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The previously aggressively-expanding Scorpio Bulkers has reported a $116.6m loss for 2014, with a $72m loss in the final quarter of the year.

On Monday the Baltic Dry Index (BDI) equalled its all time low of 29 years ago dropping to 554 points. There was a certain sense of inevitability about this news. It was the 13th trading day in a row the index had dropped and it has fallen for 47 out of the last 51 days.

As the dry bulk market continues to scrape along the bottom Scorpio Bulkers is switching three more newbuilding contracts for capesize bulkers to LR1 product tankers,

Scorpio Bulkers has modified six capesize newbuilding contracts into contracts for six LR2 tankers, and has sold four of them to sister company Scorpio Tankers.

Scorpio Bulkers has signed a memorandum of understanding (MOU) with ABN Amro and the Export-Import Bank of China, for a loan of up to $234.9m.

Scorpio Bulkers has announced a commitment from ABN Amro for a $39.6m loan facility.

Scorpio Bulkers has announced plans to offer $35m of senior unsecured notes in a public offering, with a further $5.25m in options for underwriters.

Aggressively expanding Scorpio Bulkers has secured $540m in financing 24 of its newbuildings.

Scorpio Bulkers reported a $10.7m loss in the first quarter 2014 as delivery of the first of its 79-strong newbuild fleet approaches.

Some of the top names in the shipping industry were honoured at the 26th Seatrade Awards in London on Monday evening in the presence of HRH The Princess Royal.

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