Scorpio Bulkers reports 60% revenue increase
(Posted on 24/10/18)
Scorpio Bulkers Inc. has reported its results for the three and nine months ended September 30, 2018.
The Company also announced that on October 19, 2018, its Board of Directors declared a quarterly cash dividend of $0.02 per share on the Company’s common shares.
For the third quarter of 2018, the Company’s GAAP net loss was $0.4 million, or $0.01 loss per diluted share. These results include the write off of deferred financing costs of $2.0 million, or $0.03 per diluted share, related to the refinancing of existing debt (see discussion below, “Debt”). For the same period in 2017, the Company’s GAAP net loss was $10.7 million, or $0.15 loss per diluted share. Total vessel revenues for the third quarter of 2018 were $62.5 million, compared to $38.6 million for the same period in 2017. Earnings before interest, taxes, depreciation and amortization (“EBITDA”) for the third quarters of 2018 and 2017 were $28.8 million and $12.4 million, respectively (see Non-GAAP Financial Measures below).
For the nine months ended September 30, 2018, the Company’s GAAP net loss was $5.3 million or $0.07 loss per diluted share. For the same period in 2017, the Company’s GAAP net loss was $58.7 million, or $0.82loss per diluted share. Total vessel revenues for the first nine months of 2018 were $177.3 million, compared to $111.1 million for the same period in 2017. EBITDA for the nine months ended September 30, 2018 and 2017 were $77.2 million and $12.3 million, respectively.
Kamsarmax fleet earned $13,649 per day
Ultramax fleet earned $11,342 per day
Voyages Fixed thus far for the Fourth Quarter of 2018
Kamsarmax fleet: approximately $14,382 per day for 49% of the days
Ultramax fleet: approximately $13,388 per day for 47% of the days
As of October 19, 2018, the Company had approximately $58.0 million in cash and cash equivalents.
During the third quarter of 2018, the Company repurchased approximately 1.5 million shares of the Company’s common shares, at an average cost of $6.84 per share. The Company subsequently repurchased approximately 0.3 million shares of the Company’s common shares at an average cost of $6.60 per share from October 1, 2018 through October 12, 2018. These repurchases, totaling $11.9 million, were made under the Board of Directors authorized share repurchase program (the “Share Repurchase Program”) and funded from available cash resources. As of October 19, 2018, the Company had $18.4 million authorized remaining available under the Share Repurchase Programme.
The International Chamber of Shipping (ICS) has published the latest Flag State Performance Table (2020... Read more
RightShip and INTERCARGO have announced the launch of an important new quality standard for the dry... Read more
Chevron Marine Lubricants has helped ship owner customers identify and manage a distinctive engine condition... Read more
The board of Wallem Group have announced that Chief Executive Frank Coles has resigned and will be leaving... Read more
Seanergy Maritime Holdings Corp. has announced that it has reached final agreements with certain of... Read more
The Isle of Man Ship Registry has formally launched the first ever seafarer welfare app designed by... Read more
DNV GL, the assurance and risk management company, will change its name to DNV on 1 March 2021. The... Read more
Norwegian-based scale-up Yxney Maritime and Inmarsat, the world leader in global, mobile satellite communications... Read more
Leading Classification Society ClassNK has been analyzing the retrofitting status of ballast water management... Read more
The maritime industry will remain a target of cyber-criminals in 2021 and the world’s shipping... Read more