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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.


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