Monte-Carlo, MC
broken clouds
9.2 ° C
11.1 °
1.7 °
13 °
12 °
12 °
13 °
13 °
Breaking News

Makeover of Casino Square to dramatically change the look of Monte Carlo

Scorpio Bulkers cuts losses as revenues almost double

Scorpio Bulkers cuts losses as revenues almost double

By Staff Writer - February 5, 2018

Photo: Scorpio Bulkers
Photo: Scorpio Bulkers

Monaco-based Scorpio Bulkers on Monday, February 5, reported its results for the three months and year ended December 31, 2017. The Company also announced that its Board of Directors has declared a quarterly cash dividend of $0.02 per share on the Company’s common stock.

For the three months ended December 31, 2017, the Company’s GAAP net loss was $1.1 million, or $0.01 loss per diluted share. For the same period in 2016, the Company’s GAAP net loss was $20.6 million, or $0.29 loss per diluted share. Total vessel revenues for the three months ended December 31, 2017 were $51.1 million, compared to $26.8 million for the three months ended December 31, 2016.

Earnings before interest, taxes, depreciation and amortisation for the fourth quarter of 2017 and 2016 were $22.9 million and $1.0 million.

The Company acquired nine Chinese built Ultramax dry bulk vessels in two separate transactions for a total consideration of $207.0 million, of which $186.7 million was paid in cash and $20.3 million was in the form of the Company’s common stock. Two of the vessels were built in 2014, four were built in 2015, one was built in 2016, and two were built in 2017.  All nine vessels were delivered to the Company as of December 31, 2017.

The Company also entered into an agreement to purchase one Kamsarmax dry bulk vessel for $25.5 million, of which $18.8 million remains unpaid at December 31, 2017. The Kamsarmax vessel is a resale unit which is expected to be delivered from Jiangsu New Yangzijiang Shipbuilding Co Ltd in China in the second quarter of 2018.


Monaco’s Scorpio Bulkers takes advantage of market upturn with newer fleet

Previous articleNarrow escape for Top Gear presenters on Monte-Carlo Rally
Next articleCold weather blast will not leave Med untouched


January 27, 2020 | Local News

Council honours new police cadets

Cassandra Tanti

The National Assembly has welcomed the latest graduates to the Principality’s Police Force.

Stephanie Horsman

An incredible 12-month time lapse video showing the creation of Monaco’s mammoth land extension project has just been released.

January 16, 2020 | Local News

There’s a new bailiff in town

Stephanie Horsman

Monaco has a new bailiff, or huissier as known locally, who was sworn in earlier this week.

January 14, 2020 | Local News

Monaco crime rates continue to fall

Stephanie Horsman

General crime rates in the Principality dropped by a significant 16% between the years 2016 and 2019, and street crime by an impressive 52%.