Scorpio Bulkers Cuts H1 Loss

Monaco-based bulker owner and operator Scorpio Bulkers resumed its recovery streak from the first quarter slashing its half-year net loss to USD 48 million in 2017 from a net loss of USD 83 million reported for the six months ended June 30, 2016.

Time Charter Equivalent (TCE) revenue was USD 72.2 million in the first half of 2017, Scorpio said, with TCE revenue per day of USD 8,673 for the first half of 2017, almost doubling from last year’s USD 4,396.

“TCE revenue increased significantly versus the prior year due to the increase in rates, attributable to increased worldwide demand across all bulk sectors, regions, and commodities, as well as a reduction in supply as fewer vessels are now on order, combined with the increase in revenue days associated with the growth of our fleet,” the company explained.

For the second quarter of 2017 the company’s GAAP net loss was USD 13.4 million, also down year-on-year when compared to last year’s USD 24.7 million net loss.

Scorpio said that it has agreed with lenders in July 2017 to reinstate the deferred debt repayments on its USD 45.4 million debt facility.

“Under these agreements in principal, we will be required to make principal payments of approximately USD 7.3 million in the third quarter of 2017 and quarterly principal payments ranging from USD 1.0 million to USD 4.5 million per quarter from the fourth quarter of 2017 through the fourth quarter of 2020,” the company added.

As a result, all restrictions on the payment of dividends that were put in place as part of prior loan amendments have been removed from the company’s credit facilities.

During the second quarter of 2017, Scorpio sold SBI Cakewalk and SBI Charleston for USD 22.5 million each, and took delivery of SBI Jive, a Kamsarmax vessel, delivered from Hudong-Zhonghua (Group), thus completing delivery of all 46 vessels in the company’s newbuilding program.

In addition, during the quarter Scorpio hired an Ultramax vessel within a time charter-in agreement lasting for two years at approximately USD 10,125 per day.  The charter hire can be extended for one year at approximately USD 10,885 per day, and is expected to commence by the end of October 2017.

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