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Scorpio Bulkers Reports Lower Vessel Revenues

29 January 2020

Monaco-based shipping company Scorpio Bulkers closed the fourth quarter of 2019 with a profit.

The company posted a net income of USD 15.1 million in the fourth quarter of 2019, compared to a net loss of USD 7.4 million seen in the corresponding period a year earlier.

EBITDA for the fourth quarter rose to USD 41.5 million from USD 23.3 million recorded in the fourth quarter of 2018.

However, vessel revenues declined to USD 60.3 million in Q4 2019 from USD 65.2 million reported in Q4 2018.

Specifically, vessel revenues for the company’s Ultramax operations decreased to USD 35.2 million for the fourth quarter of 2019 from USD 42.4 million in the prior year period. On the other hand, vessel revenues for Kamsarmax operations increased to USD 25.1 million in the fourth quarter of 2019 from USD 22.8 million in the Q4 2018.

In October 2019, Scorpio Bulkers completed the sale of the Ultramax ships SBI Puma and SBI Cougar, for USD 37.9 million. As a result, the company suffered a loss of approximately USD 4.9 million in the second quarter of 2019 and wrote-off deferred financing costs of approximately USD 0.2 million in the fourth quarter of 2019 upon the repayment of USD 21.9 million of outstanding debt.

The company is currently in the process of installing scrubbers on all of the owned and finance leased vessels in its fleet. A total of 26 Ultramaxes and 14 Kamsarmaxes are expected to be fitted with exhaust gas cleaning systems by the end of Q1 2021, according to the company’s data. As of January 24, Scorpio has completed the scrubber retrofits on eight of its bulkers.

Scorpio Bulkers has an operating fleet of 58 vessels consisting of 52 owned or finance leased dry bulk vessels and six time chartered-in ships, with a total carrying capacity of about 3.6 million dwt.

Source: World Maritime News

 

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Today
8:03am
Hi Jenna! I made a new design, and i wanted to show it to you.
8:03am
It's quite clean and it's inspired from Bulkit.
8:12am
Oh really??! I want to see that.
8:13am
FYI it was done in less than a day.
8:17am
Great to hear it. Just send me the PSD files so i can have a look at it.
8:18am
And if you have a prototype, you can also send me the link to it.

Monday
4:55pm
Hey Jenna, what's up?
4:56pm
Iam coming to LA tomorrow. Interested in having lunch?
5:21pm
Hey mate, it's been a while. Sure I would love to.
5:27pm
Ok. Let's say i pick you up at 12:30 at work, works?
5:43pm
Yup, that works great.
5:44pm
And yeah, don't forget to bring some of my favourite cheese cake.
5:27pm
No worries

Today
2:01pm
Hello Jenna, did you read my proposal?
2:01pm
Didn't hear from you since i sent it.
2:02pm
Hello Milly, Iam really sorry, Iam so busy recently, but i had the time to read it.
2:04pm
And what did you think about it?
2:05pm
Actually it's quite good, there might be some small changes but overall it's great.
2:07pm
I think that i can give it to my boss at this stage.
2:09pm
Crossing fingers then

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