Less than a month after its largest new-building order and a fully subscribed IPO, Scorpio Bulkers Inc. (SALT) has struck again, albeit more modestly. This time it announced the leasing of five vessels (two Panamax, two Kamsarmax, and one Post-Panamax) on medium-term charters (of about one year or less), at an average rate of approximately $15,000 per day.
Details of the charters are as follows:
I do not expect the charters to make a material contribution to free cash flow or the bottom line. The company will have approximately 1,500 trading days at $14,935 per day to turn an operating profit. The daily cash break-even rate is more or less in line with the current FFA curve if not slightly higher.
On the other hand, the charters will help the fledgling company set up its chartering department and get its feet wet in spot freight trading.
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The EU will propose to G7 finance ministers this week to lower the current $60 per barrel price cap on Russian seaborne oil as part of the new sanctions package against Moscow, European Economic Commissioner Valdis Dombrovskis said on Monday.
The prospect of a deal over Iran’s nuclear program saw oil fall sharply on Thursday. The reality is that Tehran has relatively little extra crude that it can bring back — but it could arrive in a market that’s gearing up for surplus.
Estonia said on Thursday that Moscow had briefly sent a fighter jet into NATO airspace over the Baltic Sea during an attempt to stop a Russian-bound oil tanker thought to be part of a "shadow fleet" defying Western sanctions on Moscow.
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