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.
Latest News
Positive results for Pacific Basin despite weaker freight market
(Posted on 15/08/25)Pacific Basin Shipping Limited, one of the world’s leading dry bulk shipping companies, has announced... Read more
Swedish Club: Geopolitical volatility is new normal for marine insurance
(Posted on 14/08/25)The shipping industry must accept that geopolitical instability is now a permanent part of the operating... Read more
Diverse vessel and market portfolio provides resilience for Algoma
(Posted on 11/08/25)Algoma Central Corporation has reported its results for the three and six months ended June 30, 2025... Read more
Columbia: Compliance must be more than box-ticking exercise
(Posted on 11/08/25)The International Maritime Organization’s Maritime Safety Committee (MSC) has sent a clear message... Read more
DNV and RSI complete study on decarbonising short sea dry bulk fleet
(Posted on 07/08/25)Amid increasing pressure on shipping to achieve the IMO 2050 decarbonization targets, the Responsible... Read more
London P&I Club warns industry over incorrect FIBC loading
(Posted on 04/08/25)The London P&I Club has renewed calls on ship owners, operators and charterers to address potential... Read more
Columbia Group calls for overhaul of maritime training
(Posted on 04/08/25)Columbia Group is calling for urgent reforms in maritime education to address a growing shortage of... Read more
MIS launches as new global media platform
(Posted on 30/07/25)Maritime Information Services (MIS) has officially launched as a global media platform delivering daily... Read more
Russian and Ukrainian seafarers continue struggle with psychiatric fallout of war
(Posted on 30/07/25)Russian and Ukrainian seafarers continue to experience significant psychological strain following the... Read more
Noatum expands global footprint with inauguration of Shanghai office
(Posted on 30/07/25)Noatum Maritime, part of AD Ports Group’s Maritime & Shipping Cluster, announced the official... Read more
