Scorpio Bulkers Cruises To 2019 High

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Scorpio Bulkers (NYSE:SALT) rallies 7.62% after posting a narrower-than-anticipated loss in Q2 amid a 19% decline in revenue, says an article published in the Seeking Alpha.

What adversely impacted the rates?

Adjusted EBITDA churned up was $70M during the quarter.

Scorpio says rates earned by vessels were adversely impacted by 

  • a reduction in coal imports in Europe and China, 
  • loss of iron ore exports from Vale’s tailing dam failure and 
  • continued disruptions from the U.S.-China trade war 

while a strong South American grain season and increasing coal exports to India provided support for improving Ultramax and Kamsarmax rates during the quarter.

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Source: SeekingAlpha