Scorpio Bulkers Sees Decrease in Net Loss

Image Courtesy: Scorpio Bulkers

NYSE-listed dry bulk owner and operator Scorpio Bulkers has reported its net loss for the second quarter of 2016 at USD 24.7 million, compared to a net loss of USD 138.6 million seen in the same period a year earlier.

Vessel operating costs for the period were USD 15.6 million related to 34 vessels owned on average during the period, including USD 0.9 million of takeover costs associated with new deliveries, compared with USD 4.5 million reported in the same quarter in 2015.

The company’s time charter equivalent (TCE) revenue was USD 17.4 million for the second quarter of 2016 and is associated with a day weighted average of 3 vessels time chartered-in and 34 vessels owned compared to USD 12.6 million during the prior year quarter.

TCE revenue per day was USD 5,303 and USD 6,663 for the second quarter of 2016 and 2015, respectively.

“While rates have rebounded slightly from the recent historic lows, rates remained considerably lower in the second quarter of 2016 than during the prior year period, resulting in a lower TCE revenue per day,” Scorpio Bulkers said.

During the second quarter of 2016, the company took delivery of three newbuilt Ultramax vessels, namely, SBI Zeus, SBI Hyperion, and SBI Hera. Between July 1, 2016 and July 22, 2016, two more vessels were delivered, the SBI Tethys and SBI Phoebe.

Scorpio Bulker’s net loss for the first half of 2016 stood at USD 83 million, against the net loss of USD 190.7 million seen in the first half of 2015, while vessel operating costs reached USD 30.9 million for the first half, compared to USD 7.5 million reported in the same period a year earlier.

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