Scorpio Bulkers reported revenues of $18.65m for the first six months with operating costs of $45.1m resulting the $25.7m net loss. In the second quarter the company reported a net loss of $15m, with a time charter equivalent pre vessel per day of $8,163.
Scorpio Bulkers operates a fleet of 19 chartered in vessels and 80 newbuildings on order.
“Time charter equivalent revenue per day was adversely affected by the integration of the time chartered vessels into our fleet which required significant time and fuel as they had to be repositioned for their first voyages as well as a depressed rate environment for dry bulk carriers,” the company said.
Scorpio Bulkers has so far paid down $851.3m in installments on its $3.1bn newbuilding programme. The company is due to pay the remaining $2.25bn in scheduled installments between now and the third quarter of 2016.
Scorpio Bulkers said it had now had signed loan agreements or commitments for financing 52 of its newbuildings and that it had received proposals from European and Asian financial institutions to finance a portion of the cost of the remaining 28 vessels on order.
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