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
