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Chaired by Emanuele Lauro, the dry bulk arm of Scorpio Group operated 57 vessels as of early August. The fleet is composed of ultramax and kamsarmax ships after Scorpio Bulkers exited the capesize segment. The company is incorporated in the Marshall Islands and its principal executive offices are based in Monaco and New York.
Scorpio Bulkers reported a net profit of $800,000 in the second quarter, reversing a $13.4m loss seen in the period a year earlier, as vessel earnings almost doubled.
The company declared another quarterly dividend of $0.02 cents per share. It is its fourth dividend.
Total vessel revenues climbed to $60.6m versus $37.7m, the dry bulk owner said.
Breaking it down, its kamsarmax fleet earned $12,823 per day during the quarter, while its ultramax fleet generated $11,569 per day.
As of late July, the fleet had managed to secure $13,974 per day for kamsarmaxes and $10,963 per day for ultramaxes for third-quarter days.
Cash and cash equivalents amounted to $80.5m as of July 20, while debt was at $736m.
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Speaking on an Arctic Securities webinar, Mr Bugbee said that he does not see the company stepping out to buy dry bulk fleets as it would not improve performance
The company is more confident about an improving market and would like to keep its vessels in the spot market
After evangelising about an 'eco-fleet' of tankers, the president and chief executive are now staking the group's profitability on 75 of its vessels being fitted with scrubbers
Chairman and chief executive Emanuele Lauro said the special dividend was the appropriate step to take at this time
Company’s president Robert Bugbee tells analysts that its net asset value is rising because the rates fixing currently will lead to ‘very positive cash flow’
The firm will sell six ultramax vessels that it will take back on eight-year bareboat charters
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