Port of South LouisianaTelestackGeneva DryBühler GmbHCimbriaSailors Society
  • Port of Stockton
  • Telestack
  • TBA Group
  • Port of South Louisiana
  • Bühler GmbH
  • Sailors Society

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

CMB.TECH and Damen agreement for hydrogen-powered tugs

(Posted on 28/05/24)

CMB.TECH and Damen have announced their collaboration on hydrogen-powered ASD Tugs. Built by Damen,... Read more


Female cadets seeing growing acceptance says Columbia Group

(Posted on 22/05/24)

The maritime sector is at a crossroads, grappling with an evolution that is as necessary as it is overdue... Read more


Shipping needs radical overhaul of corporate governance

(Posted on 22/05/24)

Captain Pappu Sastry, CEO of Adhira Shipping and Logistics (ASL) is calling for a radical restructuring... Read more


CSM Türkiye collaboration with bulker operator Transoba Denizcilik

(Posted on 15/05/24)

Columbia Shipmanagement (CSM), member of Columbia Group, has underlined its commitment to the Turkish... Read more


OTG and WISTA join forces to drive gender diversity and inclusion

(Posted on 15/05/24)

Ocean Technologies Group (OTG), the leading global provider of Human Capital Management solutions for... Read more


InterManager statement on recent GISIS accident reporting

(Posted on 15/05/24)

InterManager, the international trade association for the ship management sector, has been keeping accident... Read more


King Charles accepts Sailors’ Society’s patronage

(Posted on 15/05/24)

His Royal Highness King Charles III has accepted the Patronage of Sailors‘ Society, continuing... Read more


Baltic Exchange publishes PwC dry bulk and container box indices reports

(Posted on 09/05/24)

PricewaterhouseCoopers LLP (PwC) has concluded two independent assurance engagements on the suitability... Read more


Vessel financing facility announced

(Posted on 09/05/24)

In a landmark partnership, Damen Financial Services (DFS) and Siemens Financial Services (SFS) have... Read more


DAN Shipping & Chartering Acquire Arthur Smith (Grimsby)

(Posted on 09/05/24)

DAN Shipping & Chartering have announced the acquisition of Arthur Smith (Grimsby) Ltd, a prominent... Read more


TMS Awards 2023TBA GroupVan AalstViganPort of Stockton
  • Geneva Dry

Subscribe to our newsletter

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