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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...
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.