Scorpio Bulkers takes $10.7m hit in Q1

The company's fleet of 17 ships, chartered-in in February, brought in $5.4m in revenues in the quarter with $16.6m in expenses for an $11m operating loss.

Installments of $2.4bn stretch through til the third quarter 2016 for the newbuild fleet, with Kamsarmax SBI Cakewalk due for delivery in the second quarter 2014 ahead of 78 further vessels staggered through to 2016.

Less than a year since its debut order of 14 vessels, Scorpio Bulkers' orderbook has grown to 8.6m dwt and $3bn while its chartered-in fleet is positioning for the South American grain season, ready for its first full quarter of charter income.

"Dry bulk rates softened through the first quarter, driven by customers reducing inventories, political disruptions among several exporting countries, and the traditional seasonal lull before accelerated grain exports from the southern hemisphere." commented Emanuele Lauro, chairman and ceo.

"Each of these factors are temporary, and our confidence in the longer-term fundamentals of dry bulk shipping remains intact: net supply growth of the world fleet will be muted for the next several years while demand for long haul shipments is improving given that the higher quality and cheaper commodities are far from the primary customers."