Scorpio Bulkers Adds Final Newbuilds, Cuts Loss

Image Courtesy: Scorpio Bulkers

Monaco-based dry bulk shipping company Scorpio Bulkers has taken delivery of all of its newly constructed vessels from the company’s 48-ship newbuilding program.

The company said that the final ship from the batch, SBI Jive, joined its fleet earlier in April. Featuring 81,300 dwt, the Kamsarmax was delivered from Hudong-Zhonghua shipyard on April 5, VesselsValue data shows.

Five other newbuildings were delivered during the first three months of the year, including the Ultramaxes SBI Samson and SBI Phoenix, constructed by China’s Chengxi Shipyard, and the Kamsarmaxes SBI Parapara, SBI Swing, and SBI Mazurka, which were built by Hudong-Zhonghua (Group).

Additionally, the company said that, as of March 31, 2017, all contracted amounts “have been paid in full and we have no further obligations due to any shipyard.”

The deliveries were unveiled as part of Scorpio Bulkers’ financial report for the first quarter of 2017, in which the company said that it managed to narrow its GAAP net loss.

Namely, for the quarter ended March 31 the shipping firm’s net loss stood at USD 34.6 million, compared to a net loss of USD 58.3 million seen in the same period of 2016.

Time charter equivalent (TCE) revenue earned during the quarter for the Kamsarmax fleet was at USD 9,164 per day, while the company’s Ultramax fleet earned USD 8,230 per day.

TCE revenue reached USD 34.6 million for the first quarter of 2017 and is associated with a day weighted average of 47 vessels owned and one vessel time chartered-in compared to USD 10.2 million reported during the prior year quarter.

Scorpio Bulkers said that the TCE rates continued the sequential quarter on quarter growth experienced since recovering from the all-time lows seen in the first quarter of 2016.

“The increase in rates is attributable to increased worldwide demand across all bulk sectors, regions and commodities, as well as a diminishing supply side as fewer vessels are now on order,” according to the company.

Overall TCE revenue increased significantly versus the prior year period due to the increase in rates combined with the increase in revenue days associated with the growth of Scorpio Bulker’s fleet.

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