Scorpio Bulkers 2Q18 Result Upldate
Higher time charter equivalent revenue and stable operating expenses quarter-on-quarter helps deliver positive bottom line: In the second quarter of 2018, Scorpio Bulkers reported time charter equivalent revenue of USD 60.5m – a sizeable increase from the USD 37.6m reported in the second quarter of 2017, and an increase of 12% from the USD 54.1m reported in the first quarter this year. The company’s fleet, comprising 38 Ultramaxes and 18 Kamsarmaxes, remained unchanged over the first and second quarters of 2018. Decidedly, the driver behind the time charter equivalent revenue achieved in the second quarter was the improved average daily time charter equivalent rate for Ultramaxes of USD 11,569, recorded in the second quarter, compared with USD 9,757 in the first quarter. Ultramaxes also constitute the largest proportion of Scorpio Bulker’s fleet, standing at 37 owned vessels and one chartered-in vessel. Operating expenses increased to USD 26.1m in the second quarter of 2018, compared with the same period last year as eight newbuildings joined the fleet. G&A expenses dropped 18% from the previous quarter, allowing the company to record its first ever quarterly profit of USD 0.8m. This compares to a loss of USD 13.4m in the second quarter of 2017 and USD 5.8m in the first quarter. The company has also declared a dividend of USD 0.02 per share, considering the positive earnings’ momentum.Scorpio Bulkers is an international shipping company based in Monaco. Co.'s vessels transport a range of major and minor bulk commodities, including ores, coal, grains, and fertilizers, along worldwide shipping routes, and are, or are expected to be, employed primarily in the spot market or in spot market-oriented pools of similarly sized vessels. As of Dec. 31, 2017, Co.'s operating fleet of 56 vessels consists of 55 wholly-owned or finance leased drybulk vessels and one chartered-in drybulk vessel. Co. also has contracts for the construction of 1 newbuilding drybulk vessel.
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