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Scorpio Bulkers Inc. announces financial results for 1Q17

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Dry Bulk,


For the first quarter of 2017 the company’s GAAP net loss was US$34.6 million, or US$0.48 loss per diluted share. For the same period in 2016 the company’s GAAP net loss was US$58.3 million, or US$1.96 loss per diluted share.

For the first quarter of 2017, the company’s adjusted net loss was US$16.4 million or US$0.23 adjusted loss per diluted share, which excludes a write down of assets held for sale of US$17.7 million, and a write off of deferred financing costs on the credit facility related to those specific vessels of US$0.5 million.  For the first quarter of 2016, the company’s adjusted net loss was US$33.4 million or US$1.12 adjusted loss per diluted share, which excludes a write down of assets held for sale of US$12.4 million, the write off of deferred financing costs of US$2.5 million and a charterhire contract termination fee of $10.0 million (see Non-GAAP Financial Measures below). 

TCE revenue

TCE Revenue Earned during 1Q17

  • The company’s kamsarmax fleet earned US$9164 per day.
  • The company’s ultramax fleet earned US$8230 per day.

Voyages fixed thus far in the 2Q17

  • Kamsarmax fleet: approximately US$9914 per day for 59% of the days.
  • Ultramax fleet: approximately US$8852 per day for 57% of the days.
  • Agreement for the sale of vessels

    During the first quarter of 2017, we entered into agreements with an unaffiliated third party to sell the SBI Charleston and SBI Cakewalk, two 2014 built kamsarmax vessels, for approximately US$22.5 million each.

    As such, as of March 31, 2017, we classified these vessels as held for sale, recorded a loss of US$17.1 million and wrote off US$0.5 million of deferred financing costs. We also classified the related debt of approximately US$20.1 million as a current liability. Net cash proceeds after paying off the related debt, as well as the termination fees and commissions, is approximately US$24.2 million. 

    The sales are expected to be completed in the second quarter of 2017.

    Newbuilding vessels deliveries

    During the first quarter of 2017, the company took delivery of the following newbuilding vessels:

    • SBI Samson, an ultramax vessel, delivered from Chengxi Shipyard Co. Ltd.
    • SBI Parapara, a kamsarmax vessel, delivered from Hudong-Zhonghua (Group) Co., Ltd.
    • SBI Swing, a kamsarmax vessel, delivered from Hudong-Zhonghua (Group) Co., Ltd.
    • SBI Phoenix, an ultramax vessel, delivered from Chengxi Shipyard Co. Ltd.
    • SBI Mazurka, a kamsarmax vessel, delivered from Hudong-Zhonghua (Group) Co., Ltd.

    Since 1 April, 2017, the company took delivery of the final vessel in the newbuilding programme:

    • SBI Jive, a kamsarmax vessel, delivered from Hudong-Zhonghua (Group) Co., Ltd.
    • All 48 vessels in our newbuilding programme have successfully been delivered.  As of 31 March, 2017, all contracted amounts have been paid in full and the company have no further obligations due to any shipyard.

    Read the article online at: https://www.drybulkmagazine.com/shipping/21042017/scorpio-bulkers-inc-announces-financial-results-for-1q17/


     

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