Cimbria Bulk Equipment A/STelestackTOC EventsTMS Webinar Series COVID-19: A Leadership Perspective - ‘Scanning the Financial Horizons’TMS Awards 2020TMS Tanker Conference 2020
  • TMS Webinar Series COVID-19: A Leadership Perspective - ‘Scanning the Financial Horizons’
  • TBA Group
  • TMS Awards 2020
  • Cleveland Cascades Ltd
  • Sailors Society
  • Telestack

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.

Latest News

Four new ultramax bulkers for Norden

(Posted on 01/07/20)

Following the sale of 10 ships since 2018, Dampskibsselskabet Norden has entered into a newbuilding... Read more


Strategic maritime e-learning partnership formed

(Posted on 30/06/20)

V.GROUP, the leading global provider of ship management and marine support services, and Ocean Technologies... Read more


Report investigates role of tech in crew welfare

(Posted on 30/06/20)

Inmarsat, the world leader in global, mobile satellite communications, has published a new report focusing... Read more


Safety investment from MENAS

(Posted on 30/06/20)

The Middle East Navigation Aids Service (MENAS) has recently invested $20,000 in upgrading its Aids... Read more


Crews pushed to limits on Day of Seafarer

(Posted on 25/06/20)

Despite a universal campaign from all sectors of the shipping industry to classify seafarers as key... Read more


Day of Seafarer clouded with sadness

(Posted on 25/06/20)

Captain Rajesh Unni, CEO and Founder of Synergy Group, has released a statement to mark this year&rsquo... Read more


Liu reappointed in Hong Kong

(Posted on 25/06/20)

Maritime Law specialist Hill Dickinson’s position at the centre of the Hong Kong shipping services... Read more


Synergy founder: Decarbonise to stay ahead of curve

(Posted on 19/06/20)

Shipping should urgently implement a range of short-term efficiency gains to reduce carbon emissions... Read more


KVH Watch offers remote expert intervention

(Posted on 18/06/20)

KVH Industries, Inc., a global leader of maritime satellite connectivity, has announced that it is expanding... Read more


V.Group urges industry to embrace change

(Posted on 18/06/20)

Global ship management company V.Group has produced a series of discussion papers entitled ‘Life... Read more


Cleveland Cascades LtdTBA GroupPort of Vancouver USAViganTMS Ship Finance & Trade Conference 2020Bühler GmbH
  • Port of Vancouver USA
  • TMS Ship Finance & Trade Conference 2020
  • TOC Events
  • Vigan

Subscribe to our newsletter

Keep up to date with the latest global news in bulk cargo handling and shipping