From hero to well below zero - Scorpio Bulkers losses over half a billion in 2015

The most ambitious gamble on the dry bulk in recent years – Scorpio Bulkers – lost over half a billion dollars in 2015.

Scorpio Bulkers reported a full net loss of $510.79m for 2015 compared to $116.56 a year earlier. Revenues for 2015 were just $62.52m against the $510.79m loss as the company in the same year as company’s operating expenditures outstripped revenues by around nine times.

The final quarter of 2015 was particularly grim as Scorpio Bulkers racked up a $302.02m loss, compared to $71.99m in the same period a year earlier. It last three months of 2015 the company took hefty writedowns on assets held for sale of $271.3m , which was associated with 11 capesizes vessels and newbuildings. Scorpio Bulkers has now effectively exited the capesize sector.

On Monday the Baltic Capesize Index stood at an all time low of 174 point with an average daily TC rate of just $2,356.

The company has 16 newbuildings still to be delivered on which $298.6m remains to be paid. Between the start of 2016 and 25 February Scorpio Bulkers has sold seven vessels.

Posted 29 February 2016

© Copyright 2019 Seatrade (UBM (UK) Ltd). Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Seatrade.

Marcus Hand

Editor, Seatrade Maritime News

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