The once rapidly expanding US-listed dry bulk player saw its first quarter loss widen to $58.2m compared to $52.1m a year earlier. The losses also far outstripped revenues, which fell to $10.2m in Q1 2016 against $12.3m in the same period a year earlier.
TCE (time charter equivalent) revenues per day year-on-year in Q1 were down to an average of $3,404 and compared $6,652 a year earlier.
“The decrease in TCE revenue per day is due to the number of back hauls performed by our fleet during the period as well as a reduced rates resulting from the weakness in the dry bulk market, as reflected by the Baltic Dry Index,” Scorpio Bulkers said.
While the number of owned and chartered vessels operated increased to 31 from 21 in the previous year given the drop in daily rates overall revenues still dropped.
“The decrease in the rates we earned outweighed the increase in revenue days associated with the increase in the average vessels operated causing total TCE revenue to decrease versus the prior year period,” the company said.