Scorpio Bulkers Shrinks Quarterly Loss
- Business & Finance
Monaco-based bulker owner Scorpio Bulkers managed to cut its net loss, shrinking it to USD 5.8 million in the first quarter of 2018 from USD 34.6 million reported in the same period a year earlier.
For the three months ended March 31, 2018, the company’s total vessel revenues reached USD 54.3 million, compared to USD 34.7 million seen in the first quarter of 2017.
First quarter 2018 revenues were driven by high levels of demand for coal and grains for the better part of the quarter. Scorpio Bulkers’ Kamsarmax fleet earned USD 12,881 per day during the period, while its Ultramax fleet earned USD 9,757 per day.
Voyages fixed so far for the second quarter of 2018 for the Kamsarmax fleet were at around USD 13,250 per day for 56% of the days, and for the Ultramax fleet they were at USD 11,925 per day for 48% of the days.
Furthermore, the company’s Board of Directors declared a quarterly cash dividend of USD 0.02 per share on April 20, payable on or about May 31, 2018, to all shareholders of record.
Following the end of the first quarter of the year, Scorpio Bulkers entered into two financing agreements related to one Kamsarmax and one Ultramax vessel.
On April 3, 2018, the company received a commitment for a loan facility of up to USD 12.75 million to finance the company’s Kamsarmax bulk carrier to be delivered from Jiangsu New Yangzijiang Shipbuilding Co Ltd in China in the third quarter of 2018.
Later in April, Scorpio Bulkers entered into a financing transaction in respect of one of its Ultramax vessels involving the sale and leaseback of the SBI Tango, a 2015-built vessel, for consideration of USD 19 million. The transaction provides options to repurchase the vessel beginning on the third anniversary of the sale until the end of the bareboat charter agreement.