Dry Bulk Shipping Specialist Enters Wind Turbine Installation Market

Dry bulk shipping company Scorpio Bulkers has signed a Letter of Intent to construct a wind turbine installation vessel (WTIV), with options for additional vessels.

The initial vessel will be built by South Korea’s Daewoo Shipbuilding and Marine Engineering Inc. for delivery that is scheduled in 2023.

This WTIV is an NG-16000X design GustoMSC and includes a 1500 Leg Encircling Crane (LEC) from Huisman Equipment B.V.

The total project cost is expected to approximately be between USD 265 and USD 290 million, subject to final design modifications.

The contract is expected to be signed in the early fourth quarter of 2020 and will include options to construct up to an additional three units having similar specifications.

“We appreciate the encouragement and assistance of multiple partners – including suppliers, customers, and shipbuilders – as we take a significant first step in transitioning the Company towards a sustainable future,” Emanuele A. Lauro, Scorpio Bulker’s Chairman and Chief Executive Officer, said.

”This strategic direction now aligns with our future customers, investors, finance providers and the growing momentum in global public policy. At the same time, the Board of Directors carefully considered this project and believes that this transition will result in higher and more predictable shareholder returns in a structural growth market. Our transition has begun.”

According to the company, the ordered vessel will have the capacity to install onto pre-prepared foundations the largest wind turbines currently designed, at a height of over 185 metres above sea level and in water depth in excess of 65 metres.

The Monaco-headquartered Scorpio Bulkers currently operates a fleet of 55 vessels consisting of 49 wholly-owned or finance-leased drybulk vessels, and six time chartered-in vessels.