World News
Before First Ships' Arrival, Scorpio Bulkers Loses $6.3M in 2013
As it awaits the arrival of its first ships, Scorpio Bulkers [NYSE:SALT] reports that it lost $6.3 million in the first nine months of operation, with most of the money spent on general and administrative expenses.
"We have seen improvements in dry bulk rates over the past year, particularly in the fourth quarter of 2013," said Emanuele Lauro, CEO and Chairman of the Board.
"We believe rates will increase over the next few years, and our fleet of 74 newbuilding dry bulk vessels are poised to be delivered into favorable rate environments.
"Also, in anticipation of an increase in rates, we have time chartered-in ten modern dry bulk vessels at favorable rates."
The company now has 74 vessels on order, and expects two Kamsarmax ships to arrive this year, according to its website.
To begin vessel operations, Scorpio Bulkers has decided to time charter-in ten dry bulk vessels, six of which have already been delivered.
The company officially started operations on May 20 of last year and commenced its initial public offering in December.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 523.00 | 7.50 | 685.00 | 7.50 |
| Rotterdam | 518.50 | 2.00 | 728.00 | 5.00 |
| Houston | 496.50 | 0.50 | 701.50 | 1.50 |
| Fujairah | 516.50 | 5.50 | 732.50 | 1.50 |
| Global 20 Ports Average | 554.00 | 3.50 | 779.00 | 6.50 |
| Global 4 Ports Average | 513.50 | 4.00 | 712.00 | 1.00 |
| Global Average Bunker Price | 590.50 | 4.50 | 820.00 | 4.00 |
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