Friday, April 12, 2019

Scorpio Bulkers Inc. (SALT)

Dry Bulk Market Weakness Impacts Estimates, But Refinancing Activity Boosts Liquidity.

Scorpio Bulkers Inc is a shipping company based in Monaco. It owns and operates a fleet of modern mid to large-size dry bulk carriers which provide marine transportation for major bulks, which include iron ore, coal and grain and minor bulks which include bauxite, fertilizers and steel products internationally. 

  

Poe Fratt, Senior Research Analyst, Noble Capital Markets, Inc.

Refer to full report for price target, fundamental analysis and rating.

• Adjusting estimates for 1Q2019
  contract cover, financing activity, timing of scrubber installations
  and recent dry bulk market weakness. Our 2019 EBITDA estimate drops to $86.3 million (from $110.3
  million) and TCE rates to $10,819/day (from $11,938/day). 
• Recent financing activity boosts liquidity again. Over the past three months, two
  Kamsarmaxes were sold, and five Kamsarmaxes and five Ultramaxes were sold and
  leased back. Liquidity should positively be impacted by ~$100.7 million over the
  next six months. Net cash will increase by ~$84.9 million and ~$…
  

  
  
  
  
  

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