Monaco-based Scorpio Bulkers has announced its financial results for 2016, showing a much-reduced loss compared to the previous year.

For the year ended December 31, 2016, the shipping company’s adjusted net loss was $99.9 million, or $1.78 adjusted loss per diluted share. This excludes a loss/write-off of vessels and assets held for sale of $12.4 million, the write off of deferred financing costs on credit facilities that will no longer be used of $2.5 million and a charter hire contract termination fee of $10.0 million. These adjustments total a $0.44 loss per diluted share.

For comparison, in the year ended December 31, 2015, the company had a GAAP net loss of $510.8 million, or $23.86 loss per diluted share. The company’s adjusted net loss was $71.8 million or $3.36 adjusted loss per diluted share. This excludes a write down on assets held for sale of $422.9 million and the write off of deferred financing costs on credit facilities that will no longer be used of $16.1 million, or $20.50 loss per share.

As of February 3, 2017, the company had approximately $141.9 million in cash and cash equivalents.

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