News

Research – Scorpio Bulkers (SALT) – Dry Bulk Market Firmer, But Fine-Tuning 2H2019 Estimates

Transportation
0 min read

Wednesday October 16, 2019

Scorpio Bulkers (SALT)

Dry Bulk Market Firmer, But Fine-Tuning 2H2019 Estimates

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. In terms of its dead weight tonnage, its vessels are classified as Capesize, Kamsarmax and Ultramax, by the order of highest to lowest capacity, with Kamsarmax accounting for the highest revenue.

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

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

  • Dry Bulk market firmer despite continued trade overhang.   A rebound in iron ore shipments out of Brazil and the start of dry-docking activity tied to the installation of scrubbers in advance of the upcoming IMO2020 regulations have been positive.
  • Lowering 2019 EBITDA estimate to $97.3 million based on TCE rates of $11,237/day, but maintaining 2020 EBITDA estimate of $145.0 million based on TCE rates of $13,821/day. Kamsarmax TCE rate estimate dropped to $12,314/day (down ~$800/day), but Ultramax TCE rates stay at…



    Get full report on Channelchek desktop.


This research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*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.
 

Share

Inbox Intel from Channelchek.

Informed investors make more money. And it’s all about timing. Get it when it happens.

By clicking submit you are agreeing to the Terms of Use and Privacy Policy
© 2018-2024 Noble Financial Group, Inc. All Rights Reserved. Channelchek is provided at no cost to be used for information purposes only and not as investment advisement.