Scorpio Bulkers, which along with sister company Scorpio Tankers, has taken a major bet on scrubbers to comply with the IMO’s 2020 low sulphur regulations is assuming a price spread of $250 per tonne between high and low sulphur fuel once the limit is in force.
Getting in the ring at last week's Marine Money’s Ship Finance Forum in New York to do battle with the topic of equity fundraising in shipping were Robert Bugbee, ceo of Scorpio Bulkers and Scorpio Tankers, and John Michael Radziwill, ceo and chairman of Oslo-listed Goodbulk.
Scorpio Bulkers has described industry organisations and some large flag states “apologists” for small undercapitalized shipowners as they seek an experience building phase for the 2020 0.5% global sulphur cap.
Scorpio has confirmed it is fitting 146 scrubbers across vessels in its dry bulk and tanker fleets to comply with the 1 January 2020 IMO global sulphur cap.
The IMO 2020 clock is ticking - as 1 January 2020 looms closer, now little more than one year away, interest in scrubbers seems to have surged. Most notably, a number of public companies have joined the scrubber fray, leading financial analysts, rather than purely technical types, to look closely at their economics.
“Shifting Global Tides” was the theme for the 2016 joint shipping conference of the Greek- American and the Norwegian American Chambers of Commerce, this year a unique constellation of shipping and equity market developments have caused an outward tide, or so it seems to many of the attendees at the event.
Scorpio Bulkers has reported a $138.6m loss in the second quarter, bringing its first half loss up to a hefty $190.7m.
Scorpio Bulkers, having taken a huge punt on the dry bulk shipping market in 2013 - 14, reported a net loss of $52.1m in the first three months of 2015, from a $10.7m loss in the same period in the previous year, hit by write downs.