Scorpio Bulkers Inc. (NYSE: SALT) (“Scorpio Bulkers”, or the
“Company”), today reported its results for the three months ended
March 31, 2019.
The Company also announced that on April 26,
2019, its Board of Directors declared a quarterly cash dividend of
$0.02 per share on the Company’s common shares.
Results for the Three Months Ended
March 31, 2019 and 2018
For the first quarter of 2019, the Company’s
GAAP net loss was $3.5 million, or $0.05 loss per diluted share,
including:
- an approximately $15.0 million non-cash gain and cash dividend
income of $0.5 million, or $0.23 earnings per diluted share, from
the Company’s equity investment in Scorpio Tankers Inc.; and
- a write-down of assets held for sale of approximately $7.5
million, or $0.11 loss per diluted share, related to the sale of
the SBI Electra and SBI Flamenco.
For the same period in 2018, the Company’s GAAP
net loss was $5.8 million, or $0.08 loss per diluted share.
Total vessel revenues for the first quarter of
2019 were $50.4 million, compared to $54.3 million for the same
period in 2018. Earnings before interest, taxes, depreciation and
amortization (“EBITDA”) for the first quarters of 2019 and 2018
were $25.3 million and $20.4 million, respectively (see Non-GAAP
Financial Measures below).
For the first quarter of 2019, the Company’s
adjusted net income was $4.0 million, or $0.06 adjusted earnings
per diluted share, which excludes the impact of the write-down of
assets held for sale of $7.5 million. Adjusted EBITDA for the first
quarter of 2019 was $32.8 million. There were no such non-GAAP
adjustments to net income in the first quarter of 2018 (see
Non-GAAP Financial Measures below).
TCE Revenue
TCE Revenue Earned during the First Quarter of
2019
- Our Kamsarmax fleet earned $11,176 per day
- Our Ultramax fleet earned $9,177 per day
Voyages Fixed thus far for the Second Quarter of 2019
- Kamsarmax fleet: approximately $10,487 per day for 42% of the
days
- Ultramax fleet: approximately $9,488 per day for 48% of the
days
Cash and Cash Equivalents
As of April 26, 2019, the Company had
approximately $57.9 million in cash and cash equivalents.
Recent Significant Events
Vessel Sales
In March 2019, the Company entered into
agreements with unaffiliated third parties to sell the SBI Electra
and SBI Flamenco, two 2015 Chinese built Kamsarmax vessels, for
approximately $48.0 million in aggregate. Delivery of the vessels
is expected to take place in the second quarter of 2019. As a
result, the Company recorded a write down of approximately $7.5
million in the first quarter of 2019. The Company will also
write off approximately $0.4 million of deferred finance costs in
the second quarter of 2019 when paying off the existing debt.
Dividend
In the first quarter of 2019, the Company’s
Board of Directors declared and the Company paid a quarterly cash
dividend of $0.02 per share totaling approximately $1.4
million.
On April 26, 2019, the Company’s Board of
Directors declared a quarterly cash dividend of $0.02 per share,
payable on or about May 31, 2019, to all shareholders of record as
of May 15, 2019. As of April 26, 2019, 71,217,258 shares were
outstanding.
Debt
CMBFL Lease Financing
In March 2019, the Company agreed to sell and leaseback three
Ultramax vessels (SBI Pegasus, SBI Subaru and SBI Ursa) and four
Kamsarmax vessels (SBI Lambada, SBI Macarena, SBI Carioca and SBI
Capoeira) from CMB Financial Leasing Co., Ltd. Upon completion,
which is estimated to take place in the second quarter of 2019, the
Company’s liquidity is expected to increase by up to $57.2
million in aggregate, comprising of up to
$45.4 million upon closing after the repayment of
outstanding debt and an additional tranche of up to $11.8
million for installation of exhaust gas cleaning systems
(“scrubbers”) on the seven vessels. As part of the agreements, the
Company will bareboat charter-in the vessels for a period of seven
years. In addition, the Company has purchase options beginning
after the end of the third year of each agreement. There is
also a purchase option for each vessel upon the expiration of each
agreement.
Upon the closing of this financing, approximately $74.8 million
of existing debt is expected to be prepaid and approximately $1.3
million of deferred financing costs are expected to be written off
on the $330.0 Million Credit Facility.
$21.4 Million Lease Financing - SBI
Samba
On April 15, 2019, the Company closed a
financing transaction with an unaffiliated third party involving
the sale and leaseback of the SBI Samba, a 2015 Japanese built
Kamsarmax vessel, for consideration of $21.4 million. As part of
the transaction, the Company has agreed to make payments of $6,850
per day under a five-year bareboat charter agreement with the
buyer. The transaction also provides the Company with the option to
repurchase the vessel beginning on the third anniversary of the
sale until the end of the bareboat charter agreement.
$42.0 Million Credit
Facility
During April 2019, the Company prepaid approximately $14.1
million of its $42.0 Million Credit Facility and wrote off
approximately $0.8 million of deferred financing costs as the SBI
Samba is now financed by the $21.4 Million Lease Financing - SBI
Samba.
$45.0 Million Lease Financing - SBI Virgo and SBI
Libra
In April 2019, the Company entered into a
financing transaction with an unaffiliated third party involving
the sale and leaseback of the SBI Virgo and SBI Libra, two 2017
Chinese built Ultramax vessels, for consideration of $21.0 million
each. Upon completion, which is estimated to take place in the
second quarter of 2019, the Company’s liquidity is expected to
increase by up to $17.0 million in aggregate,
comprising of $14.0 million upon closing after the
repayment of outstanding debt and an additional tranche of up
to $3.0 million for the installation of scrubbers on both
vessels. As part of the agreements, the Company has agreed to
bareboat charter-in the vessels for a period of 11 years and will
have purchase options beginning after the end of the fourth year of
each agreement.
Upon the closing of this financing,
approximately $27.6 million of existing debt is expected to be
prepaid and approximately $0.4 million of deferred financing costs
are expected to be written off on the $85.5 Million Credit
Facility
AVIC Lease Financing
In April 2019, the Company agreed to sell and leaseback six
Ultramax vessels (SBI Antares, SBI Bravo, SBI Hydra, SBI Leo, SBI
Lyra and SBI Maia) to AVIC International Leasing Co., Ltd. Upon
completion, which is estimated to take place in the second quarter
of 2019, the Company’s liquidity is expected to increase by up to
$62.4 million in aggregate, comprising of up to $52.6 million upon
closing after the repayment of outstanding debt and an additional
tranche of up to $9.8 million for the installation of scrubbers on
the six vessels. As part of the agreements, the Company will
bareboat charter-in the vessels for a period of eight years and
will have purchase options beginning after the end of the second
year of each agreement as well as upon the expiration of each
agreement.
Upon the closing of this financing, approximately $61.9 million
of existing debt is expected to be prepaid and approximately $0.7
million of deferred financing costs are expected to be written off
on the $330.0 Million Credit Facility.
Scrubber Financings
In addition to the scrubber financing available
under the CMBFL Lease Financing, the $45.0 Million Lease Financing
- SBI Virgo and SBI Libra and the AVIC Lease Financing, the Company
reached agreements with certain lenders to increase certain
existing credit facilities by up to $46.0 million in the aggregate
to finance the installation of scrubbers on certain of its vessels.
The additional amounts will be drawn upon the installation of the
scrubbers on the respective vessels, are structured as upsizings of
existing credit facilities, and have loan margins matching the loan
margins on the respective existing credit facilities.
These financing arrangements will be subject to conditions
precedent and the execution of definitive documentation.
Debt Overview
The Company’s outstanding debt balances, gross of unamortized
deferred financing costs as of March 31, 2019 and
April 26, 2019, are as follows (dollars in thousands):
| |
|
As ofMarch 31,
2019 |
|
As of April 26,2019 |
|
As of April 26,2019 |
| |
|
|
|
|
|
|
|
Credit Facility |
|
Amount Outstanding |
|
AmountCommitted (1) |
| Senior Notes |
|
$ |
73,625 |
|
|
$ |
73,625 |
|
|
$ |
— |
|
| $330 Million Credit
Facility (2) |
|
136,669 |
|
|
136,669 |
|
|
— |
|
| $42 Million Credit
Facility |
|
14,105 |
|
|
— |
|
|
— |
|
| $12.5 Million Credit
Facility |
|
9,204 |
|
|
9,204 |
|
|
— |
|
| $27.3 Million Credit
Facility |
|
9,008 |
|
|
9,008 |
|
|
— |
|
| $85.5 Million Credit
Facility (2) |
|
77,340 |
|
|
77,340 |
|
|
5,712 |
|
| $38.7 Million Credit
Facility |
|
34,200 |
|
|
34,200 |
|
|
4,260 |
|
| $12.8 Million Credit
Facility |
|
12,325 |
|
|
12,325 |
|
|
1,398 |
|
| $30.0 Million Credit
Facility |
|
28,864 |
|
|
28,864 |
|
|
2,585 |
|
| $60.0 Million Credit
Facility (2) |
|
57,594 |
|
|
57,594 |
|
|
2,862 |
|
| $184.0 Million Credit
Facility |
|
176,458 |
|
|
176,458 |
|
|
17,448 |
|
| $34.0 Million Credit
Facility |
|
33,393 |
|
|
33,393 |
|
|
3,000 |
|
| $90.0 Million Credit
Facility |
|
88,025 |
|
|
88,025 |
|
|
8,706 |
|
| $19.6 Million Lease
Financing - SBI Rumba |
|
17,799 |
|
|
17,697 |
|
|
— |
|
| $19.0 Million Lease
Financing - SBI Tango |
|
18,166 |
|
|
18,071 |
|
|
— |
|
| $19.0 Million Lease
Financing - SBI Echo |
|
18,212 |
|
|
18,121 |
|
|
— |
|
| $20.5 Million Lease
Financing - SBI Hermes |
|
19,991 |
|
|
19,888 |
|
|
— |
|
| $21.4 Million Lease
Financing - SBI Samba |
|
— |
|
|
21,287 |
|
|
— |
|
| CMBFL Lease
Financing |
|
— |
|
|
— |
|
|
133,904 |
|
| $45.0 Million Lease
Financing - SBI Virgo & SBI Libra |
|
— |
|
|
— |
|
|
45,000 |
|
| AVIC Lease
Financing |
|
— |
|
|
— |
|
|
125,460 |
|
| Total |
|
$ |
824,978 |
|
|
$ |
831,769 |
|
|
$ |
350,335 |
|
- Includes the maximum loan amount available for the installation
of scrubbers following upsizes of certain credit facilities. These
financing arrangements will be subject to conditions precedent and
the execution of definitive documentation.
- These facilities are expected to be paid down in part or fully
upon the closing of the CMBFL Lease Financing, $45.0 Million Lease
Financing - SBI Virgo & SBI Libra, the AVIC Lease Financing and
the sale of the SBI Flamenco and SBI Electra.
The Company’s projected quarterly debt
repayments on its bank loans and senior notes and bareboat charter
payments on its finance leases through 2020 are as follows (dollars
in thousands):
| |
|
|
Principal onBank Loans andSenior
Notes |
|
Finance Leases |
|
Total (1) |
| |
Q2 2019 (2) (3) |
|
|
204,177 |
|
|
|
10,518 |
|
|
|
214,695 |
|
| |
Q3 2019 (4) |
|
|
83,476 |
|
|
|
11,293 |
|
|
|
94,769 |
|
| |
Q4 2019 |
|
|
10,910 |
|
|
|
11,469 |
|
|
|
22,379 |
|
| |
Q1 2020 |
|
|
10,827 |
|
|
|
11,398 |
|
|
|
22,225 |
|
| |
Q2 2020 |
|
|
11,875 |
|
|
|
11,667 |
|
|
|
23,542 |
|
| |
Q3 2020 |
|
|
11,339 |
|
|
|
11,949 |
|
|
|
23,288 |
|
| |
Q4 2020 (5) |
|
|
20,136 |
|
|
|
11,847 |
|
|
|
31,983 |
|
| |
Total |
|
$352,740 |
|
|
$80,141 |
|
|
$432,881 |
|
- Includes estimated repayments on the upsizings of certain
credit facilities for the installation of scrubbers, for which the
timing of the drawdowns and repayment schedules set forth are
estimates only and may vary as the timing of the related
installations finalize.
- Relates to payments expected to be made from April 27, 2019 to
June 30, 2019.
- Includes (i) the repayment of $28.7 million of the $60.0
Million Credit Facility upon the closing of the sale of the SBI
Flamenco and SBI Electra, (ii) the repayment of the $330.0 Million
Credit Facility in full upon the closing of the CMBFL and AVIC
Lease Financings and (iii) the repayment of $27.6 million of the
$85.5 Million Credit Facility upon the closing of the $45.0 Million
Lease Financing - SBI Virgo & SBI Libra.
- Includes $73.6 million repayment of Senior Notes due at
maturity.
- Includes $8.0 million repayment of $12.5 Million Credit
Facility due at maturity.
IMO 2020
The Company’s projected schedule and estimated
payments for the installation of scrubbers on all the vessels in
the Company’s fleet is as follows (dollars in thousands):
| |
|
|
Number of Vessels by Type |
|
EstimatedPayments (1) |
|
| |
|
|
Ultramax |
|
Kamsarmax |
|
|
| |
Q2 2019 (2) |
|
— |
|
|
3 |
|
|
8,790 |
|
|
| |
Q3 2019 |
|
9 |
|
|
1 |
|
|
17,228 |
|
|
| |
Q4 2019 |
|
1 |
|
|
4 |
|
|
22,819 |
|
|
| |
Q1 2020 |
|
11 |
|
|
1 |
|
|
26,042 |
|
|
| |
Q2 2020 |
|
9 |
|
|
4 |
|
|
21,588 |
|
|
| |
Q3 2020 |
|
4 |
|
|
4 |
|
|
16,239 |
|
|
| |
Q4 2020 |
|
3 |
|
|
— |
|
|
6,501 |
|
|
| |
Q1 2021 |
|
— |
|
|
— |
|
|
1,457 |
|
|
| |
Total |
|
37 |
|
|
17 |
|
|
$ |
120,664 |
|
|
- Includes estimated cash payments for scrubbers that are due in
advance of the scheduled service and may be scheduled to occur in
quarters prior to the actual installation. In addition to these
installment payments, these amounts also include estimates of the
installation costs of such systems. The timing of the payments set
forth are estimates only and may vary as the timing of the related
installations finalize.
- Relates to payments expected to be made from April 27, 2019 to
June 30, 2019.
Financial Results for the Three Months
Ended March 31, 2019 Compared to the Three Months Ended March
31, 2018
For the first quarter of 2019, the Company’s
GAAP net loss was $3.5 million, or $0.05 loss per diluted share,
compared to a GAAP net loss of $5.8 million, or $0.08 loss per
diluted share, in the same period in 2018. Results for the
first quarter of 2019 include a non-cash gain of approximately
$15.0 million and cash dividend income of $0.5 million, or $0.23
earnings per diluted share, from the Company’s equity investment in
Scorpio Tankers Inc. and charges of approximately $7.5 million
related to the write down of the SBI Electra and SBI Flamenco,
which were classified as held for sale. EBITDA for the first
quarters of 2019 and 2018 were $25.3 million and $20.4 million,
respectively (see Non-GAAP Financial Measures below).
For the first quarter of 2019, the Company’s
adjusted net income was $4.0 million, or $0.06 adjusted earnings
per diluted share, which excludes the impact of the write-down of
assets held for sale of $7.5 million. Adjusted EBITDA for the first
quarter of 2019 was $32.8 million. There were no such non-GAAP
adjustments to net income in the first quarter of 2018 (see
Non-GAAP Financial Measures below).
Total vessel revenues for the first quarter of
2019 were $50.4 million compared to $54.3 million in the first
quarter of 2018. The Company’s TCE revenue (see Non-GAAP Financial
Measures below) for the first quarter of 2019 was $50.2 million, a
decrease of $3.8 million from the prior year period. Lower activity
during the first quarter of 2019 in both the Atlantic and Pacific,
coupled with poor sentiment due to the severe disruptions of iron
ore export capacity in Brazil and Australia resulted in lower
revenues for both the Ultramax and Kamsarmax operations. Coal and
mineral imports into Europe from the Atlantic declined due to lower
industrial activity, higher natural gas consumption and mild
temperatures. The continuation of Chinese coal import restrictions
from Australia along with high stockpiles due to the mild winter
and reduced industrial activity kept demand down, as did Chinese
grain import restrictions from Canada. These factors resulted
in lower rates across the Pacific. The Company was able to offset a
portion of the impact of the decreased activity through the time
charters it entered into in the third and fourth quarters of
2018.
Total operating expenses for the first quarter
of 2019 were $56.6 million, including the write-down of assets held
for sale of $7.5 million, compared to $49.8 million in the first
quarter of 2018.
Ultramax Operations
| |
Three Months Ended March 31, |
|
|
|
|
| Dollars in
thousands |
2019 |
|
2018 |
|
Change |
|
% Change |
| TCE
Revenue: |
|
|
|
|
|
|
|
| Vessel revenue |
$ |
31,282 |
|
|
$ |
33,330 |
|
|
$ |
(2,048 |
) |
|
(6 |
) |
| Voyage
expenses |
61 |
|
|
128 |
|
|
(67 |
) |
|
(52 |
) |
| TCE
Revenue |
$ |
31,221 |
|
|
$ |
33,202 |
|
|
$ |
(1,981 |
) |
|
(6 |
) |
| Operating
expenses: |
|
|
|
|
|
|
|
| Vessel
operating costs |
17,637 |
|
|
17,236 |
|
|
401 |
|
|
2 |
|
|
Charterhire expense |
870 |
|
|
915 |
|
|
(45 |
) |
|
(5 |
) |
| Vessel
depreciation |
9,197 |
|
|
9,190 |
|
|
7 |
|
|
— |
|
| General
and administrative expense |
1,027 |
|
|
1,073 |
|
|
(46 |
) |
|
(4 |
) |
|
Total operating expenses |
$ |
28,731 |
|
|
$ |
28,414 |
|
|
$ |
317 |
|
|
1 |
|
| Operating
income |
$ |
2,490 |
|
|
$ |
4,788 |
|
|
$ |
(2,298 |
) |
|
(48 |
) |
Vessel revenue for the Company’s Ultramax
Operations decreased to $31.3 million for the first quarter of 2019
from $33.3 million in the prior year period. Import restrictions
and the levels of existing coal stockpiles reduced demand,
resulting in lower rates earned by the Ultramax Operations.
TCE revenue (see Non-GAAP Financial Measures
below) for the Company’s Ultramax Operations was $31.2 million for
the first quarter of 2019 compared to $33.2 million for the prior
year period. During both periods, the Company’s Ultramax
fleet consisted of a day-weighted average of 37 vessels owned or
finance leased and one vessel time chartered in. TCE revenue per
day was $9,177 and $9,757 for the first quarters of 2019 and 2018,
respectively.
| |
Three Months Ended March 31, |
|
|
|
|
| Ultramax
Operations: |
2019 |
|
2018 |
|
Change |
|
% Change |
| TCE Revenue (in
thousands) |
$ |
31,221 |
|
|
$ |
33,202 |
|
|
$ |
(1,981 |
) |
|
(6 |
) |
| TCE Revenue / Day |
$ |
9,177 |
|
|
$ |
9,757 |
|
|
$ |
(580 |
) |
|
(6 |
) |
| Revenue Days |
3,402 |
|
|
3,403 |
|
|
(1 |
) |
|
— |
|
The Company’s Ultramax Operations vessel
operating costs were $17.6 million for the first quarter of 2019
including approximately $1.0 million of takeover costs and
contingency expenses compared with vessel operating costs of $17.2
million in the prior year, relating to the 37 vessels owned or
finance leased on average during both periods. Daily operating
costs excluding takeover costs and contingency expenses for the
first quarters of 2019 and 2018 were $5,005 and $4,909,
respectively. Daily operating costs for the first quarter of 2019
increased from the first quarter of 2018 due primarily to the
timing of store purchases.
Charterhire expense for the Company’s Ultramax
Operations was approximately $0.9 million for both the first
quarters of 2019 and 2018 and relates to the vessel time
chartered-in at $10,125 per day.
Ultramax Operations depreciation remained flat
at $9.2 million quarter over quarter as the Company’s weighted
average vessels owned or finance leased was 37 in both periods.
General and administrative expense for the
Company’s Ultramax Operations, which consists primarily of
administrative service fees, which are incurred on a per vessel per
day basis, and bank charges, which are incurred based on the number
of transactions, was $1.0 million for the first quarter of 2019 and
$1.1 million in the prior year period.
Kamsarmax Operations
| |
Three Months Ended March 31, |
|
|
|
|
| Dollars in
thousands |
2019 |
|
2018 |
|
Change |
|
% Change |
| TCE
Revenue: |
|
|
|
|
|
|
|
| Vessel revenue |
$ |
19,069 |
|
|
$ |
20,923 |
|
|
$ |
(1,854 |
) |
|
(9 |
) |
| Voyage
expenses |
47 |
|
|
68 |
|
|
(21 |
) |
|
(31 |
) |
| TCE
Revenue |
$ |
19,022 |
|
|
$ |
20,855 |
|
|
$ |
(1,833 |
) |
|
(9 |
) |
| Operating
expenses: |
|
|
|
|
|
|
|
| Vessel
operating costs |
8,633 |
|
|
8,571 |
|
|
62 |
|
|
1 |
|
|
Charterhire expense |
109 |
|
|
90 |
|
|
19 |
|
|
21 |
|
| Vessel
depreciation |
4,722 |
|
|
4,678 |
|
|
44 |
|
|
1 |
|
| General
and administrative expense |
288 |
|
|
507 |
|
|
(219 |
) |
|
(43 |
) |
| Loss /
write down on assets held for sale |
7,509 |
|
|
— |
|
|
7,509 |
|
|
|
|
Total operating expenses |
$ |
21,261 |
|
|
$ |
13,846 |
|
|
$ |
7,415 |
|
|
54 |
|
| Operating
(loss) income |
$ |
(2,239 |
) |
|
$ |
7,009 |
|
|
$ |
(9,248 |
) |
|
(132 |
) |
Vessel revenue for the Company’s Kamsarmax
Operations decreased to $19.1 million in the first quarter of 2019
from $20.9 million in the prior year period. Vessel revenues
earned by the Kamsarmax Operations were negatively impacted by
disruptions to iron ore exports from Brazil and Australia, due to
the flooding caused by the collapse of a Vale mining dam in Brazil
and weather, respectively, as well as reduced coal imports to China
and Europe due to the mild winter.
TCE revenue (see Non-GAAP Financial Measures)
for the Company’s Kamsarmax Operations was $19.0 million for the
first quarter of 2019 associated with a day-weighted average of 19
vessels owned or finance leased, compared to $20.9 million for the
prior year period associated with a day-weighted average of 18
vessels owned or finance leased. TCE revenue per day was $11,176
and $12,881 for the first quarters of 2019 and 2018,
respectively.
| |
Three Months Ended March 31, |
|
|
|
|
| Kamsarmax
Operations: |
2019 |
|
2018 |
|
Change |
|
% Change |
| TCE Revenue (in
thousands) |
$ |
19,022 |
|
|
$ |
20,855 |
|
|
$ |
(1,833 |
) |
|
(9 |
) |
| TCE Revenue / Day |
$ |
11,176 |
|
|
$ |
12,881 |
|
|
$ |
(1,705 |
) |
|
(13 |
) |
| Revenue Days |
1,702 |
|
|
1,619 |
|
|
83 |
|
|
5 |
|
Kamsarmax Operations vessel operating costs were
$8.6 million for both the first quarters of 2019 and 2018 and
related to 19 and 18 vessels owned or finance leased on average,
respectively, during the periods. Daily operating costs excluding
takeover costs and contingency expenses for the first quarters of
2019 and 2018 were $5,111 and $5,172, respectively. While vessel
operating expenses remained flat from period to period, the number
of vessels increased due to the addition of the SBI Lynx which was
delivered in the third quarter of 2018.
While the Company did not time charter-in any
Kamsarmax vessels in the first quarter of either 2019 or 2018, it
had a profit and loss sharing agreement with a third party related
to one Kamsarmax vessel, for which it recorded its share of the
losses. The profit and loss sharing agreement expired in the
first quarter of 2019.
Kamsarmax Operations depreciation was $4.7
million in both the first quarters of 2019 and 2018, as the
Company’s weighted average vessels owned were 19 and 18 in the same
periods.
General and administrative expense for the
Company’s Kamsarmax Operations was $0.3 million and $0.5 million
for the first quarters of 2019 and 2018, respectively. The
expense consists primarily of administrative services fees, which
are incurred on a per vessel per day basis, and bank charges, which
are incurred based on the number of transactions.
During the first quarter of 2019, a write down on assets held
for sale of $7.5 million related to the sale of the SBI
Electra and SBI Flamenco was recorded.
Corporate
Certain general and administrative expenses the
Company incurs, as well as all of its financial expenses and
investment income or losses are not attributable to a specific
segment. Accordingly, these costs are not allocated to the
Company’s segments. These general and administrative expenses,
including compensation, audit, legal and other professional fees,
as well as the costs of being a public company, such as director
fees, were $6.5 million and $7.3 million in the first quarters of
2019 and 2018, respectively. The quarter over quarter decrease is
due primarily to decreases in compensation.
The Company recorded a non-cash gain of
approximately $15.0 million for the first quarter of 2019 and a
cash dividend of $0.5 million on its equity investment in Scorpio
Tankers Inc.
Financial expenses, net increased to $12.7
million in the first quarter of 2019 from $10.2 million in the
prior year period due to higher levels of debt and LIBOR rates, as
well as a decrease in the value of the interest rate caps. In the
second quarter of 2019 it is expected that approximately $3.6
million of deferred financing costs will be written off related to
vessel sales and debt refinancings under the new sale and leaseback
transactions.
Scorpio Bulkers Inc. and
SubsidiariesConsolidated Statements of
Operations(Amounts in thousands, except per share
data)
| |
|
Unaudited |
|
| |
|
Three Months Ended March 31, |
|
| |
|
2019 |
|
2018 |
|
|
Revenue: |
|
|
|
|
|
| Vessel
revenue |
|
$ |
50,351 |
|
|
$ |
54,253 |
|
|
| Operating
expenses: |
|
|
|
|
|
| Voyage
expenses |
|
108 |
|
|
196 |
|
|
| Vessel
operating costs |
|
26,270 |
|
|
25,806 |
|
|
|
Charterhire expense |
|
979 |
|
|
1,005 |
|
|
| Vessel
depreciation |
|
13,919 |
|
|
13,868 |
|
|
| General
and administrative expenses |
|
7,829 |
|
|
8,910 |
|
|
| Loss /
write down on assets held for sale |
|
7,509 |
|
|
— |
|
|
| Total operating
expenses |
|
56,614 |
|
|
49,785 |
|
|
| Operating
(loss) income |
|
(6,263 |
) |
|
4,468 |
|
|
| Other income
(expense): |
|
|
|
|
|
| Interest
income |
|
344 |
|
|
214 |
|
|
| Income
from equity investment |
|
15,503 |
|
|
— |
|
|
| Foreign
exchange loss |
|
(4 |
) |
|
(87 |
) |
|
| Financial
expense, net |
|
(13,049 |
) |
|
(10,367 |
) |
|
| Total other
income (expense) |
|
2,794 |
|
|
(10,240 |
) |
|
| Net
loss |
|
$ |
(3,469 |
) |
|
$ |
(5,772 |
) |
|
| |
|
|
|
|
|
| Loss per share: |
|
|
|
|
|
| Basic |
|
$ |
(0.05 |
) |
|
$ |
(0.08 |
) |
|
| Diluted |
|
$ |
(0.05 |
) |
|
$ |
(0.08 |
) |
|
| |
|
|
|
|
|
| Basic weighted average
number of common shares outstanding |
|
67,464 |
|
|
72,702 |
|
|
| Diluted weighted
average number of common shares outstanding |
|
67,464 |
|
|
72,702 |
|
|
Scorpio Bulkers Inc. and
SubsidiariesConsolidated Balance
Sheets(Dollars in thousands)
| |
|
Unaudited |
|
|
| |
|
March 31, 2019 |
|
December 31, 2018 |
| Assets |
|
|
|
|
| Current assets |
|
|
|
|
| Cash and cash
equivalents |
|
$ |
50,821 |
|
|
$ |
67,495 |
|
| Accounts
receivable |
|
8,520 |
|
|
10,290 |
|
| Prepaid
expenses and other current assets |
|
6,925 |
|
|
6,314 |
|
| Total current
assets |
|
66,266 |
|
|
84,099 |
|
| Non-current assets |
|
|
|
|
| Vessels,
net |
|
1,443,674 |
|
|
1,507,918 |
|
| Equity
method investment |
|
107,243 |
|
|
92,281 |
|
| Assets
held for sale |
|
47,140 |
|
|
— |
|
| Deferred
financing costs, net |
|
3,522 |
|
|
3,706 |
|
| Other
assets |
|
21,078 |
|
|
15,822 |
|
| Total
non-current assets |
|
1,622,657 |
|
|
1,619,727 |
|
| Total
assets |
|
$ |
1,688,923 |
|
|
$ |
1,703,826 |
|
| |
|
|
|
|
| Liabilities and
shareholders’ equity |
|
|
|
|
| Current
liabilities |
|
|
|
|
| Bank
loans, net |
|
$ |
60,910 |
|
|
$ |
60,310 |
|
| Capital
lease obligations |
|
4,642 |
|
|
4,594 |
|
| Senior
Notes, net |
|
73,383 |
|
|
73,253 |
|
| Accounts
payable and accrued expenses |
|
14,250 |
|
|
14,457 |
|
| Total current
liabilities |
|
153,185 |
|
|
152,614 |
|
| Non-current
liabilities |
|
|
|
|
| Bank
loans, net |
|
606,599 |
|
|
621,179 |
|
| Capital
lease obligations |
|
68,105 |
|
|
69,229 |
|
| Other
liabilities |
|
2,948 |
|
|
— |
|
| Total non-current
liabilities |
|
677,652 |
|
|
690,408 |
|
| Total liabilities |
|
830,837 |
|
|
843,022 |
|
| Shareholders’
equity |
|
|
|
|
|
Preferred shares, $0.01 par value; 50,000,000 shares authorized; no
sharesissued or outstanding |
|
— |
|
|
— |
|
|
Common shares, $0.01 par value per share; authorized 212,500,000
sharesas of March 31, 2019 and December 31, 2018; issued and
outstanding71,217,258 shares as of March 31, 2019 and December 31,
2018 |
|
796 |
|
|
796 |
|
| Paid-in
capital |
|
1,748,399 |
|
|
1,747,648 |
|
| Common
shares held in treasury, at cost; 8,567,846 shares at March 31,
2019 and December 31, 2018 |
|
(56,720 |
) |
|
(56,720 |
) |
|
Accumulated deficit |
|
(834,389 |
) |
|
(830,920 |
) |
| Total shareholders’
equity |
|
858,086 |
|
|
860,804 |
|
| Total
liabilities and shareholders’ equity |
|
$ |
1,688,923 |
|
|
$ |
1,703,826 |
|
Scorpio Bulkers Inc. and
SubsidiariesStatements of Cash Flows
(unaudited)(Amounts in thousands)
| |
|
For the Three Months Ended March
31, |
| |
|
2019 |
|
2018 |
| Operating
activities |
|
|
|
|
| Net loss |
|
$ |
(3,469 |
) |
|
$ |
(5,772 |
) |
| Adjustment to
reconcile net loss to net cash provided by |
|
|
|
|
|
operating activities: |
|
|
|
|
|
Restricted share amortization |
|
2,175 |
|
|
2,125 |
|
| Vessel
depreciation |
|
13,919 |
|
|
13,868 |
|
|
Amortization of deferred financing costs |
|
1,270 |
|
|
1,482 |
|
| Loss /
write-down on assets held for sale |
|
6,649 |
|
|
— |
|
| Net
unrealized losses on investments |
|
(14,962 |
) |
|
— |
|
| Dividend
income on equity investment |
|
(541 |
) |
|
— |
|
| Changes in
operating assets and liabilities: |
|
|
|
|
| Increase
(decrease) in accounts receivable |
|
1,770 |
|
|
(1,349 |
) |
| Increase
(decrease) in prepaid expenses and other assets |
|
50 |
|
|
(635 |
) |
|
(Decrease) increase in accounts payable and accrued expenses |
|
(2,316 |
) |
|
1,405 |
|
| Net cash
provided by operating activities |
|
4,545 |
|
|
11,124 |
|
| Investing
activities |
|
|
|
|
| Dividend
income on equity investment |
|
541 |
|
|
— |
|
| Drydock
and scrubber payments |
|
(4,325 |
) |
|
— |
|
| Payments
for vessels and vessels under construction |
|
— |
|
|
(3,166 |
) |
| Net cash used
in investing activities |
|
(3,784 |
) |
|
(3,166 |
) |
| Financing
activities |
|
|
|
|
|
Repayments of long-term debt |
|
(16,011 |
) |
|
(13,431 |
) |
| Common
shares repurchased |
|
— |
|
|
(8,645 |
) |
| Dividends
paid |
|
(1,424 |
) |
|
(1,542 |
) |
| Debt
issue costs paid |
|
— |
|
|
(87 |
) |
| Net cash used
in financing activities |
|
(17,435 |
) |
|
(23,705 |
) |
| Decrease in cash and
cash equivalents |
|
(16,674 |
) |
|
(15,747 |
) |
| Cash at cash
equivalents, beginning of period |
|
67,495 |
|
|
68,535 |
|
| Cash and cash
equivalents, end of period |
|
$ |
50,821 |
|
|
$ |
52,788 |
|
Scorpio Bulkers Inc. and
SubsidiariesOther Operating Data
(unaudited)
| |
|
Three Months Ended March 31, |
|
| |
|
2019 |
|
2018 |
|
| Time charter equivalent
revenue ($000’s) (1): |
|
|
|
|
|
| Vessel
revenue |
|
$ |
50,351 |
|
|
$ |
54,253 |
|
|
| Voyage
expenses |
|
(108 |
) |
|
(196 |
) |
|
| Time
charter equivalent revenue |
|
$ |
50,243 |
|
|
$ |
54,057 |
|
|
| Time charter equivalent
revenue attributable to: |
|
|
|
|
|
|
Kamsarmax |
|
$ |
19,022 |
|
|
$ |
20,855 |
|
|
|
Ultramax |
|
31,221 |
|
|
33,202 |
|
|
| |
|
$ |
50,243 |
|
|
$ |
54,057 |
|
|
| Revenue days: |
|
|
|
|
|
|
Kamsarmax |
|
1,702 |
|
|
1,619 |
|
|
|
Ultramax |
|
3,402 |
|
|
3,403 |
|
|
| Combined |
|
5,104 |
|
|
5,022 |
|
|
| TCE per revenue day
(1): |
|
|
|
|
|
|
Kamsarmax |
|
$ |
11,176 |
|
|
$ |
12,881 |
|
|
|
Ultramax |
|
$ |
9,177 |
|
|
$ |
9,757 |
|
|
|
Combined |
|
$ |
9,844 |
|
|
$ |
10,764 |
|
|
- The Company defines Time Charter
Equivalent (TCE) revenue as vessel revenues less voyage
expenses. Such TCE revenue, divided by the number of the
Company’s available days during the period, or revenue days, is TCE
per revenue day, which is consistent with industry standards.
TCE per revenue day is a common shipping industry performance
measure used primarily to compare daily earnings generated by
vessels on time charters with daily earnings generated by vessels
on voyage charters, because charter hire rates for vessels on
voyage charters are generally not expressed in per-day amounts
while charter hire rates for vessels on time charters generally are
expressed in such amounts.The Company reports TCE revenue, a
non-GAAP financial measure, because (i) the Company believes
it provides additional meaningful information in conjunction with
vessel revenues and voyage expenses, the most directly comparable
U.S.-GAAP measure, (ii) it assists the Company’s management in
making decisions regarding the deployment and use of its vessels
and in evaluating their financial performance, (iii) it is a
standard shipping industry performance measure used primarily to
compare period-to-period changes in a shipping company’s
performance irrespective of changes in the mix of charter types
(i.e., spot charters, time charters and bareboat charters) under
which the vessels may be employed between the periods, and
(iv) the Company believes that it presents useful information
to investors. See Non-GAAP Financial Measures below.
Fleet List as of April 26,
2019
|
Vessel Name |
|
Year Built |
|
DWT |
|
Vessel Type |
| SBI Samba |
|
2015 |
|
84,000 |
|
|
Kamsarmax |
| SBI Rumba |
|
2015 |
|
84,000 |
|
|
Kamsarmax |
| SBI Capoeira |
|
2015 |
|
82,000 |
|
|
Kamsarmax |
| SBI Electra * |
|
2015 |
|
82,000 |
|
|
Kamsarmax |
| SBI Carioca |
|
2015 |
|
82,000 |
|
|
Kamsarmax |
| SBI Conga |
|
2015 |
|
82,000 |
|
|
Kamsarmax |
| SBI Flamenco * |
|
2015 |
|
82,000 |
|
|
Kamsarmax |
| SBI Bolero |
|
2015 |
|
82,000 |
|
|
Kamsarmax |
| SBI Sousta |
|
2016 |
|
82,000 |
|
|
Kamsarmax |
| SBI Rock |
|
2016 |
|
82,000 |
|
|
Kamsarmax |
| SBI Lambada |
|
2016 |
|
82,000 |
|
|
Kamsarmax |
| SBI Reggae |
|
2016 |
|
82,000 |
|
|
Kamsarmax |
| SBI Zumba |
|
2016 |
|
82,000 |
|
|
Kamsarmax |
| SBI Macarena |
|
2016 |
|
82,000 |
|
|
Kamsarmax |
| SBI Parapara |
|
2017 |
|
82,000 |
|
|
Kamsarmax |
| SBI Mazurka |
|
2017 |
|
82,000 |
|
|
Kamsarmax |
| SBI Swing |
|
2017 |
|
82,000 |
|
|
Kamsarmax |
| SBI Jive |
|
2017 |
|
82,000 |
|
|
Kamsarmax |
| SBI Lynx |
|
2018 |
|
82,000 |
|
|
Kamsarmax |
|
Total Kamsarmax |
|
|
|
1,562,000 |
|
|
|
| |
|
|
|
|
|
|
| SBI Antares |
|
2015 |
|
61,000 |
|
|
Ultramax |
| SBI Athena |
|
2015 |
|
64,000 |
|
|
Ultramax |
| SBI Bravo |
|
2015 |
|
61,000 |
|
|
Ultramax |
| SBI Leo |
|
2015 |
|
61,000 |
|
|
Ultramax |
| SBI Echo |
|
2015 |
|
61,000 |
|
|
Ultramax |
| SBI Lyra |
|
2015 |
|
61,000 |
|
|
Ultramax |
| SBI Tango |
|
2015 |
|
61,000 |
|
|
Ultramax |
| SBI Maia |
|
2015 |
|
61,000 |
|
|
Ultramax |
| SBI Hydra |
|
2015 |
|
61,000 |
|
|
Ultramax |
| SBI Subaru |
|
2015 |
|
61,000 |
|
|
Ultramax |
| SBI Pegasus |
|
2015 |
|
64,000 |
|
|
Ultramax |
| SBI Ursa |
|
2015 |
|
61,000 |
|
|
Ultramax |
| SBI Thalia |
|
2015 |
|
64,000 |
|
|
Ultramax |
| SBI Cronos |
|
2015 |
|
61,000 |
|
|
Ultramax |
| SBI Orion |
|
2015 |
|
64,000 |
|
|
Ultramax |
| SBI Achilles |
|
2016 |
|
61,000 |
|
|
Ultramax |
| SBI Hercules |
|
2016 |
|
64,000 |
|
|
Ultramax |
| SBI Perseus |
|
2016 |
|
64,000 |
|
|
Ultramax |
| SBI Hermes |
|
2016 |
|
61,000 |
|
|
Ultramax |
| SBI Zeus |
|
2016 |
|
60,200 |
|
|
Ultramax |
| SBI Hera |
|
2016 |
|
60,200 |
|
|
Ultramax |
| SBI Hyperion |
|
2016 |
|
61,000 |
|
|
Ultramax |
| SBI Tethys |
|
2016 |
|
61,000 |
|
|
Ultramax |
| SBI Phoebe |
|
2016 |
|
64,000 |
|
|
Ultramax |
| SBI Poseidon |
|
2016 |
|
60,200 |
|
|
Ultramax |
| SBI Apollo |
|
2016 |
|
60,200 |
|
|
Ultramax |
| SBI Samson |
|
2017 |
|
64,000 |
|
|
Ultramax |
| SBI Phoenix |
|
2017 |
|
64,000 |
|
|
Ultramax |
| SBI Gemini |
|
2015 |
|
64,000 |
|
|
Ultramax |
| SBI Libra |
|
2017 |
|
64,000 |
|
|
Ultramax |
| SBI Puma |
|
2014 |
|
64,000 |
|
|
Ultramax |
| SBI Jaguar |
|
2014 |
|
64,000 |
|
|
Ultramax |
| SBI Cougar |
|
2015 |
|
64,000 |
|
|
Ultramax |
| SBI Aries |
|
2015 |
|
64,000 |
|
|
Ultramax |
| SBI Taurus |
|
2015 |
|
64,000 |
|
|
Ultramax |
| SBI Pisces |
|
2016 |
|
64,000 |
|
|
Ultramax |
| SBI Virgo |
|
2017 |
|
64,000 |
|
|
Ultramax |
|
Total Ultramax |
|
|
|
2,307,800 |
|
|
|
| Total Owned or Finance Leased Vessels DWT |
|
3,869,800 |
|
|
|
* During the first quarter of 2019, we
agreed to sell the SBI Electra and SBI Flamenco. The vessels
are expected to be delivered to the buyer in June 2019.
Time chartered-in vessels
The Company currently time
charters-in one Ultramax vessel. The terms of the
contract are summarized as follows:
|
Vessel Type |
|
Year Built |
|
DWT |
|
Country of Build |
|
Daily BaseRate |
|
Earliest Expiry |
| Ultramax |
|
2017 |
|
62,100 |
|
|
Japan |
|
$ |
10,125 |
|
|
30-Sep-19 |
|
(1) |
|
Total TC DWT |
|
|
|
62,100 |
|
|
|
|
|
|
|
|
|
- This vessel is time chartered-in for 22 to 24 months at the
Company’s option at $10,125 per day. The Company has the option to
extend this time charter for one year at $10,885 per day. The
vessel was delivered to the Company in September 2017.
Conference Call on Results:
A conference call to discuss the Company’s results will be held
today, April 29, 2019, at 9:00 AM Eastern Daylight Time / 3:00 PM
Central European Summer Time. Those wishing to listen to the
call should dial 1 (866) 219-5268 (U.S.) or 1 (703) 736-7424
(International) at least 10 minutes prior to the start of the call
to ensure connection. The conference participant passcode is
7433317.
There will also be a simultaneous live webcast over the
internet, through the Scorpio Bulkers Inc. website
www.scorpiobulkers.com. Participants to the live webcast
should register on the website approximately 10 minutes prior to
the start of the webcast.
Webcast URL: https://edge.media-server.com/m6/p/wrgkuy2x
About Scorpio Bulkers Inc.
Scorpio Bulkers Inc. is a provider of marine
transportation of dry bulk commodities. Upon the completion
of the pending sale of two Kamsarmax vessels, Scorpio Bulkers Inc.
will have an operating fleet of 55 vessels consisting of 54
wholly-owned or finance leased drybulk vessels (including 17
Kamsarmax vessels and 37 Ultramax vessels), and one
time chartered-in Ultramax vessel. The Company’s owned
and finance leased fleet will have a total carrying capacity of
approximately 3.7 million dwt and all of the Company’s owned
vessels will have carrying capacities of greater than 60,000 dwt.
Additional information about the Company is available on the
Company’s website www.scorpiobulkers.com, which is not a part
of this press release.
Non-GAAP Financial Measures
To supplement the Company’s financial
information presented in accordance with accounting principles
generally accepted in the U.S., (“GAAP”), management uses certain
“non-GAAP financial measures” as such term is defined in Regulation
G promulgated by the U.S. Securities and Exchange Commission (the
“SEC”). Generally, a non-GAAP financial measure is a numerical
measure of a company’s operating performance, financial position or
cash flows that excludes or includes amounts that are included in,
or excluded from, the most directly comparable measure calculated
and presented in accordance with GAAP. Management believes the
presentation of these measures provides investors with greater
transparency and supplemental data relating to the Company’s
financial condition and results of operations, and therefore a more
complete understanding of factors affecting its business than GAAP
measures alone. In addition, management believes the
presentation of these matters is useful to investors for
period-to-period comparison of results as the items may reflect
certain unique and/or non-operating items such as asset sales,
write-offs, contract termination costs or items outside of
management’s control.
Earnings before interest, taxes, depreciation
and amortization (“EBITDA”), adjusted net income and related per
share amounts, as well as adjusted EBITDA and TCE Revenue are
non-GAAP financial measures that the Company believes provide
investors with a means of evaluating and understanding how the
Company’s management evaluates the Company’s operating
performance. These non-GAAP financial measures should not be
considered in isolation from, as substitutes for, nor superior to
financial measures prepared in accordance with GAAP. Please
see below for reconciliations of EBITDA, adjusted net income and
related per share amounts, and adjusted EBITDA. Please see
“Other Operating Data” for a reconciliation of TCE revenue.
EBITDA (unaudited)
| |
|
Three Months Ended March 31, |
| |
In thousands |
2019 |
|
2018 |
| |
Net loss |
$ |
(3,469 |
) |
|
$ |
(5,772 |
) |
| |
Add Back: |
|
|
|
|
|
Net
interest expense |
11,436 |
|
|
|
8,671 |
|
|
|
Depreciation and amortization (1) |
17,363 |
|
|
$ |
17,475 |
|
| |
EBITDA |
$ |
25,330 |
|
|
|
20,374 |
|
(1) Includes depreciation, amortization of deferred financing
costs and restricted share amortization.
Adjusted net income (unaudited)
| |
|
|
Three Months EndedMarch
31, |
| |
In thousands, except
per share data |
|
2019 |
| |
|
|
Amount |
|
Per share |
| |
Net loss |
|
$ |
(3,469 |
) |
|
$ |
(0.05 |
) |
| |
Adjustments: |
|
|
|
|
|
|
Loss /
write down on assets held for sale |
|
7,509 |
|
|
0.11 |
|
| |
Total adjustments |
|
$ |
7,509 |
|
|
$ |
0.11 |
|
| |
Adjusted net
income |
|
$ |
4,040 |
|
|
$ |
0.06 |
|
Adjusted EBITDA (unaudited)
| |
|
|
Three Months Ended March 31, |
| |
In thousands |
|
2019 |
| |
Net loss |
|
$ |
(3,469 |
) |
| |
Impact of
adjustments |
|
7,509 |
|
| |
Adjusted net
income |
|
4,040 |
|
| |
Add Back: |
|
|
|
|
Net
interest expense |
|
11,436 |
|
|
|
Depreciation and amortization (1) |
|
17,363 |
|
| |
Adjusted
EBITDA |
|
$ |
32,839 |
|
(1) Includes depreciation, amortization of deferred financing costs
and restricted share amortization.
Forward-Looking Statements
Matters discussed in this press release may
constitute forward-looking statements. The Private Securities
Litigation Reform Act of 1995 provides safe harbor protections for
forward-looking statements in order to encourage companies to
provide prospective information about their business.
Forward-looking statements include statements concerning plans,
objectives, goals, strategies, future events or performance, and
underlying assumptions and other statements, which are other than
statements of historical facts. The Company desires to take
advantage of the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995 and is including this cautionary
statement in connection with this safe harbor legislation. The
words “believe,” “anticipate,” “intend,” “estimate,” “forecast,”
“project,” “plan,” “potential,” “may,” “should,” “expect,”
“pending” and similar expressions identify forward-looking
statements.
The forward-looking statements in this press
release are based upon various assumptions, many of which are
based, in turn, upon further assumptions, including without
limitation, our management’s examination of historical operating
trends, data contained in our records and other data available from
third parties. Although we believe that these assumptions were
reasonable when made, because these assumptions are inherently
subject to significant uncertainties and contingencies which are
difficult or impossible to predict and are beyond our control, we
cannot assure you that we will achieve or accomplish these
expectations, beliefs or projections.
In addition to these important factors, other
important factors that, in our view, could cause actual results to
differ materially from those discussed in the forward-looking
statements include the failure of counterparties to fully perform
their contracts with us, the strength of world economies and
currencies, general market conditions, including fluctuations in
charter rates and vessel values, changes in demand for dry bulk
vessel capacity, changes in our operating expenses, including
bunker prices, drydocking and insurance costs, the market for our
vessels, availability of financing and refinancing, counterparty
performance, ability to obtain financing (including for capital
expenditures) and comply with covenants in such financing
arrangements, fluctuations in the value of our investments, changes
in governmental rules and regulations or actions taken by
regulatory authorities, potential liability from pending or future
litigation, general domestic and international political
conditions, potential disruption of shipping routes due to
accidents or political events, vessels breakdowns and instances of
off-hires and other factors. Please see our filings with the SEC
for a more complete discussion of these and other risks and
uncertainties.
Contact:
Scorpio Bulkers Inc.
+377-9798-5715 (Monaco)
+1-646-432-1675 (New York)
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