Tuesday, February 12, 2019

Scorpio Bulkers (SALT)

Global Growth and Trade Concerns Dampen Near-term Rate Outlook.

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.

RATING: OUTPERFORM

• Adjusting
  EBITDA estimates to reflect 1Q2019 contract cover, time charters, recent dry bulk market weakness and scrubber installations. Lowering adjusted 2019 EBITDA estimate to $110.3 million (from $143.4 million) and TCE rates to $11,938/day (from $13,823/day), which represents a modest improvement over adjusted 2018 EBITDA of $107.3 million and TCE rates of $11,844/day.
• NobleCon
  XV Transportation Panel offered positive long-term outlook for dry bulk
  industry. Our conference panel of five seasoned executives from three dry bulk and two tanker companies reinfo…
  
  
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*Analyst
certification and important disclosures included in full report. 
NOTE: investment decisions should not be based upon the content of
this research summary.  Proper due diligence is required before
making any investment decision.