Scorpio Bulkers Eyes Fleet Expansion as It Sells Shares

Image Courtesy: Scorpio Bulkers

Monaco-based dry bulk shipping company Scorpio Bulkers is planning to offer, issue and sell 10 million shares of its common stock, par value USD 0.01 per share.

The net proceeds of the sale, to be undertaken through an underwritten public offering, are expected to be used for general corporate purposes, “which may include the expansion of the company’s fleet,” Scorpio Bulkers said.

Furthermore, the underwriters would be granted a 30-day option to purchase up to an additional 1.5 million common shares.

Morgan Stanley is acting as sole book-running manager in the Offering, Clarksons Platou Securities is acting as lead manager, and Seaport Global Securities is acting as co-manager.

On the back of an improvement in dry bulk rates, Scorpio Bulkers managed to cut its net loss for the period ended September 30. For the third quarter of 2017 the company’s GAAP net loss was USD 10.7 million, compared to a GAAP net loss of USD 21.3 million reported in the same period a year earlier.

For the nine months ended September 30, 2017, the company’s GAAP net loss stood at USD 58.7 million, against a GAAP net loss of USD 104.3 million for the prior year period.

The company’s Board of Directors has also declared a quarterly cash dividend of USD 0.02 per share.

Share this article

Follow World Maritime News

In Depth>

Events>

<< Nov 2017 >>
MTWTFSS
30 31 1 2 3 4 5
6 7 8 9 10 11 12
13 14 15 16 17 18 19
20 21 22 23 24 25 26
27 28 29 30 1 2 3

Maritime Information Warfare 2017

Maritime Information Warfare will focus on the growing need for navies to develop their information exploitation capabilities…

read more >

INTERNATIONAL GREEN SHIPPING AND TECHNOLOGY SUMMIT

The Summit will gather key marine experts and companies around the globe which have a big influence in the industry…

read more >

The CWC 18th Annual World LNG Summit & Awards Evening

The CWC World LNG Summit will continue to give you access to premium networking opportunities as it brings together the who’s who…

read more >

Marintec China 2017

The largest maritime event in Asia Pacific, Marintec China connects maritime professionals from the entire shipbuilding supply chain together.

Over the years, Marintec China has grown to reflect the size and importance of the Asian maritime market. 2015 event is another record-breaking edition with the largest exhibition area and the highest number of industry professionals attending ever. The encouraging figures proven that China remains one of the major shipbuilding nations and Marintec China has been the most authoritative platform in Asia.

With the maritime industry facing great opportunities but also many challenges, it is important for the industry to connect and engage more to ultimately win new business in globally-significant markets. A visit to Marintec China is a great way to learn about the latest technology and innovation of the supply industry, a platform for industry professional to meet face to face, make connection and do business.

Marintec China is poised to be the definitive event and is undoubtedly a must-attend for all involved in the maritime industry.

Marintec China will be held from 5 to 8 December 2017 at the Shanghai New International Expo Centre in Shanghai, China and continue its dedication to serve as the “LEADING” platform “CONNECTING” the community and “STRENGTHENING” the maritime industry.

Marintec China offers the perfect opportunity for companies serving the maritime market to showcase their innovations, products and services to a wide audience. A platform for face to face meetings in business, creating new relationships and consolidating existing ones.

More info

read more >