Scorpio Bulkers racks up first half losses of $190.7m

The quarter's results include $119.6m in losses on the sale of eight capesize newbuildings, one ultramax newbuilding, and two LR2 product tankers.

Scorpio has agreed to sell 20 newbuilding contracts, with 16 sales completed, as the dry bulk market continues to suffer from low rates after hitting an all time low earlier this year.

The 48 remaining dry bulk vessels in Scorpio's orderbook have a total prive of $1.6bn, with $994m left to pay through to Q3 2016.

A total of 22 vessels, 13 time chartered-in and nine owned, earned time charter equivalent revenues (TCE) of $12.8m in the second quarter, compared to the $13m earned by 19 chartered-in vessels in Q2 2014.

Daily TCE revenues were down to $6,737 per day in Q2 2015 from $8,867 per day for Q2 2014. The decrease came despite revenue days increasing to 1,897 in the three months to 30 June 2015, down from 1,471 in the same period last year.