Scorpio Bulkers Shrinks Quarterly Loss

first_imgzoomImage Courtesy: Scorpio Bulkers Monaco-based bulker owner Scorpio Bulkers managed to cut its net loss, shrinking it to USD 5.8 million in the first quarter of 2018 from USD 34.6 million reported in the same period a year earlier.For the three months ended March 31, 2018, the company’s total vessel revenues reached USD 54.3 million, compared to USD 34.7 million seen in the first quarter of 2017.First quarter 2018 revenues were driven by high levels of demand for coal and grains for the better part of the quarter. Scorpio Bulkers’ Kamsarmax fleet earned USD 12,881 per day during the period, while its Ultramax fleet earned USD 9,757 per day.Voyages fixed so far for the second quarter of 2018 for the Kamsarmax fleet were at around USD 13,250 per day for 56% of the days, and for the Ultramax fleet they were at USD 11,925 per day for 48% of the days.Furthermore, the company’s Board of Directors declared a quarterly cash dividend of USD 0.02 per share on April 20, payable on or about May 31, 2018, to all shareholders of record.Following the end of the first quarter of the year, Scorpio Bulkers entered into two financing agreements related to one Kamsarmax and one Ultramax vessel.On April 3, 2018, the company received a commitment for a loan facility of up to USD 12.75 million to finance the company’s Kamsarmax bulk carrier to be delivered from Jiangsu New Yangzijiang Shipbuilding Co Ltd in China in the third quarter of 2018.Later in April, Scorpio Bulkers entered into a financing transaction in respect of one of its Ultramax vessels involving the sale and leaseback of the SBI Tango, a 2015-built vessel, for consideration of USD 19 million. The transaction provides options to repurchase the vessel beginning on the third anniversary of the sale until the end of the bareboat charter agreement.last_img read more

Hells suspect arraigned in Montreal on various charges

first_imgMONTREAL – A member of the Hells Angels who was arrested after eight years on the lam has been arraigned on four charges.Marc Bordage, 54, is accused of passing himself off as another person; possessing a false passport; using the passport; and having in his possession another person’s identity papers.He was arraigned in Montreal on Friday afternoon, a day after being nabbed downtown by city and provincial police.Bordage was one of the 10 most wanted criminals in the province.He will remain behind bars pending his bail hearing scheduled for Wednesday.Bordage had been sought since 2009 on charges of conspiracy, gangsterism and drug trafficking.The charges were dropped with a stay of proceedings in 2016.(Cogeco Nouvelles)last_img read more