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Scorpio Bulkers $208m in red for first nine months of 2015

Scorpio Bulkers $208m in red for first nine months of 2015
Scorpio Bulkers has narrowed its net loss to $16.3m in Q3, but remains $208m in the red for the first nine months of 2015.

While the Q3 results compares favourably with the net losses of $18.9m booked in the third quarter of 2014, and time charter revenues increased to $15.2m the third quarter of 2015 from $12.4m in Q3 2014, Scorpio Bulkers more than quadrupled its 9-month losses from $44.6m in 2014.

Thanks to the company’s ill-timed newbuilding program, Scorpio Bulkers has taken delivery of five capsizes, seven kamsarmaxes and 12 ultramaxes so far this year. On top of this, the company has $645.7m of costs still to pay from its newbuilding program with six capesizes, 12 Kamsarmaxes and 16 ultramaxes due for delivery between Q4 2015 and Q3 2016.

However, the company cut its losses somewhat with the sales 11 newbuilding contracts, for four LR2 product tankers, two Aframax tankers, three Capesize vessels, one Kamsarmax vessel and one Ultramax vessel. This brings the total newbuilding contract sales to 20. “We are no longer under any obligation for remaining contractual installments under those contracts,” said the company in a statement.