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Scorpio Bulkers enjoys better results

Scorpio Bulkers enjoys better results

By Staff Writer - July 24, 2017

business-man-1031755_1920Monaco-based Scorpio Bulkers Inc, a leading provider of marine transportation of dry bulk commodities, on Monday, July 24, reported its results for the three and six months ended June 30, 2017, that show a considerable drop in its net trading loss.

For the second quarter of 2017, the company’s GAAP net loss was $13.4 million, or $0.19 loss per diluted share. For the same period in 2016 the company’s GAAP net loss was $24.7 million, or $0.48 loss per diluted share.

For the six months ended June 30, 2017, the company’s GAAP net loss was $48.0 million, or $0.67 loss per diluted share compared to a GAAP net loss of $83.0 million, or $2.05 loss per diluted share for the prior year period.

For the same period, the company’s adjusted net loss was $29.8 million, or $0.41 adjusted loss per diluted share, which excludes the impact of a write down of assets held for sale of $17.7 million and a write off of deferred financing costs on the credit facility related to those specific vessels of $0.5 million. For the six months ended June 30, 2016, the company’s adjusted net loss was $58.1 million, or $1.43 adjusted loss per diluted share, which 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 charterhire contract termination fee of $10.0 million.

As of July 21, 2017, the company had approximately $148.3 million in cash and cash equivalents.

During 2016, the company entered into agreements with certain lenders to, among other things, defer future principal repayments under certain loan agreements. In July 2017, the company reached agreements in principal with such lenders whereby principal repayments on the debt totalling $45.4 million that were previously deferred would be reinstated to their original form. Under these agreements in principal, the company will be required to make principal payments of approximately $7.3 million in the third quarter of 2017 and quarterly principal payments ranging from $1.0 million to $4.5 million per quarter from the fourth quarter of 2017 through the fourth quarter of 2020.

All restrictions on the payment of dividends that were put in place as part of prior loan amendments have been removed from all of its credit facilities.

Vessel operating costs were $21.1 million associated with 47 vessels owned, on average, during the period. Vessel operating costs for the prior year quarter were $15.6 million and related to 34 vessels owned, on average, during the period.

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