Seward & Kissel llp
ONE BATTERY PARK PLAZA
NEW YORK, NEW YORK 10004
|
|||
TELEPHONE: (212) 574-1200
FACSIMILE: (212) 480-8421
WWW.SEWKIS.COM
|
901 K STREET, NW
WASHINGTON, D.C. 20001
TELEPHONE: (202) 737-8833
FACSIMILE: (202) 737-5184
|
||
December 11, 2017
|
U.S. Securities and Exchange Commission
100 F Street, N.E.
Washington, D.C. 20549 Attention: Melissa Raminpour
Branch Chief
Office of Transportation and Leisure
|
Re:
|
Scorpio Bulkers Inc.
Form 20-F for Fiscal Year Ended December 31, 2016
File No. 001-36231
|
1. |
Please expand your disclosures to quantify the factors that contribute to each significant change in income statement line item. For example, please quantify the increases in revenue, by dollar amount and percentage, attributed to the number of vessels in fleet, vs. fluctuations in rates. Provide us with a sample of the revised disclosure for all periods presented in Form 20-F for the year ended December 31, 2016, as well as for all subsequent quarters for which information is available.
|
2. |
Please revise your discussion of results of operations to clearly explain the reasons for changes in results of operations for each segment disclosed in Note 14 to the financial statements. This discussion should at a minimum, include the reasons for the changes in revenue and segment profit(loss) for each segment, as well as any other significant changes during the period.
|
Very truly yours,
|
|
/s/ Edward S. Horton
|
|
Edward S. Horton, Esq.
|
· |
Ultramax Operations: includes vessels ranging from approximately 60,200 dwt to 64,000 dwt.
|
· |
Kamsarmax Operations: includes vessels ranging from approximately 77,500 dwt to 98,700 dwt.
|
TCE Revenue:
|
Year Ended December 31,
|
|
|
|||||||||||||
2016
|
2015
|
Change
|
% Change
|
|||||||||||||
Vessel revenue
|
$
|
46,717
|
$
|
26,771
|
$
|
19,946
|
75
|
|||||||||
Voyage expenses
|
36
|
176
|
(140
|
)
|
(80
|
)
|
||||||||||
TCE Revenue
|
$
|
46,681
|
$
|
26,595
|
$
|
20,086
|
76
|
|||||||||
Operating expenses:
|
||||||||||||||||
Vessel operating costs
|
41,749
|
14,297
|
27,452
|
192
|
||||||||||||
Charterhire expense
|
5,033
|
21,880
|
(16,847
|
)
|
(77
|
)
|
||||||||||
Charterhire termination
|
7,500
|
—
|
7,500
|
NA
|
||||||||||||
Vessel depreciation
|
22,040
|
6,104
|
15,936
|
261
|
||||||||||||
General and administrative expense
|
2,725
|
713
|
2,012
|
282
|
||||||||||||
Loss / write down on assets held for sale
|
(130
|
)
|
5,622
|
(5,752
|
)
|
(102
|
)
|
|||||||||
Total operating expenses
|
$
|
78,917
|
$
|
48,616
|
$
|
30,301
|
62
|
|||||||||
Operating loss
|
$
|
(32,236
|
)
|
$
|
(22,021
|
)
|
$
|
(10,215
|
)
|
(46
|
) |
Year Ended December 31,
|
||||||||||||||||
Ultramax Operations
|
2016
|
2015
|
Change
|
% Change
|
||||||||||||
TCE Revenue
|
$
|
46,681
|
$
|
26,595
|
$
|
20,086
|
76
|
|||||||||
TCE Revenue / Day
|
$
|
5,896
|
$
|
6,839
|
$
|
(943
|
)
|
(14
|
)
|
|||||||
Revenue Days
|
7,917
|
3,889
|
4,028
|
104
|
Year Ended December
|
||||||||||||||||
TCE Revenue:
|
2016
|
2015
|
Change
|
% Change
|
||||||||||||
Vessel revenue
|
$
|
31,685
|
$
|
26,712
|
$
|
4,973
|
19
|
|||||||||
Voyage expenses
|
(81
|
)
|
331
|
(412
|
)
|
(124
|
)
|
|||||||||
TCE Revenue
|
$
|
31,766
|
$
|
26,381
|
$
|
5,385
|
20
|
|||||||||
Operating expenses:
|
||||||||||||||||
Vessel operating costs
|
27,083
|
9,986
|
17,097
|
171
|
||||||||||||
Charterhire expense
|
12,323
|
29,509
|
(17,186
|
)
|
(58
|
)
|
||||||||||
Charterhire termination
|
2,500
|
—
|
2,500
|
NA
|
||||||||||||
Vessel depreciation
|
14,522
|
4,536
|
9,986
|
220
|
||||||||||||
General and administrative expense
|
1,718
|
498
|
1,220
|
245
|
||||||||||||
Loss / write down on assets held for sale
|
11,557
|
8,997
|
2,560
|
28
|
||||||||||||
Total operating expenses
|
$
|
69,703
|
$
|
53,526
|
$
|
16,177
|
30
|
|||||||||
Operating loss
|
$
|
(37,937
|
)
|
$
|
(27,145
|
)
|
$
|
(10,792
|
)
|
(40
|
)
|
Year Ended December 31,
|
||||||||||||||||
Kamsarmax Operations
|
2016
|
2015
|
Change
|
% Change
|
||||||||||||
TCE Revenue
|
$
|
31,766
|
$
|
26,381
|
$
|
5,385
|
20
|
|||||||||
TCE Revenue / Day
|
$
|
5,639
|
$
|
6,660
|
$
|
(1,021
|
)
|
(15
|
)
|
|||||||
Revenue Days
|
5,633
|
3,961
|
1,672
|
42
|
Year Ended December 31,
|
||||||||||||||||
TCE Revenue:
|
2016
|
2015
|
Change
|
% Change
|
||||||||||||
Vessel revenue
|
$
|
—
|
$
|
9,038
|
$
|
(9,038
|
)
|
(100
|
)
|
|||||||
Voyage expenses
|
—
|
280
|
(280
|
)
|
(100
|
)
|
||||||||||
TCE Revenue
|
$
|
—
|
$
|
8,758
|
$
|
8,758
|
(100
|
)
|
||||||||
Operating expenses:
|
||||||||||||||||
Vessel operating costs
|
—
|
5,089
|
(5,089
|
)
|
(100
|
)
|
||||||||||
Vessel depreciation
|
—
|
3,623
|
(3,623
|
)
|
(100
|
)
|
||||||||||
General and administrative expense
|
380
|
275
|
105
|
38
|
||||||||||||
Loss / write down on assets held for sale
|
1,006
|
408,318
|
(407,312
|
)
|
(100
|
)
|
||||||||||
Total operating expenses
|
$
|
1,386
|
$
|
417,305
|
$
|
(415,919
|
)
|
(100
|
)
|
|||||||
Operating loss
|
$
|
(1,386
|
)
|
$
|
(408,547
|
)
|
$
|
407,161
|
100
|
TCE Revenue:
|
Year Ended December 31,
|
|||||||||||||||
2015
|
2014
|
Change
|
% Change
|
|||||||||||||
Vessel revenue
|
$
|
26,771
|
$
|
10,217
|
$
|
16,554
|
162
|
|||||||||
Voyage expenses
|
176
|
74
|
102
|
138
|
||||||||||||
TCE Revenue
|
$
|
26,595
|
$
|
10,143
|
$
|
16,452
|
162
|
|||||||||
Operating expenses:
|
||||||||||||||||
Vessel operating costs
|
14,297
|
—
|
14,297
|
NA
|
||||||||||||
Charterhire expense
|
21,880
|
15,305
|
6,575
|
43
|
||||||||||||
Vessel depreciation
|
6,104
|
—
|
6,104
|
NA
|
||||||||||||
General and administrative expense
|
713
|
26
|
687
|
2,642
|
||||||||||||
Loss / write down on assets held for sale
|
5,622
|
—
|
5,622
|
NA
|
||||||||||||
Total operating expenses
|
$
|
48,616
|
|
$
|
15,331
|
$
|
33,285
|
217
|
||||||||
Operating loss
|
$
|
(22,021
|
) |
$
|
(5,188
|
)
|
$
|
(16,833
|
)
|
(324
|
)
|
Year Ended December 31,
|
||||||||||||||||
Ultramax Operations
|
2015
|
2014
|
Change
|
% Change
|
||||||||||||
TCE Revenue
|
$
|
26,595
|
$
|
10,143
|
$
|
16,452
|
162
|
|||||||||
TCE Revenue / Day
|
$
|
6,839
|
$
|
8,599
|
$
|
(1,760
|
)
|
(20
|
)
|
|||||||
Revenue Days
|
3,889
|
1,180
|
2,709
|
230
|
TCE Revenue:
|
Year Ended December 31,
|
|||||||||||||||
2015
|
2014
|
Change
|
% Change
|
|||||||||||||
Vessel revenue
|
$
|
26,712
|
$
|
38,770
|
$
|
(12,058
|
)
|
(31
|
)
|
|||||||
Voyage expenses
|
331
|
3,653
|
(3,322
|
)
|
(91
|
)
|
||||||||||
TCE Revenue
|
$
|
26,381
|
$
|
35,117
|
$
|
(8,736
|
)
|
(25
|
)
|
|||||||
Operating expenses:
|
||||||||||||||||
Vessel operating costs
|
9,986
|
1,600
|
8,386
|
524
|
||||||||||||
Charterhire expense
|
29,509
|
57,909
|
(28,400
|
)
|
(49
|
)
|
||||||||||
Vessel depreciation
|
4,536
|
686
|
3,850
|
561
|
||||||||||||
General and administrative expense
|
498
|
103
|
395
|
383
|
||||||||||||
Loss / write down on assets held for sale
|
8,997
|
2,934
|
6,063
|
207
|
||||||||||||
Total operating expenses
|
$
|
53,526
|
$
|
63,232
|
$
|
(9,706
|
)
|
(15
|
) | |||||||
Operating loss
|
$
|
(27,145
|
)
|
$
|
(28,115
|
)
|
$
|
970
|
(3
|
)
|
Year Ended December 31,
|
||||||||||||||||
Kamsarmax Operations
|
2015
|
2014
|
Change
|
% Change
|
||||||||||||
TCE Revenue
|
$
|
26,381
|
$
|
35,117
|
$
|
(8,736
|
)
|
(25
|
)
|
|||||||
TCE Revenue / Day
|
$
|
6,660
|
$
|
7,757
|
$
|
(1,097
|
)
|
(14
|
)
|
|||||||
Revenue Days
|
3,961
|
4,527
|
(566
|
)
|
(13
|
)
|
TCE Revenue:
|
Year Ended December 31,
|
|||||||||||||||
2015
|
2014
|
Change
|
% Change
|
|||||||||||||
Vessel revenue
|
$
|
9,038
|
$
|
—
|
$
|
9,038
|
N/A
|
|||||||||
Voyage expenses
|
280
|
—
|
280
|
N/A
|
||||||||||||
TCE Revenue
|
$
|
8,758
|
$
|
—
|
$
|
8,758
|
N/A
|
|||||||||
Operating expenses:
|
||||||||||||||||
Vessel operating costs
|
5,089
|
—
|
5,089
|
N/A
|
||||||||||||
Vessel depreciation
|
3,623
|
—
|
3,623
|
N/A
|
||||||||||||
General and administrative expense
|
275
|
39
|
236
|
605
|
|
|||||||||||
Loss / write down on assets held for sale
|
408,318
|
52,553
|
355,765
|
677
|
|
|||||||||||
Total operating expenses
|
$
|
417,305
|
$
|
52,592
|
$
|
364,713
|
693 | |||||||||
Operating loss
|
$
|
(408,547
|
)
|
$
|
(52,592
|
)
|
$
|
(355,955
|
)
|
(677
|
)
|
Three Months Ended March 31,
|
||||||||||||||||
TCE Revenue:
|
2017
|
2016
|
Change
|
% Change
|
||||||||||||
Vessel revenue
|
$
|
19,760
|
$
|
5,906
|
$
|
13,854
|
235
|
|||||||||
Voyage expenses
|
49
|
87
|
(38
|
)
|
(44
|
)
|
||||||||||
TCE Revenue
|
$
|
19,711
|
$
|
5,819
|
$
|
13,892
|
239
|
|||||||||
Operating expenses:
|
||||||||||||||||
Vessel operating costs
|
12,145
|
8,789
|
3,356
|
38
|
||||||||||||
Charterhire expense
|
10
|
4,176
|
(4,166
|
)
|
(100
|
)
|
||||||||||
Charterhire termination
|
—
|
7,500
|
(7,500
|
)
|
(100
|
)
|
||||||||||
Vessel depreciation
|
7,023
|
4,162
|
2,861
|
69
|
||||||||||||
General and administrative expense
|
839
|
470
|
369
|
79
|
||||||||||||
Loss / write down on assets held for sale
|
—
|
(130
|
)
|
130
|
100
|
|||||||||||
Total operating expenses
|
$
|
20,017
|
$
|
24,967
|
$
|
(4,950
|
)
|
(20
|
)
|
|||||||
Operating loss
|
$
|
(306
|
)
|
$
|
(19,148
|
)
|
$
|
18,842
|
98
|
Three Months Ended March 31,
|
||||||||||||||||
Ultramax Operations
|
2017
|
2016
|
Change
|
% Change
|
||||||||||||
TCE Revenue
|
$
|
19,711
|
$
|
5,819
|
$
|
13,892
|
239
|
|||||||||
TCE Revenue / Day
|
$
|
8,230
|
$
|
3,462
|
$
|
4,768
|
138
|
|||||||||
Revenue Days
|
2,395
|
1,681
|
714
|
42
|
Three Months Ended March 31,
|
||||||||||||||||
TCE Revenue:
|
2017
|
2016
|
Change
|
% Change
|
||||||||||||
Vessel revenue
|
$
|
14,968
|
$
|
4,338
|
$
|
10,630
|
245
|
|||||||||
Voyage expenses
|
68
|
(22
|
)
|
90
|
409
|
|||||||||||
TCE Revenue
|
$
|
14,900
|
$
|
4,360
|
$
|
10,540
|
242
|
|||||||||
Operating expenses:
|
||||||||||||||||
Vessel operating costs
|
9,661
|
6,526
|
3,135
|
48
|
||||||||||||
Charterhire expense
|
1,961
|
4,368
|
(2,407
|
)
|
(55
|
)
|
||||||||||
Charterhire termination
|
—
|
2,500
|
(2,500
|
)
|
(100
|
)
|
||||||||||
Vessel depreciation
|
4,559
|
3,130
|
1,429
|
46
|
||||||||||||
General and administrative expense
|
536
|
343
|
193
|
56
|
||||||||||||
Loss / write down on assets held for sale
|
17,131
|
11,557
|
5,574
|
48
|
||||||||||||
Total operating expenses
|
$
|
33,848
|
$
|
28,424
|
$
|
5,424
|
19
|
|||||||||
Operating loss
|
$
|
(18,948
|
)
|
$
|
(24,064
|
)
|
$
|
5,116
|
(21
|
)
|
Three Months Ended March 31,
|
||||||||||||||||
Kamsarmax Operations
|
2017
|
2016
|
Change
|
% Change
|
||||||||||||
TCE Revenue
|
$
|
14,900
|
$
|
4,360
|
$
|
10,540
|
242
|
|||||||||
TCE Revenue / Day
|
$
|
9,164
|
$
|
3,331
|
$
|
5,833
|
175
|
|||||||||
Revenue Days
|
1,626
|
1,309
|
317
|
24
|
Three Months Ended June 30,
|
||||||||||||||||
2017
|
2016
|
Change
|
% Change
|
|||||||||||||
TCE Revenue:
|
||||||||||||||||
Vessel revenue
|
$
|
21,285
|
$
|
9,713
|
$
|
11,572
|
119
|
|||||||||
Voyage expenses
|
17
|
(1
|
)
|
18
|
1,800
|
|||||||||||
TCE Revenue
|
$
|
21,268
|
$
|
9,714
|
$
|
11,554
|
119
|
|||||||||
Operating expenses:
|
||||||||||||||||
Vessel operating costs
|
12,445
|
9,099
|
3,346
|
37
|
||||||||||||
Charterhire expense
|
—
|
871
|
(871
|
)
|
(100
|
)
|
||||||||||
Vessel depreciation
|
7,437
|
4,953
|
2,484
|
50
|
||||||||||||
General and administrative expense
|
826
|
554
|
272
|
49
|
||||||||||||
Total operating expenses
|
$
|
20,708
|
$
|
15,477
|
$
|
5,231
|
34
|
|||||||||
Operating loss
|
$
|
560
|
$
|
(5,763
|
)
|
$
|
6,323
|
110
|
Three Months Ended June 30,
|
||||||||||||||||
Ultramax Operations
|
2017
|
2016
|
Change
|
% Change
|
||||||||||||
TCE Revenue
|
$
|
21,268
|
$
|
9,715
|
$
|
11,553
|
119
|
|||||||||
TCE Revenue / Day
|
$
|
8,360
|
$
|
5,335
|
$
|
3,025
|
57
|
|||||||||
Revenue Days
|
2,544
|
1,821
|
723
|
40
|
Three Months Ended June 30,
|
||||||||||||||||
TCE Revenue:
|
2017
|
2016
|
Change
|
% Change
|
||||||||||||
Vessel revenue
|
$
|
16,457
|
$
|
7,661
|
$
|
8,796
|
115
|
|||||||||
Voyage expenses
|
145
|
3
|
142
|
4,733
|
||||||||||||
TCE Revenue
|
$
|
16,312
|
$
|
7,658
|
$
|
8,654
|
113
|
|||||||||
Operating expenses:
|
||||||||||||||||
Vessel operating costs
|
8,831
|
6,529
|
2,302
|
35
|
||||||||||||
Charterhire expense
|
1,675
|
2,760
|
(1,085
|
)
|
(39
|
)
|
||||||||||
Vessel depreciation
|
4,580
|
3,765
|
815
|
22
|
||||||||||||
General and administrative expense
|
542
|
389
|
153
|
39
|
||||||||||||
Total operating expenses
|
$
|
15,628
|
$
|
13,443
|
$
|
2,185
|
16
|
|||||||||
Operating loss
|
$
|
684
|
$
|
(5,785
|
)
|
$
|
6,469
|
112
|
Three Months Ended June 30,
|
||||||||||||||||
Kamsarmax Operations
|
2017
|
2016
|
Change
|
% Change
|
||||||||||||
TCE Revenue
|
$
|
16,312
|
$
|
7,657
|
$
|
8,655
|
113
|
|||||||||
TCE Revenue / Day
|
$
|
9,273
|
$
|
5.263
|
$
|
4,011
|
76
|
|||||||||
Revenue Days
|
1,759
|
1,455
|
304
|
21
|
Six Months Ended June 30,
|
||||||||||||||||
TCE Revenue:
|
2017
|
2016
|
Change
|
% Change
|
||||||||||||
Vessel revenue
|
$
|
41,045
|
$
|
15,619
|
$
|
25,426
|
163
|
|||||||||
Voyage expenses
|
66
|
86
|
(20
|
)
|
(23
|
)
|
||||||||||
TCE Revenue
|
$
|
40,979
|
$
|
15,533
|
$
|
25,446
|
164
|
|||||||||
Operating expenses:
|
||||||||||||||||
Vessel operating costs
|
24,589
|
17,888
|
6,701
|
37
|
||||||||||||
Charterhire expense
|
10
|
5,047
|
(5,037
|
)
|
(100
|
)
|
||||||||||
Charterhire termination
|
—
|
7,500
|
(7,500
|
)
|
(100
|
)
|
||||||||||
Vessel depreciation
|
14,460
|
9,116
|
5,344
|
59
|
||||||||||||
General and administrative expense
|
1,665
|
1,023
|
642
|
63
|
||||||||||||
Loss / write down on assets held for sale
|
—
|
(130
|
)
|
130
|
(100
|
)
|
||||||||||
Total operating expenses
|
$
|
40,724
|
$
|
40,444
|
$
|
280
|
1
|
|||||||||
Operating loss
|
$
|
255
|
$
|
(24,911
|
)
|
$
|
25,166
|
101
|
Six Months Ended June 30,
|
||||||||||||||||
Ultramax Operations
|
2017
|
2016
|
Change
|
% Change
|
||||||||||||
TCE Revenue
|
$
|
40,979
|
$
|
15,533
|
$
|
25,446
|
164
|
|||||||||
TCE Revenue / Day
|
$
|
8,297
|
$
|
4,434
|
$
|
3,863
|
87
|
|||||||||
Revenue Days
|
4,939
|
3,503
|
1,436
|
41
|
Six Months Ended June 30,
|
||||||||||||||||
TCE Revenue:
|
2017
|
2016
|
Change
|
% Change
|
||||||||||||
Vessel revenue
|
$
|
31,425
|
$
|
11,999
|
$
|
19,426
|
162
|
|||||||||
Voyage expenses
|
213
|
(19
|
)
|
232
|
1,221
|
|||||||||||
TCE Revenue
|
$
|
31,212
|
$
|
12,018
|
$
|
19,194
|
160
|
|||||||||
Operating expenses:
|
||||||||||||||||
Vessel operating costs
|
18,395
|
13,055
|
5,340
|
41
|
||||||||||||
Charterhire expense
|
3,636
|
7,128
|
(3,492
|
)
|
(49
|
)
|
||||||||||
Charterhire termination
|
—
|
2,500
|
(2,500
|
)
|
(100
|
)
|
||||||||||
Vessel depreciation
|
9,139
|
6,895
|
2,244
|
33
|
||||||||||||
General and administrative expense
|
1,078
|
732
|
346
|
47
|
||||||||||||
Loss / write down on assets held for sale
|
17,131
|
11,557
|
5,574
|
48
|
||||||||||||
Total operating expenses
|
$
|
49,379
|
$
|
41,867
|
$
|
7,512
|
18
|
|||||||||
Operating loss
|
$
|
(18,167
|
)
|
$
|
(29,849
|
)
|
$
|
11,682
|
39
|
Six Months Ended June 30,
|
||||||||||||||||
Kamsarmax Operations
|
2017
|
2016
|
Change
|
% Change
|
||||||||||||
TCE Revenue
|
$
|
31,212
|
$
|
12,018
|
$
|
19,194
|
160
|
|||||||||
TCE Revenue / Day
|
$
|
9,221
|
$
|
4,348
|
$
|
4,873
|
112
|
|||||||||
Revenue Days
|
3,385
|
2,764
|
621
|
22
|
Three Months Ended September 30,
|
||||||||||||||||
2017
|
2016
|
Change
|
% Change
|
|||||||||||||
TCE Revenue:
|
||||||||||||||||
Vessel revenue
|
$
|
23,069
|
$
|
15,079
|
$
|
7,990
|
53
|
|||||||||
Voyage expenses
|
16
|
(45
|
)
|
61
|
136
|
|||||||||||
TCE Revenue
|
$
|
23,053
|
$
|
15,124
|
$
|
7,929
|
52
|
|||||||||
Operating expenses:
|
||||||||||||||||
Vessel operating costs
|
12,773
|
11,652
|
1,121
|
39
|
||||||||||||
Charterhire expense
|
29
|
(15
|
)
|
44
|
293
|
|||||||||||
Vessel depreciation
|
7,518
|
6,160
|
1,358
|
22
|
||||||||||||
General and administrative expense
|
837
|
906
|
(69
|
)
|
(8
|
)
|
||||||||||
Total operating expenses
|
$
|
21,157
|
$
|
18,703
|
$
|
2,454
|
13
|
|||||||||
Operating loss
|
$
|
1,895
|
$
|
(3,579
|
)
|
$
|
5,474
|
153
|
Three Months Ended September 30,
|
||||||||||||||||
Ultramax Operations
|
2017
|
2016
|
Change
|
% Change
|
||||||||||||
TCE Revenue
|
$
|
23,053
|
$
|
15,123
|
$
|
7,930
|
52
|
|||||||||
TCE Revenue / Day
|
$
|
8,949
|
$
|
7,083
|
$
|
1,866
|
26
|
|||||||||
Revenue Days
|
2,576
|
2,135
|
441
|
21
|
Three Months Ended September 30,
|
||||||||||||||||
TCE Revenue:
|
2017
|
2016
|
Change
|
% Change
|
||||||||||||
Vessel revenue
|
$
|
15,539
|
$
|
8,859
|
$
|
6,680
|
75
|
|||||||||
Voyage expenses
|
37
|
(99
|
)
|
136
|
137
|
|||||||||||
TCE Revenue
|
$
|
15,502
|
$
|
8,958
|
$
|
6,544
|
73
|
|||||||||
Operating expenses:
|
||||||||||||||||
Vessel operating costs
|
8,223
|
7,021
|
1,202
|
17
|
||||||||||||
Charterhire expense
|
769
|
2,626
|
(1,857
|
)
|
(71
|
)
|
||||||||||
Vessel depreciation
|
4,553
|
3,806
|
747
|
20
|
||||||||||||
General and administrative expense
|
514
|
536
|
(22
|
)
|
(4
|
)
|
||||||||||
Total operating expenses
|
$
|
14,059
|
$
|
13,989
|
$
|
70
|
1
|
|||||||||
Operating loss
|
$
|
1,443
|
$
|
(5,031
|
$
|
6,474
|
129
|
Three Months Ended September 30,
|
||||||||||||||||
Kamsarmax Operations
|
2017
|
2016
|
Change
|
% Change
|
||||||||||||
TCE Revenue
|
$
|
15,502
|
$
|
8,958
|
$
|
6,544
|
73
|
|||||||||
TCE Revenue / Day
|
$
|
9,211
|
$
|
6,349
|
$
|
2,862
|
45
|
|||||||||
Revenue Days
|
1,683
|
1,411
|
272
|
19
|
Nine Months Ended September 30,
|
||||||||||||||||
TCE Revenue:
|
2017
|
2016
|
Change
|
% Change
|
||||||||||||
Vessel revenue
|
$
|
64,113
|
$
|
30,698
|
$
|
33,416
|
109
|
|||||||||
Voyage expenses
|
82
|
41
|
41
|
100
|
||||||||||||
TCE Revenue
|
$
|
64,032
|
$
|
30,657
|
$
|
33,375
|
109
|
|||||||||
Operating expenses:
|
||||||||||||||||
Vessel operating costs
|
37,363
|
29,719
|
7,644
|
26
|
||||||||||||
Charterhire expense
|
39
|
5,033
|
(4,994
|
)
|
(99
|
)
|
||||||||||
Charterhire termination
|
—
|
7,500
|
(7,500
|
)
|
(100
|
)
|
||||||||||
Vessel depreciation
|
21,978
|
15,275
|
6,703
|
44
|
||||||||||||
General and administrative expense
|
2,502
|
1,929
|
573
|
30
|
||||||||||||
Loss / write down on assets held for sale
|
—
|
(130
|
)
|
130
|
(100
|
)
|
||||||||||
Total operating expenses
|
$
|
61,882
|
$
|
59,326
|
$
|
2,556
|
4
|
|||||||||
Operating loss
|
$
|
2,150
|
$
|
(28,669
|
)
|
$
|
30,819
|
107
|
Nine Months Ended September 30,
|
||||||||||||||||
Ultramax Operations
|
2017
|
2016
|
Change
|
% Change
|
||||||||||||
TCE Revenue
|
$
|
64,032
|
$
|
30,657
|
$
|
33,375
|
109
|
|||||||||
TCE Revenue / Day
|
$
|
8,519
|
$
|
5,439
|
$
|
3,080
|
57
|
|||||||||
Revenue Days
|
7,516
|
5,637
|
1,879
|
33
|
Nine Months Ended September 30,
|
||||||||||||||||
TCE Revenue:
|
2017
|
2016
|
Change
|
% Change
|
||||||||||||
Vessel revenue
|
$
|
46,964
|
$
|
20,858
|
$
|
26,106
|
125
|
|||||||||
Voyage expenses
|
250
|
(117
|
)
|
367
|
314
|
|||||||||||
TCE Revenue
|
$
|
46,714
|
$
|
20,975
|
$
|
25,739
|
123
|
|||||||||
Operating expenses:
|
||||||||||||||||
Vessel operating costs
|
26,617
|
20,076
|
6,541
|
33
|
||||||||||||
Charterhire expense
|
4,406
|
9,754
|
(5,348
|
)
|
(55
|
)
|
||||||||||
Charterhire termination
|
—
|
2,500
|
(2,500
|
)
|
(100
|
)
|
||||||||||
Vessel depreciation
|
13,692
|
10,703
|
2,990
|
28
|
||||||||||||
General and administrative expense
|
1,592
|
1,268
|
324
|
26
|
||||||||||||
Loss / write down on assets held for sale
|
17,131
|
11,557
|
5,574
|
48
|
||||||||||||
Total operating expenses
|
$
|
63,438
|
$
|
55,857
|
$
|
7,581
|
14
|
|||||||||
Operating loss
|
$
|
(16,724
|
)
|
$
|
(34,882
|
$
|
18,158
|
52
|
Nine Months Ended September 30,
|
||||||||||||||||
Kamsarmax Operations
|
2017
|
2016
|
Change
|
% Change
|
||||||||||||
TCE Revenue
|
$
|
46,714
|
$
|
20,975
|
$
|
25,739
|
123
|
|||||||||
TCE Revenue / Day
|
$
|
9,218
|
$
|
5,024
|
$
|
4,194
|
83
|
|||||||||
Revenue Days
|
5,068
|
4,175
|
893
|
21
|