Five Japanese-built bulkers that helped build an outsized profit for Eneti in the first quarter remain in the fleet because of "complexities" in unwinding their leases.
Executives commented on the delayed completion of the sell-off of its dry bulk fleet as the former Scorpio Bulkers, which is refocusing on wind farm service vessels, reported first-quarter earnings.
"The specific five vessels are financed in a Japanese leasing structure that presents some complexities in a transfer," Eneti chief executive Emanuele Lauro told Jefferies analyst Randy Giveans, who had asked for an update on the disposals.
