Scorpio Bulkers’ Net Loss Rises

Image Courtesy: Scorpio Bulkers

NYSE-listed dry bulk owner and operator Scorpio Bulkers has reported its net loss for the first quarter of 2016 at USD 58.3 million, compared to a net loss of USD 52.1 million seen in the same period a year earlier.

Vessel operating costs for the first quarter were USD 15.3 million related to 31 vessels owned on average during the period, including approximately USD 1.3 million of takeover costs associated with new deliveries, compared with USD 2.8 million reported in the same period in 2015.

During the first quarter of 2016, the company canceled a shipbuilding contract for a Kamsarmax bulk carrier that was expected to be delivered in April 2016. As a result of this cancellation, in the first quarter of 2016 Scorpio Bulkers recorded a loss of approximately USD 11.6 million.

Additionally, the company reached agreements with shipyards to delay the delivery of two Ultramax vessels and six Kamsarmax vessels under construction by approximately six months each.

These vessels, previously expected to be delivered between March 2016 and September 2016 are now expected to be delivered between September 2016 and April 2017.

During the first quarter of 2016, the company took delivery of 13 newbuilding vessels, five of which were sold subsequent to delivery.

Scorpio Bulkers’ newbuilding program consists of contracts for the construction of 48 dry bulk vessels, comprised of 28 Ultramax newbuildings, and 20 Kamsarmax newbuildings. Of this total, through April 29, 2016, the company have taken delivery of 14 Kamsarmax vessels and 20 Ultramax vessels.

The aggregate construction price for the remaining 14 dry bulk vessels is USD 406.6 million.

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