Wind turbine installation vessel business – Reprieve or a debt trap for Scorpio Bulkers?

Hellenic Shipping News | Oct 21, 2020 at 2:00 AM
  • Given the embryonic stage of the sector, there is a shortage of WTIV vessels capable of installing large turbines in deep waters.
  • Bolstered by a strong focus towards renewable energy and falling technological costs, IEA forecasts global offshore wind to grow by more than 15x to a USD 1tr industry by 2040 – assuming matching capital spending on gas- and coal-fired capacity over the same period.
  • SALT already has significant debt maturities coming up before 2023 (more on that in the next section), and given the current cash balance projections amid current policies, it is highly likely that SALT will be forced to raise capital through debt/vessel sale and leaseback.