Scorpio Bulkers Deep in Red

Scorpio Bulkers

Monaco-based Scorpio Bulkers recorded USD 116.6 million net loss in 2014, the majority of which came in the final quarter when the dry bulk shipping operator accumulated a USD 72m loss. 

The loss in the fourth quarter includes a USD 55.5m loss on disposal of assets and the non-cash amortization of stock-based compensation of USD 6.3m.

The asset disposal loss is associated with writing down seven newbuilding contracts that the company classified as held for sale as of December 31, 2014. These seven newbuilding contracts include one Kamsarmax and six LR2 product tankers.

Time charter equivalent revenue (TCE) for the year was USD 45.4 million, associated with 24 vessels time chartered-in and two vessels owned, for which the time charter equivalent revenue per day was USD 7,957.

Scorpio Bulkers says that TCE revenue per day was adversely affected by the integration of the time chartered vessels into the company’s fleet, which required significant time and fuel as they had to be repositioned for their first voyages, as well as a depressed rate environment for dry bulk carriers.

 

 

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