Boston, MA 03/10/2014 (wallstreetpr) – Marine Transportation Company based in Marshall Island Scorpio Bulkers Inc. (NYSE:SALT) has reported its fourth quarter results for the period ending December 31, 2013 and full year results for the period beginning in March 20, 2013. The fourth quarter saw Scorpio Bulkers engulfed with no operations of its vessels thus reported a net loss of $3.6 million at the back of zero revenue.
General and administrative expenses for the fourth quarter came in at $4.8 million, most of which were used for amortization of stock based compensations salaries, part of the amount was also used to pay salaries for personnel based in New York and Monaco. Amortization stock based compensation expenses amounted to $3.4 million
Full year results
Net loss for full year amounted to $6.3 million or $0.16 per diluted share. General and administrative expenses since the inception of the company March to the close of business on December 31, 2013 amounted to $5.5 million. Majority of the amount was used for salary payment and for amortization of stock based compensation.
Scorpio Bulkers Inc. (NYSE:SALT)’s Chief executive officer was quick to point out that improvements are starting to trickle in the dry bulk industry which should see an improvements of rates in the coming months. The company in anticipation for the favorable rates has already chattered ten modern dry bulk vessels at affordable rates.
New Building vessels
Scorpio Bulkers Inc. (NYSE:SALT) in January 2014 announced it had entered into an agreement for the purchase of 20 new capsize dry bulk vessels and two more Kamsarmax as the company gears up to expand its operation .The total purchase price of all the vessels will cost the company $1.17 billion . The delivery of the vessels should be between the first quarter of 2015 and third quarter of 2016.
Scorpio Bulkers Inc. (NYSE:SALT) closed the week on a high, going up by 3.25% to close the week at a high of $10.16
