Despite having embarked on a massive newbuilding programme the company had no vessels to generate revenue. The loss mainly resulted from administrative expenses, constituting $5.5m, which consisted of amortisation of stock-based compensation and salaries of staff in New York and Monaco.
Following the January announcement of 22 further newbuilding contracts, The company currently has 74 vessels on order, consisting of 28 ultramax newbuildings, 23 kamsarmax newbuildings and 23 capesize newbuildings. The total orderbook amounts to $2.76bn, of which Scorpio Bulkers has paid $476m at time of writing.
Scorpio Bulkers is expected to take delivery of two kamsarmaxes, Cakewalk and Charleston, during the next three months. In February, the company announced it would be chartering in vessels in order to bridge the gap until its new buildings arrive
"We have seen improvements in dry bulk rates over the past year, particularly in the fourth quarter of 2013,” said ceo Emanuele Lauro. “We believe rates will increase over the next few years, and our fleet of 74 newbuilding dry bulk vessels are poised to be delivered into favourable rate environments. Also, in anticipation of an increase in rates, we have time chartered-in ten modern dry bulk vessels at favourable rates."
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