Scorpio Bulkers reports much better first-half

Monaco-based Scorpio Bulkers Inc. on Monday, July 23, reported its results for the three and six months ended June 30, 2018. The Board of Directors also declared a quarterly cash dividend of $0.02 per share on the company’s common stock.

Scorpio tanker
Photo: Scorpio Bulkers

For the six months ended June 30, 2018, the company’s GAAP net loss was $5.0 million or $0.07 loss per diluted share.  For the same period in 2017, the Company’s GAAP net loss was $48.0 million, or $0.67 loss per diluted share. Total vessel revenues for the first half of 2018 were $114.9 million, compared to $72.5 million for the same period in 2017. EBITDA for the six months ended June 30, 2018 and 2017 were $48.4 million and a loss of less than $100,000, respectively.

While the first half of 2018 included no non-GAAP adjustments to net income, the company’s first half of 2017 net income included a loss/write-off of vessels and assets held for sale of $17.7 million and the write-off of deferred financing costs on the credit facility related to those specific vessels of $0.5 million. Excluding these items, the company’s first half of 2017 adjusted net loss was $29.8 million, or $0.41 adjusted loss per diluted share. Adjusted EBITDA for the first half of 2017 was $17.7 million.

On June 28, 2018, the Company took delivery of the SBI Lynx, a Kamsarmax vessel, from Jiangsu Yangzijiang Shipbuilding Co. Ltd.