Scorpio Bulkers Back in the Black

With a net profit of USD 0.8 million, Scorpio Bulkers shows positive results in the second quarter of 2018 compared to a net loss was USD 13.4 million for the the same period in 2017.

Total vessel revenues for the second quarter of 2018 were $60.6 million, compared to $37.7 million for the same period in 2017.

The shipping company, which owns and operates dry bulk carriers, took delivery of the SBI Lynx, a Kamsarmax vessel, from Jiangsu Yangzijiang Shipbuilding  last month.

During the second quarter of 2018, the Company drew down the entire $12.8 million available to it under the $12.8 Million Credit Facility, for which the SBI Lynx serves as collateral.

In June 2018, the Company received a commitment for a loan facility of up to $30.0 million from ING Bank N.V. to refinance two of the Company’s Kamsarmax bulk carriers (SBI Zumba and SBI Parapara).

For the first half of 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, an increase of $42.4 million from $72.5 million in the first half of 2017.