March 4, 2015
Time charter equivalent revenue stood at $17.6m for the fourth quarter, outweighed by charterhire expenses of $23.7m for its 22 time chartered-in vessels. Average TCE revenues were $8,660 per day as the dry bulk market suffered a significant downturn.
For the full year TCE revenue was $45.5m with an equivalent rate of $7,957 per day. Charterhire expenses totalled $73.2m for the year.
The company lost $55.5m on disposal of assets for newbuilding contracts, including some it has altered from dry bulk ships to tankers. Sister company Scorpio Tankers snapped up four such LR2 contracts with an option to purchase two more. Three capesize contracts altered to LR1 newbuildings and due for delivery in 2016 are yet to find a buyer.
At the end of the year the company's orderbook stood at 68 vessels costing a total of $2.4bn, with $946.6m of instalments paid as of 2 March 2015. The biggest quarter for payments towards the orderbook is the third quarter 2015 where $469m of the $1.5bn oustanding is due to be paid.
Six vessels have joined the Scorpio bulkers fleet so far in 2015, during which time the Baltic Dry Index hit its lowest ever figure.
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