- About us
- IBJ Awards
- Free Sample
- Contact us
Scorpio Bulkers Q1 results
(Posted on 12/05/20)
Scorpio Bulkers Inc. has reported its results for the three months ended March 31, 2020.
The Company also announced that on May 11, 2020, its Board of Directors declared a quarterly cash dividend of $0.05 per share on the Company’s common shares.
Share and per share results included herein have been retroactively adjusted to reflect the one-for-ten reverse stock split of the Company’s common shares, which took effect on April 7, 2020.
Emanuele A. Lauro, Chairman and Chief Executive Officer, commented “Our first priority is to ensure the safety of our seafarers and shore staff during the COVID-19 pandemic. Beyond that, we have strengthened our balance sheet by vessel sales and sale leasebacks, we have reduced our capital expenditures by adjusting our scrubber installation schedule, we have reduced our quarterly cash dividend, and we have sold a portion of our shareholding in Scorpio Tankers for net proceeds amounting to $42.7 million. At present, we do not expect to sell any more vessels beyond those assets previously announced as held for sale. We expect to retain our remaining holding of 2.16 million shares in Scorpio Tankers. While the dry bulk market is weak at present, we are confident that rates will strengthen over the remainder of the year and have not hedged or time chartered any of our forward days. We are optimistic about the future of our Company.”
For the first quarter of 2020, the Company’s GAAP net loss was $124.7 million, or $18.12 per diluted share, including: a non-cash loss of approximately $89.1 million and cash dividend income of $0.4 million, or $12.88 loss per diluted share, from the Company’s equity investment in Scorpio Tankers Inc.; and
a write-down of assets held for sale of approximately $17.0 million, or $2.47 per diluted share, related to the classification of two Ultramax vessels and one Kamsarmax vessel as held for sale.
For the same period in 2019, the Company’s GAAP net loss was $3.5 million, or $0.51 per diluted share. These results include a non-cash gain of approximately $15.0 million and cash dividend income of $0.5 million, or $2.30 per diluted share, from the Company’s equity investment in Scorpio Tankers Inc. and a write-down of assets held for sale of approximately $7.5 million, or $1.11 per diluted share.
Total vessel revenues for the first quarter of 2020 were $40.8 million, compared to $50.4 million for the same period in 2019. Earnings before interest, taxes, depreciation and amortization (“EBITDA”) for the first quarter of 2020 was a loss of $100.1 million and EBITDA for the first quarter of 2019 was $25.3 million, respectively.
As recent news reports highlight, the shipping industry continues to face threats such as piracy, kidnapping... Read more
Algoma Central Corporation, a leading supplier of marine transportation services, has announced that... Read more
Wavespec, as the last technical entity within Braemar Shipping Services Plc, has announced that it is... Read more
INTERCARGO believes that, once again seafarers are falling victim to the lack of focus and joined up... Read more
As efforts to refloat the Ever Given continue, the International Chamber of Shipping (ICS) has released... Read more
GTMaritime has announced that it has transitioned its business to an Employee Owned Trust (EOT), in... Read more
Leading classification society ClassNK has begun joint investigative research with Sompo Japan Insurance... Read more
Oslo-based global dry bulk operator, Western Bulk has published its 2020 Annual Report with a full year... Read more
International maritime charity Sailors’ Society’s Wellness at Sea training and support reduces... Read more
The Great Eastern Shipping Company Limited (G E Shipping) has signed a contract to buy a second-hand... Read more