuing its fleet sell off in the face of one of the worst dry bulk shipping markets in history with the sale of three newbuildings for $111m.

The firm, that is less than two years old and took a massive punt on the dry bulk shipping market, is selling two capesizes and an ultramax currently being built in China and South Korea.

The two capesizes were due to be delivered between Q3 2015 and Q2 2016, while the ultramax was expected to be delivered in Q1 2016. The buyer of the vessels was not revealed.

Last week Scorpio Bulkers announced it was selling seven newbuildings for $290m including three LR1 product tankers it had previously converted from orders for capesize bulkers.

The company currently has an owned fleet of eight vessels, and 62 newbuildings on order according to its website.