Scorpio Bulkers Losses Narrow

Maritime Activity Reports, Inc.

February 5, 2018

Photo: Scorpio Bulkers

Photo: Scorpio Bulkers

 Monaco-based dry bulk commodities shipping company Scorpio Bulkers reported a significantly narrowed fourth-quarter loss as it cut expenses and doubled revenue.

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 of $51.1 million, compared to $26.8 million for the three months ended December 31, 2016.
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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