Scorpio Bulkers Posts First Quarter Loss of $5.8 Million

Scorpio-Bulkers

Scorpio Bulkers reported its results for the three months ended March 31, 2018.

The Company also announced that its Board of Directors has declared a quarterly cash dividend of $0.02 per share on the Company’s common stock.

Results for the Three Months Ended March 31, 2018 and 2017

For the first quarter of 2018, the Company’s GAAP net loss was $5.8 million, or $0.08 loss per diluted share. For the same period in 2017, the Company’s GAAP net loss was $34.6 million, or $0.48 loss per diluted share. Total vessel revenues for the first quarter of 2018 were $54.3 million, compared to $34.7 million for the same period in 2017. Earnings before interest, taxes, depreciation and amortization (“EBITDA”) for the first quarter of 2018 and 2017 were $20.4 million and a loss of $10.8 million, respectively (see Non-GAAP Financial Measures below).

While the first quarter of 2018 included no non-GAAP adjustments to net income, the Company’s first quarter 2017 net income included a loss/write off of vessels and assets held for sale of $17.7 million and the write off of deferred financing costs on the credit facility related to those specific vessels of $0.5 million. Excluding these items, the Company’s first quarter 2017 adjusted net loss was $16.4 million, or $0.22 adjusted loss per diluted share. Adjusted EBITDA for the first quarter ended March 31, 2017 was a loss of $6.9 million (see Non-GAAP Financial Measures below).

TCE Revenue

TCE Revenue Earned during the First Quarter of 2018

  • Our Kamsarmax fleet earned $12,881 per day
  • Our Ultramax fleet earned $9,757 per day

Voyages Fixed thus far for the Second Quarter of 2018

  • Kamsarmax fleet: approximately $13,250 per day for 56% of the days
  • Ultramax fleet: approximately $11,925 per day for 48% of the days

Cash and Cash Equivalents

As of April 20, 2018, the Company had approximately $55.0 million in cash and cash equivalents.

Recent Significant Events

Share Repurchase Program

During the first quarter of 2018, the Company repurchased approximately 1.2 million shares of its common stock under the Board of Directors authorized stock repurchase program at a cost of approximately $8.6 million, or at an average cost of $7.39 per share, which was funded from available cash resources.  As of April 20, 2018, approximately $30.4 million of the $50.0 million authorized remains available for the repurchase of the Company’s common stock in open market or privately negotiated transactions. The specific timing and amounts of any repurchases will be in the sole discretion of management and may vary based on market conditions and other factors and the Company is not obligated under the terms of the program to repurchase any of its common stock. The authorization has no expiration date.

Dividend

In the first quarter of 2018, the Company’s Board of Directors declared and the Company paid a quarterly cash dividend of $0.02 per share totaling approximately $1.5 million.

On April 20, 2018, the Company’s Board of Directors declared a quarterly cash dividend of $0.02 per share, payable on or about May 31, 2018, to all shareholders of record as of May 15, 2018. As of April 20, 2018, 75,971,175 shares were outstanding.

Debt

$12.8 Million Credit Facility

On April 3, 2018, the Company received a commitment for a loan facility of up to $12.75 million from a leading European financial institution to finance the Company’s Kamsarmax bulk carrier to be delivered from Jiangsu New Yangzijiang Shipbuilding Co Ltd in China in the third quarter of 2018. The loan facility will have a final maturity date of June 15, 2023 and bears interest at LIBOR plus a margin of 2.40% per annum. The terms and conditions will be similar to those set forth in the Company’s existing credit facilities. The loan facility is subject to customary conditions precedent and the execution of definitive documentation.

$19.0 Million Lease Financing

On April 17, 2018, the Company entered into a financing transaction in respect of one of its Ultramax vessels with an unaffiliated third party involving the sale and leaseback of the SBI Tango, a 2015 Japanese built Ultramax vessel, for consideration of approximately $19.0 million. As part of the transaction, the Company will make payments of $5,400 per day under a five-year bareboat charter agreement with the buyer. If converted to floating interest rates, based on the expected weighted average life of the transaction, the equivalent cost of financing at the then prevailing swap rates would be LIBOR + 1.73%.

The transaction also provides the Company with options to repurchase the vessel beginning on the third anniversary of the sale until the end of the bareboat charter agreement. This transaction, which shall be treated as a financial lease for accounting purposes, increases the Company’s liquidity by approximately $10.3 million after repayment of the vessel’s existing loan.

Debt Overview

The Company’s outstanding debt balance, gross of unamortized deferred financing costs as of March 31, 2018 and April 20, 2018, are as follows (dollars in thousands):

As of
March 31,
2018
As of April 20, 2018
Credit Facility Amount
Outstanding
Amount
Outstanding
Amount
Committed
Senior Notes $ 73,625 $ 73,625 $
$409 Million Credit Facility 171,549 171,549
$330 Million Credit Facility 241,746 241,746
$42 Million Credit Facility * 22,354 22,354
$67.5 Million Credit Facility 39,459 39,247
$12.5 Million Credit Facility 9,988 9,988
$27.3 Million Credit Facility 17,825 17,825
$85.5 Million Credit Facility 83,868 83,868
$38.7 Million Credit Facility 37,800 37,800
$19.6 Million Lease Financing 18,978 18,978
$12.8 Million Credit Facility ** 12,750
$19.0 Million Lease Financing 19,000
Total $ 717,192 $ 716,980 $ 31,750
*  $8.2 million to be repaid upon the drawdown of the $19.0 Million Lease Financing
** Reflects the maximum loan amount available on undrawn vessel.

The Company’s projected quarterly debt repayments on our bank loans and senior notes and bareboat charter payments on our finance leases through 2019 are as follows (dollars in thousands):

Principal on
Bank Loans and
Senior Notes
Finance Lease Total
Q2 2018 (1) $20,196 $821 $21,017
Q3 2018 11,729 986 12,715
Q4 2018 11,494 986 12,480
Q1 2019 10,791 986 11,777
Q2 2019 10,833 986 11,819
Q3 2019 (2) 84,466 986 85,452
Q4 2019 12,795 986 13,781
Total $162,304 $6,737 $169,041
(1) Relates to payments expected to be made from April 21, 2018 to June 30, 2018 and includes $8.2 million to be repaid upon the drawdown of the $19.0 Million Lease Financing.
(2) Includes $73.6 million repayment of Senior Notes due at maturity.

Financial Results for the Three Months Ended March 31, 2018 Compared to the Three Months Ended March 31, 2017

For the first quarter of 2018, the Company’s GAAP net loss was $5.8 million, or $0.08 loss per diluted share.  For the same period in 2017, the Company’s GAAP net loss was $34.6 million, or $0.48 loss per diluted share.  Earnings before interest, taxes, depreciation and amortization for the first quarters of 2018 and 2017 were $20.4 million and a loss of $10.8 million, respectively (see Non-GAAP Financial Measures). Excluding the loss/write off of vessels and assets held for sale of $17.7 million and the write off of deferred financing costs on the credit facility related to those specific vessels of $0.5 million, the Company’s adjusted net loss for the first quarter of 2017 was $16.4 million, or $0.22 adjusted loss per diluted share (see Non-GAAP Financial Measures below). There were no such non-GAAP adjustments to the Company’s first quarter 2018 net income.

Total vessel revenues for the first quarter of 2018 were $54.3 million, an increase of $19.6 million from $34.7 million in the first quarter of 2017. Our TCE revenue (see Non-GAAP Financial Measures) for the first quarter of 2018 was $54.1 million, an increase of $19.4 million from the first quarter of 2017.  First quarter 2018 revenues were driven by high levels of demand for coal and grains for the better part of the quarter.

Total operating expenses for the first quarter of 2018 were $49.8 million compared to $60.9 million in the first quarter of 2017.  The quarter over quarter decrease relates to the loss/write off of vessels and assets held for sale of $17.7 million recorded in the first quarter of 2017, offset in part by increases in vessel operating costs and depreciation resulting from the increase in the size of our fleet.

Ultramax Operations

Three Months Ended March 31,
Dollars in thousands 2018 2017 Change % Change
TCE Revenue:
Vessel revenue $ 33,330 $ 19,760 $ 13,570 69
Voyage expenses 128 49 79 161
TCE Revenue $ 33,202 $ 19,711 $ 13,491 68
Operating expenses:
Vessel operating costs 17,236 12,145 5,091 42
Charterhire expense 915 10 905 NA
Vessel depreciation 9,190 7,023 2,167 31
General and administrative expense 1,073 839 234 28
Total operating expenses $ 28,414 $ 20,017 $ 8,397 42
Operating income (loss) $ 4,788 $ (306 ) $ 5,094 1,665

Vessel revenue for our Ultramax Operations increased to $33.3 million for the first quarter of 2018 from $19.8 million in the prior year period.

TCE revenue (see Non-GAAP Financial Measures) for our Ultramax Operations was $33.2 million for the first quarter of 2018 and was associated with a day-weighted average of 37 vessels owned and one time chartered-in vessel, compared to $19.7 million for the prior year period, which was associated with a day-weighted average of 28 vessels owned. TCE revenue per day was $9,757 and $8,230 for the three months ended March 31, 2018 and 2017, respectively. The market in the first quarter was comparatively strong to previous year’s with two major factors keeping levels buoyant. A strong Atlantic U.S. Gulf market in the fourth quarter of 2017 was sustained well into February 2018 due to strong coal exports and residual grain movement coupled with strong Pacific coal imports from Indonesia to China at the beginning of March 2018.

Dollars in thousands Three Months Ended March 31,
Ultramax Operations: 2018 2017 Change % Change
TCE Revenue $ 33,202 $ 19,711 $ 13,491 68
TCE Revenue / Day $ 9,757 $ 8,230 $ 1,527 19
Revenue Days 3,403 2,395 1,008 42

Our Ultramax Operations vessel operating costs were $17.2 million for the first quarter of 2018, including approximately $0.9 million of takeover costs and contingency expenses and related to 37 vessels owned, on average during the period.  Vessel operating costs for the prior year period were $12.1 million and related to 28 vessels owned, on average during the period. Daily operating costs excluding other non-operating expenses for the first quarters of 2018 and 2017 were $4,909 and $4,929, respectively.  Sequentially, daily operating costs increased from $4,749 in the fourth quarter of 2017 due in large part to seasonality.

Charterhire expense for our Ultramax Operations was approximately $0.9 million for the first quarter of 2018, and relates to the vessel we have time chartered-in at $10,125 per day.

Ultramax Operations depreciation increased to $9.2 million in the first quarter of 2018 from $7.0 million in the prior year period reflecting the increase in our weighted average vessels owned to 37 from 28.

General and administrative expense for our Ultramax Operations was $1.1 million for the first quarter of 2018 and $0.8 million in the prior year period. General and administrative expenses consist primarily of administrative service fees, which are incurred on a per vessel per day basis, and bank charges, which are incurred based on the number of transactions.  The increase versus the prior year period reflects the growth of our fleet.

Kamsarmax Operations

Three Months Ended March 31,
Dollars in thousands 2018 2017 Change % Change
TCE Revenue:
Vessel revenue $ 20,923 $ 14,968 $ 5,955 40
Voyage expenses 68 68
TCE Revenue $ 20,855 $ 14,900 $ 5,955 40
Operating expenses:
Vessel operating costs 8,571 9,661 (1,090 ) (11 )
Charterhire expense 90 1,961 (1,871 ) (95 )
Vessel depreciation 4,678 4,559 119 3
General and administrative expense 507 536 (29 ) (5 )
Loss / write down on assets held for sale 17,131 (17,131 ) (100 )
Total operating expenses $ 13,846 $ 33,848 $ (20,002 ) (59 )
Operating income (loss) $ 7,009 $ (18,948 ) $ 25,957 137

Vessel revenue for our Kamsarmax Operations increased to $20.9 million in the first quarter of 2018 from $15.0 million in the prior year period.

TCE revenue (see Non-GAAP Financial Measures) for our Kamsarmax Operations was $20.9 million for the first quarter of 2018 and was associated with a day-weighted average of 18 vessels owned, compared to $14.9 million for prior year period, which was associated with a day-weighted average of 19 vessels owned and one vessel time chartered-in. TCE revenue per day was $12,881 and $9,164 for the first quarters of 2018 and 2017, respectively. The Kamsarmax market in the first quarter of 2018 was the best it has experienced in recent history. Initially mineral driven; in the Atlantic with significant exports from the East Coast of the U.S. and Colombia into Europe and India, in the Pacific due to strong Chinese pre-Chinese New Year imports, as well as Indian coal imports from Indonesia and Australia. After the Chinese New Year, activity started to slow down but expectations of a strong second quarter of 2018, driven by grain expectations, kept curves in contango and allowed owners to achieve premium rates for longer employments.

Dollars in thousands Three Months Ended March 31,
Kamsarmax Operations: 2018 2017 Change % Change
TCE Revenue $ 20,855 $ 14,900 $ 5,955 40
TCE Revenue / Day $ 12,881 $ 9,164 $ 3,717 41
Revenue Days 1,619 1,626 (7 )

Kamsarmax Operations vessel operating costs were $8.6 million for the first quarter of 2018, including approximately $0.2 million of contingency expenses, related to 18 vessels owned, on average during the period. Vessel operating costs for the prior year period were $9.7 million and related to 19 vessels owned, on average during the period. Daily operating costs excluding takeover and other non-operating expenses for the first quarters of 2018 and 2017 were $5,172 and $5,207, respectively. Sequentially, daily operating costs increased from $4,943 in the fourth quarter of 2017 due in large part to seasonality.

While we do not time charter-in any Kamsarmax vessels, we have a profit and loss sharing agreement with a third party and during the first quarter of 2018, our share of the loss on that vessel was $0.1 million. During the prior year period, two Kamsarmax vessels were time chartered-in resulting in charterhire expense of $2.0 million.

Kamsarmax Operations depreciation remained relatively flat at $4.7 million in the first quarter 2018 compared to $4.6 million in the prior year period.  Our weighted average vessels owned was 18 and 19, in the first quarter of 2018 and 2017, respectively.

General and administrative expense for our Kamsarmax Operations was $0.5 million for both the first quarters of 2018 and 2017.  The expense consists primarily of administrative services fees, which are incurred on a per vessel per day basis, and bank charges, which are incurred based on the number of transactions.

During the first quarter of 2017, we recorded a write down on assets held for sale of $17.1 million related to the sale of two Kamsarmax vessels to an unaffiliated third party.

Corporate

Certain general and administrative expenses we incur and all of our financial expenses are not attributable to a specific segment.  Accordingly, these costs are not allocated to any of our segments. These general and administrative expenses, including compensation, audit, legal and other professional fees, as well as the costs of being a public company, such as director fees, were $7.3 million and $6.4 million in the first quarters of 2018 and 2017, respectively.

Financial expenses increased to $10.2 million in the first quarter of 2018 from $8.4 million in the prior year period due to an increase in the LIBOR rate and higher levels of debt. During the first quarter of 2017, we wrote off $0.5 million of deferred financing costs accumulated on credit facilities for which the related vessels were sold.

Scorpio Bulkers Inc. and Subsidiaries
Consolidated Statements of Operations
(Amounts in thousands, except per share data)
Unaudited
Three Months Ended March 31,
2018 2017
Revenue:
Vessel revenue $ 54,253 $ 34,728
Operating expenses:
Voyage expenses 196 117
Vessel operating costs 25,806 21,801
Charterhire expense 1,005 1,971
Vessel depreciation 13,868 11,582
General and administrative expenses 8,910 7,728
Loss / write down on assets held for sale 17,702
Total operating expenses 49,785 60,901
Operating income (loss) 4,468 (26,173 )
Other income (expense):
Interest income 214 262
Foreign exchange loss (87 ) (94 )
Financial expense, net (10,367 ) (8,559 )
Total other expense (10,240 ) (8,391 )
Net loss $ (5,772 ) $ (34,564 )
Loss per common share – basic and diluted $ (0.08 ) $ (0.48 )
Weighted-average shares outstanding – basic and diluted 72,702 71,735
Scorpio Bulkers Inc. and Subsidiaries
Consolidated Balance Sheets
(Dollars in thousands)
Unaudited
March 31, 2018 December 31, 2017
Assets
Current assets
Cash and cash equivalents $ 52,788 $ 68,535
Accounts receivable 9,282 7,933
Prepaid expenses and other current assets 6,922 6,087
Total current assets 68,992 82,555
Non-current assets
Vessels, net 1,521,073 1,534,782
Vessels under construction 9,717 6,710
Deferred financing costs, net 2,811 3,068
Other assets 16,095 16,295
Total non-current assets 1,549,696 1,560,855
Total assets $ 1,618,688 $ 1,643,410
Liabilities and shareholders’ equity
Current liabilities
Bank loans, net $ 44,707 $ 46,993
Capital lease obligation 1,156 1,144
Accounts payable and accrued expenses 11,858 10,453
Total current liabilities 57,721 58,590
Non-current liabilities
Bank loans, net 567,119 576,967
Capital lease obligation 17,447 17,747
Senior Notes, net 72,856 72,726
Total non-current liabilities 657,422 667,440
Total liabilities 715,143 726,030
Shareholders’ equity
Preferred stock, $0.01 par value; 50,000,000 shares authorized; no shares issued or outstanding
Common stock, $0.01 par value per share; authorized 112,500,000 shares; issued and outstanding 75,971,175 and 74,902,364 shares as of March 31, 2018 and December 31, 2017, respectively 785 762
Paid-in capital 1,746,403 1,745,844
Common stock held in treasury, at cost; 2,635,413 and 1,465,448 shares at March 31, 2018 and December 31, 2017, respectively (19,649 ) (11,004 )
Accumulated deficit (823,994 ) (818,222 )
Total shareholders’ equity 903,545 917,380
Total liabilities and shareholders’ equity $ 1,618,688 $ 1,643,410
Scorpio Bulkers Inc. and Subsidiaries
Statements of Cash Flows (unaudited)
(Amounts in thousands)
For the Three Months Ended March 31,
2018 2017
Operating activities
Net loss $ (5,772 ) $ (34,564 )
Adjustment to reconcile net loss to net cash used by
operating activities:
Restricted stock amortization 2,125 3,862
Vessel depreciation 13,868 11,582
Amortization of deferred financing costs 1,482 1,360
Write off of deferred financing costs 470
Loss / write down on assets held for sale 16,471
Changes in operating assets and liabilities:
(Decrease) increase in accounts receivable (1,349 ) 1,337
Increase in prepaid expenses and other assets (635 ) (697 )
Increase (decrease) in accounts payable and accrued expenses 1,405 (1,556 )
Net cash provided by (used in) operating activities 11,124 (1,735 )
Investing activities
Payments for vessels and vessels under construction (3,166 ) (22,421 )
Net cash used in investing activities (3,166 ) (22,421 )
Financing activities
Proceeds from issuance of long-term debt 51,600
Repayments of long-term debt (13,431 ) (2,580 )
Common stock repurchased (8,645 )
Dividend paid (1,542 )
Debt issue costs paid (87 )
Net cash (used in) provided by financing activities (23,705 ) 49,020
(Decrease) increase in cash and cash equivalents (15,747 ) 24,864
Cash at cash equivalents, beginning of period 68,535 101,734
Cash and cash equivalents, end of period $ 52,788 $ 126,598
Scorpio Bulkers Inc. and Subsidiaries
Other Operating Data (unaudited)
Three Months Ended March 31,
2018 2017
Time charter equivalent revenue ($000’s) (1):
Vessel revenue $ 54,253 $ 34,728
Voyage expenses (196 ) (117 )
Time charter equivalent revenue $ 54,057 $ 34,611
Time charter equivalent revenue attributable to:
Kamsarmax $ 20,855 $ 14,900
Ultramax 33,202 19,711
$ 54,057 $ 34,611
Revenue days:
Kamsarmax 1,619 1,626
Ultramax 3,403 2,395
Combined 5,022 4,021
TCE per revenue day (1):
Kamsarmax $ 12,881 $ 9,164
Ultramax $ 9,757 $ 8,230
Combined $ 10,764 $ 8,608
(1) We define Time Charter Equivalent (TCE) revenue as vessel revenues less voyage expenses.  Such TCE revenue, divided by the number of our available days during the period, or revenue days, is TCE per revenue day, which is consistent with industry standards.  TCE per revenue day is a common shipping industry performance measure used primarily to compare daily earnings generated by vessels on time charters with daily earnings generated by vessels on voyage charters, because charter hire rates for vessels on voyage charters are generally not expressed in per-day amounts while charter hire rates for vessels on time charters generally are expressed in such amounts.
We report TCE revenue, a non-GAAP financial measure, because (i) we believe it provides additional meaningful information in conjunction with vessel revenues and voyage expenses, the most directly comparable U.S.-GAAP measure, (ii) it assists our management in making decisions regarding the deployment and use of our vessels and in evaluating their financial performance, (iii) it is a standard shipping industry performance measure used primarily to compare period-to-period changes in a shipping company’s performance irrespective of changes in the mix of charter types (i.e., spot charters, time charters and bareboat charters) under which the vessels may be employed between the periods, and (iv) we believe that it presents useful information to investors. See Non-GAAP Financial Measures.

Fleet List as of April 20, 2018

Vessel Name Year Built  DWT  Vessel Type
SBI Samba 2015 84,000 Kamsarmax
SBI Rumba 2015 84,000 Kamsarmax
SBI Capoeira 2015 82,000 Kamsarmax
SBI Electra 2015 82,000 Kamsarmax
SBI Carioca 2015 82,000 Kamsarmax
SBI Conga 2015 82,000 Kamsarmax
SBI Flamenco 2015 82,000 Kamsarmax
SBI Bolero 2015 82,000 Kamsarmax
SBI Sousta 2016 82,000 Kamsarmax
SBI Rock 2016 82,000 Kamsarmax
SBI Lambada 2016 82,000 Kamsarmax
SBI Reggae 2016 82,000 Kamsarmax
SBI Zumba 2016 82,000 Kamsarmax
SBI Macarena 2016 82,000 Kamsarmax
SBI Parapara 2017 82,000 Kamsarmax
SBI Mazurka 2017 82,000 Kamsarmax
SBI Swing 2017 82,000 Kamsarmax
SBI Jive 2017 82,000 Kamsarmax
Total Kamsarmax 1,480,000
SBI Antares 2015 61,000 Ultramax
SBI Athena 2015 64,000 Ultramax
SBI Bravo 2015 61,000 Ultramax
SBI Leo 2015 61,000 Ultramax
SBI Echo 2015 61,000 Ultramax
SBI Lyra 2015 61,000 Ultramax
SBI Tango 2015 61,000 Ultramax
SBI Maia 2015 61,000 Ultramax
SBI Hydra 2015 61,000 Ultramax
SBI Subaru 2015 61,000 Ultramax
SBI Pegasus 2015 64,000 Ultramax
SBI Ursa 2015 61,000 Ultramax
SBI Thalia 2015 64,000 Ultramax
SBI Cronos 2015 61,000 Ultramax
SBI Orion 2015 64,000 Ultramax
SBI Achilles 2016 61,000 Ultramax
SBI Hercules 2016 64,000 Ultramax
SBI Perseus 2016 64,000 Ultramax
SBI Hermes 2016 61,000 Ultramax
SBI Zeus 2016 60,200 Ultramax
SBI Hera 2016 60,200 Ultramax
SBI Hyperion 2016 61,000 Ultramax
SBI Tethys 2016 61,000 Ultramax
SBI Phoebe 2016 64,000 Ultramax
SBI Poseidon 2016 60,200 Ultramax
SBI Apollo 2016 60,200 Ultramax
SBI Samson 2017 64,000 Ultramax
SBI Phoenix 2017 64,000 Ultramax
SBI Gemini 2015 64,000 Ultramax
SBI Libra 2017 64,000 Ultramax
SBI Puma 2014 64,000 Ultramax
SBI Jaguar 2014 64,000 Ultramax
SBI Cougar 2015 64,000 Ultramax
SBI Aries 2015 64,000 Ultramax
SBI Taurus 2015 64,000 Ultramax
SBI Pisces 2016 64,000 Ultramax
SBI Virgo 2017 64,000 Ultramax
Total Ultramax 2,307,800
Total Owned or Finance Leased Vessels DWT 3,787,800

Time chartered-in vessels

The Company currently time charters-in one Ultramax vessel. The terms of the contract are summarized as follows:

Vessel Type Year Built DWT Country of Build Daily Base
Rate
Earliest Expiry
Ultramax 2017 62,100 Japan $ 10,125 30-Sep-19 (1 )
Total TC DWT 62,100
(1) This vessel is time chartered-in for 22 to 24 months at the Company’s option at $10,125 per day. The Company has the option to extend this time charter for one year at $10,885 per day. The vessel was delivered to the Company in September 2017.

Vessel Under Construction

Kamsarmax Vessel

Vessel Name Expected Delivery  DWT Shipyard
Hull 2215 – TBN SBI Lynx Q3-18 82,000 Jiangsu Yangzijiang Shipbuilding Co. Ltd.
Total Kamsarmax Newbuilding DWT 82,000

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