Scorpio Bulkers lost USD 10.7 million in 1st quarter

Weak dry bulk rates characterized the 1st quarter 2014 and impacted the expansive dry bulk carrier Scorpio Bulkers. "Disappointing," says Platou in a comment about the result.

The conditions for dry bulk carriers were far from normal in the first quarter, a development that also hit Scorpio Bulkers with a USD 10.7 million deficit. This can be compared to the fact that the three quarters from March to December last year resulted in a total USD 6.3 million deficit.

"Dry bulk rates softened through the first quarter, driven by customers reducing inventories, political disruptions among several exporting countries, and the traditional seasonal lull before accelerated grain exports from the southern hemisphere," says Chairman and CEO Emanuele Lauro in a comment to the interim report.

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