Document and Entity Information
Document and Entity Information | 12 Months Ended |
Dec. 31, 2016shares | |
Document And Entity Information | |
Entity Registrant Name | SCORPIO BULKERS INC. |
Entity Central Index Key | 1,587,264 |
Document Type | 20-F |
Document Period End Date | Dec. 31, 2016 |
Amendment Flag | false |
Current Fiscal Year End Date | --12-31 |
Entity Well-known Seasoned Issuer | No |
Entity Voluntary Filers | No |
Entity Current Reporting Status | Yes |
Entity Filer Category | Accelerated Filer |
Entity Common Stock, Shares Outstanding | 75,298,676 |
Document Fiscal Period Focus | FY |
Document Fiscal Year Focus | 2,016 |
Consolidated Balance Sheet
Consolidated Balance Sheet - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Assets, Current [Abstract] | ||
Cash and cash equivalents | $ 101,734 | $ 200,300 |
Due from related parties | 4,240 | 8,197 |
Prepaid expenses and other current assets | 9,506 | 11,247 |
Assets held for sale | 0 | 172,888 |
Total current assets | 115,480 | 392,632 |
Assets, Noncurrent [Abstract] | ||
Vessels, net | 1,234,081 | 764,454 |
Vessels under construction | 180,000 | 288,282 |
Deferred financing cost, net | 3,307 | 464 |
Other assets | 3,050 | 14,736 |
Due from related parties | 11,239 | 12,525 |
Total non-current assets | 1,431,677 | 1,080,461 |
Total assets | 1,547,157 | 1,473,093 |
Liabilities, Current [Abstract] | ||
Bank loans, net | 13,480 | 107,739 |
Accounts payable and accrued expenses | 10,033 | 16,214 |
Due to related parties | 1,037 | 624 |
Total current liabilities | 24,550 | 124,577 |
Liabilities, Noncurrent [Abstract] | ||
Bank loans, net | 493,793 | 342,314 |
Senior Notes, net | 72,199 | 71,671 |
Total non-current liabilities | 565,992 | 413,985 |
Total liabilities | 590,542 | 538,562 |
Commitments and Contingencies (Note 7) | ||
Preferred stock, $0.01 par value; 50,000,000 shares authorized; no shares issued or outstanding | 0 | 0 |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest [Abstract] | ||
Common stock, $0.01 par value per share; authorized 112,500,000 shares; issued and outstanding 75,298,676 and 28,686,561 shares as of December 31, 2016 and December 31, 2015, respectively | 753 | 287 |
Additional Paid in Capital | 1,714,358 | 1,567,905 |
Accumulated Deficit | (758,496) | (633,661) |
Total shareholders' equity | 956,615 | 934,531 |
Total liabilities and shareholders' equity | $ 1,547,157 | $ 1,473,093 |
Consolidated Balance Sheet(Pare
Consolidated Balance Sheet(Parenthetical) - $ / shares | Dec. 31, 2016 | Dec. 31, 2015 |
Statement of Financial Position [Abstract] | ||
Preferred Stock, Par or Stated Value Per Share | $ 0.01 | $ 0 |
Preferred Stock, Shares Authorized | 50,000,000 | 0 |
Preferred Stock, Shares Issued | 0 | 0 |
Preferred Stock, Shares Outstanding | 0 | 0 |
Common Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 |
Common Stock, Shares Authorized | 112,500,000 | 56,250,000 |
Common Stock, Shares, Issued | 75,298,676 | 28,686,561 |
Common Stock, shares, Outstanding | 75,298,676 | 28,686,561 |
Consolidated Statement of Opera
Consolidated Statement of Operations - USD ($) shares in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Revenues [Abstract] | |||
Vessel revenue | $ 0 | $ 5,457,000 | $ 3,774,000 |
Vessel revenue-related party pools | 78,402,000 | 57,064,000 | 45,213,000 |
Revenue, Net | 78,402,000 | 62,521,000 | 48,987,000 |
Operating Expenses [Abstract] | |||
Voyage expenses | (364,000) | 123,000 | 3,579,000 |
Voyage expenses- related party | 319,000 | 664,000 | 148,000 |
Vessel operating costs | 61,641,000 | 26,607,000 | 1,478,000 |
Vessel operating costs-related party | 7,191,000 | 2,765,000 | 122,000 |
Charterhire expense | 17,356,000 | 51,389,000 | 73,214,000 |
Charterhire termination | 10,000,000 | 0 | 0 |
Vessel depreciation | 36,562,000 | 14,263,000 | 686,000 |
General and administrative expenses | 29,141,000 | 33,373,000 | 30,937,000 |
General and administrative expenses-related party | 4,854,000 | 2,009,000 | 824,000 |
Loss / write down on assets held for sale | 11,433,000 | 397,472,000 | 55,487,000 |
Loss / write down on assets held for sale-related party | 1,000,000 | 25,465,000 | 0 |
Total operating expenses | 179,133,000 | 554,130,000 | 166,475,000 |
Operating loss | (100,731,000) | (491,609,000) | (117,488,000) |
Other income (expense) [Abstract] | |||
Interest income | 933,000 | 356,000 | 1,052,000 |
Foreign exchange gain (loss) | (116,000) | (12,000) | 43,000 |
Financial expense, net | 24,921,000 | 19,524,000 | 172,000 |
Total other (loss) income | (24,104,000) | (19,180,000) | 923,000 |
Net Income (Loss) Attributable to Parent | $ (124,835,000) | $ (510,789,000) | $ (116,565,000) |
Basic weighted average common shares outstanding | 56,174 | 21,410 | 11,466 |
Diluted weighted average common shares outstanding | 56,174 | 21,410 | 11,466 |
Basic loss per share | $ (2.22) | $ (23.86) | $ (10.17) |
Diluted loss per share | $ (2.22) | $ (23.86) | $ (10.17) |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' Equity - USD ($) $ in Thousands | Total | Common Stock [Member] | Additional Paid-in Capital | Accumulated deficit |
Beginning Balance (in shares) at Dec. 31, 2013 | 11,116,994 | |||
Beginning Balance at Dec. 31, 2013 | $ 1,104,212 | $ 1,334 | $ 1,109,185 | $ (6,307) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Net loss | (116,565) | (116,565) | ||
Shares issued private placement | 3,333,333 | |||
Stock issued during the period private placement | 145,627 | $ 400 | 145,227 | |
Stock Issued During Period, Shares, New Issues | 391,250 | |||
Stock Issued During Period, Value, New Issues | 42,345 | $ 47 | 42,298 | |
Stock Issued During Period, Value, Issued for Services | 500 | $ 1 | 499 | |
Stock Issued During Period, Shares, Issued for Services | 4,366 | |||
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures | 179,031 | |||
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures | 0 | $ 21 | (21) | |
Share-based Compensation | 23,869 | 23,869 | ||
Ending Balance (in Shares) at Dec. 31, 2014 | 15,024,974 | |||
Ending Balance at Dec. 31, 2014 | 1,199,988 | $ 1,803 | (122,872) | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Additional Paid in Capital | 1,321,057 | |||
Net loss | (510,789) | (510,789) | ||
Stock issued during the period private placement | 250 | 250 | ||
Stock Issued During Period, Shares, New Issues | 11,083,333 | |||
Stock Issued During Period, Value, New Issues | 189,673 | $ 1,330 | 188,343 | |
Stock Issued During Period, Shares, Other | 1,662,500 | |||
Stock Issued During Period, Value, Other | 28,430 | $ 200 | 28,230 | |
Stock Issued During Period, Shares, Reverse Stock Splits | (29) | |||
Stock Issued During Period, Value Reverse Stock Splits | 0 | $ (3,155) | ||
Adjustments to Additional Paid in Capital, Reverse Stock Split | 3,155 | |||
Stock Issued During Period, Value, Issued for Services | 2,380 | $ 13 | 2,367 | |
Stock Issued During Period, Shares, Issued for Services | 111,725 | |||
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures | 804,058 | |||
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures | 0 | $ 96 | (96) | |
Share-based Compensation | $ 24,599 | 24,599 | ||
Ending Balance (in Shares) at Dec. 31, 2015 | 28,686,561 | 28,686,561 | ||
Ending Balance at Dec. 31, 2015 | $ 934,531 | $ 287 | (633,661) | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Additional Paid in Capital | 1,567,905 | 1,567,905 | ||
Net loss | (124,835) | (124,835) | ||
Stock Issued During Period, Shares, New Issues | 44,000,000 | |||
Stock Issued During Period, Value, New Issues | 128,112 | $ 440 | 127,672 | |
Stock Issued During Period, Value, Issued for Services | 198 | $ 0 | 198 | |
Stock Issued During Period, Shares, Issued for Services | 51,679 | |||
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures | 2,560,436 | |||
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures | 0 | $ 26 | (26) | |
Share-based Compensation | $ 18,609 | 18,609 | ||
Ending Balance (in Shares) at Dec. 31, 2016 | 75,298,676 | 75,298,676 | ||
Ending Balance at Dec. 31, 2016 | $ 956,615 | $ 753 | $ (758,496) | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Additional Paid in Capital | $ 1,714,358 | $ 1,714,358 |
Consolidated Statement of Cash
Consolidated Statement of Cash Flows - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Net Cash Provided by (Used in) Operating Activities [Abstract] | |||
Net loss | $ (124,835,000) | $ (510,789,000) | $ (116,565,000) |
Adjustments to Reconcile Net Income (Loss) to Cash Provided by (Used in) Operating Activities [Abstract] | |||
Restricted stock amortization | 18,609,000 | 24,599,000 | 23,869,000 |
Vessel depreciation | 36,562,000 | 14,263,000 | 686,000 |
Amortization of deferred financing costs | 4,137,000 | 1,988,000 | 150,000 |
Write off of deferred financing costs | 3,781,000 | 16,085,000 | 0 |
Loss / write down on assets | (10,555,000) | ||
Loss / write down on assets held for sale | 11,433,000 | 397,472,000 | 55,487,000 |
Loss write down on assets - related party | 0 | ||
Loss / write down on assets held for sale-related party | 1,000,000 | 25,465,000 | 0 |
Increase (Decrease) in Other Operating Assets and Liabilities, Net [Abstract] | |||
Decrease in prepaid expenses and other current assets | (483,000) | (4,669,000) | (3,811,000) |
(Decrease) increase in accounts payable accrued expenses | (6,178,000) | 5,372,000 | 5,014,000 |
Increase (decrease) in related party balances | 5,656,000 | (4,928,000) | (15,170,000) |
Net Cash Provided by (Used in) Operating Activities | (52,196,000) | (35,142,000) | (50,340,000) |
Net Cash Provided by (Used in) Investing Activities [Abstract] | |||
Security deposit refunded (paid) on assets held for sale | 0 | 31,277,000 | (31,277,000) |
Proceeds from sale of assets held for sale | 271,376,000 | 281,050,000 | 0 |
Payments on assets classified as held for sale | (98,445,000) | (92,433,000) | 0 |
Payments for vessels and vessels under construction | (408,307,000) | (875,970,000) | (651,505,000) |
Net cash used by investing activities | (235,376,000) | (656,076,000) | (682,782,000) |
Net Cash Provided by (Used in) Financing Activities [Abstract] | |||
Proceeds from issuance of common stock | 128,112,000 | 217,997,000 | 187,615,000 |
Proceeds from issuance of debt | 247,243,000 | 489,561,000 | 33,550,000 |
Repayments of Long-term Debt | (185,239,000) | (62,669,000) | 0 |
Proceed from Senior Notes offering | 0 | 0 | 73,625,000 |
Debt issue cost paid | (1,110,000) | (26,044,000) | (22,891,000) |
Net cash provided by financing activities | 189,006,000 | 618,845,000 | 271,899,000 |
(Decrease) increase in cash and cash equivalents | (98,566,000) | (72,373,000) | (461,223,000) |
Cash at cash equivalents, beginning of period | 200,300,000 | 272,673,000 | 733,896,000 |
Cash and cash equivalents, end of period | 101,734,000 | 200,300,000 | 272,673,000 |
Supplemental Cash Flow Information [Abstract] | |||
Interest Paid | 22,647,000 | 12,874,000 | 1,273,000 |
Noncash Investing and Financing Items [Abstract] | |||
Amounts payable for vessels and vessels under construction | 207,000 | 2,800,000 | 7,568,000 |
Deferred financing cost payable | 0 | 85,000 | 532,000 |
Issuance of common stock | 147,000 | 0 | 357,000 |
Interest capitalized | $ 6,951,000 | $ 11,886,000 | $ 1,600,000 |
General information and signifi
General information and significant accounting policies | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Significant Accounting Policies [Text Block] | Company Scorpio Bulkers Inc. and its subsidiaries (together “we”, “us”, “our” or the “Company”) is an international shipping company that owns and operates the latest generation newbuilding drybulk carriers with fuel-efficient specifications and carrying capacities of greater than 30,000 dwt in the international shipping markets. Scorpio Bulkers Inc. was incorporated in the Republic of the Marshall Islands on March 20, 2013. As of December 31, 2016 , the Company owned 42 vessels (consisting of 16 Kamsarmax vessels and 26 Ultramax vessels) and has six newbuilding drybulk carriers, which it intends to operate, under construction. Five of the newbuilding drybulk carriers are to be delivered in the first quarter of 2017 and the final newbuilding drybulk carrier is expected to be delivered in the second quarter of 2017. Our vessels are commercially managed by Scorpio Commercial Management S.A.M., or SCM, which is majority owned by the Lolli-Ghetti family of which, Emanuele Lauro, our Chairman and Chief Executive Officer, and Filippo Lauro, our Vice President, are members. SCM’s services include securing employment, in pools, in the spot market and on time charters. Our vessels are technically managed by Scorpio Ship Management S.A.M., or SSM, which is majority owned by the Lolli-Ghetti family. SSM facilitates vessel support such as crew, provisions, deck and engine stores, insurance, maintenance and repairs, and other services as necessary to operate the vessels such as drydocks and vetting/inspection under a technical management agreement. We also have an administrative services agreement with Scorpio Services Holding Limited, or SSH, which is majority owned by the Lolli-Ghetti family. The administrative services provided under this agreement primarily include accounting, legal compliance, financial, information technology services, the provision of administrative staff and office space. Under the administrative services agreement, we also reimburse SSH for any direct or indirect expenses that they incur in providing these services. Basis of accounting The consolidated financial statements and accompanying notes have been prepared in accordance with accounting principles generally accepted in the United States of America, or U.S. GAAP. All intercompany accounts and transactions have been eliminated in consolidation. The consolidated financial statements reflect all adjustments which, in the opinion of management, are necessary for the fair presentation of results. Pursuant to ASU 2015-03, “Simplifying the Presentation of Debt Issuance Costs ”, certain reclassifications have been made to prior years’ Deferred financing costs, net, Bank loans, net and Senior Notes, net to conform to current year presentation. See “ Recently adopted accounting standards” below for additional information on these reclassifications. Other comprehensive income is net income and thus not presented separately. Reverse stock split On December 31, 2015, the Company effected a one-for-twelve reverse stock split. All share and per share information has been retroactively adjusted to reflect the reverse stock split. The par value was not adjusted as a result of the reverse stock split. Going concern The Company’s revenue is primarily derived from pool revenue. The bulker shipping industry is volatile and has been experiencing a sustained cyclical downturn. If the downturn continues, this could have a material adverse effect on the Company’s business, financial condition, results of operations and cash flows. The fair market values of the Company’s vessels also experience high volatility. The fair market value of the vessels may increase or decrease depending on a number of factors including, but not limited to, the prevailing level of charter rates and day rates, general economic and market conditions affecting the international shipping industry, types, sizes and ages of vessels, supply and demand for vessels, availability of or developments in other modes of transportation, competition from other shipping companies, cost of newbuildings, governmental or other regulations and technological advances. In addition, as vessels grow older, they generally decline in value. If the fair market value of vessels declines, the Company may not be in compliance with certain provisions of its credit facilities and it may not be able to refinance its debt. The prepayment of certain credit facilities may be necessary for the Company to maintain compliance with certain covenants in the event that the value of its vessels falls below a certain level. Additionally, if the Company sells one or more of its vessels at a time when vessel prices have fallen, the sale price may be less than the vessel’s carrying value on its consolidated financial statements, resulting in a loss on sale or an impairment loss being recognized, ultimately leading to a reduction in earnings. Furthermore, if vessel values fall significantly, this could indicate a decrease in the recoverable amount for the vessel which may result in an impairment adjustment in the carrying value of the vessel. As described in Note 7, the Company has commitments to pay for its vessels currently under construction that may exceed the amount of financing presently secured for these which could have an adverse effect on the Company’s business, financial condition, results of operations and cash flows. These consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. The consolidated financial statements do not include any adjustments relating to the recoverability and classification of recorded assets, nor to the amounts and classification of liabilities that may be necessary should the Company be unable to continue as a going concern. Significant Accounting Policies Principles of Consolidation The consolidated financial statements represent the consolidation of the accounts of Scorpio Bulkers Inc. and its subsidiaries in conformity with U.S. GAAP. All intercompany accounts and transactions have been eliminated in consolidation. Investments in unconsolidated companies (generally 20 to 50 percent ownership), in which the Company has the ability to exercise significant influence but neither has a controlling interest nor is the primary beneficiary, are accounted for under the equity method. Investments in entities in which the Company does not have the ability to exercise significant influence are accounted for under the cost method. Under certain criteria indicated in Accounting Standards Codification ("ASC") 810, Consolidation, a partially-owned affiliate would be consolidated as a variable interest entity when it has less than a 50% ownership if the Company was the primary beneficiary of that entity. At the present time, there are no interests in variable interest entities. Accounting estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses and disclosures of contingent assets, liabilities, revenues and expenses. Actual results could differ from those results. In addition to the estimates noted above, significant estimates include vessel valuations, useful life of vessels, and residual value of vessels. Revenue recognition Vessel revenue is measured at the fair value of the consideration received or receivable and represents amounts receivable for services provided in the normal course of business, net of discounts, and other sales-related or value added taxes. Vessel revenue is comprised of either pool revenue, time charter revenue and voyage revenue. • Pool revenue for each vessel is determined in accordance with the profit sharing terms specified within each pool agreement. In particular, the pool manager aggregates the revenues and expenses of all of the pool participants and distributes the net earnings to participants based on: • the pool points (vessel attributes such as cargo carrying capacity, fuel consumption, and construction characteristics are taken into consideration); and • the number of days the vessel participated in the pool in the period. • Time charter revenue is recognized ratably as services are performed based on the daily rates specified in the time charter contract. We do not recognize revenue when a vessel is off hire. • Voyage charter agreements are charter hires, where a contract is made in the spot market for the use of a vessel for a specific voyage for a specified charter rate. Revenue from voyage charter agreements is recognized on a pro rata basis based on the relative transit time in each period. The period over which voyage revenues are recognized commences at the time the vessel departs from its last discharge port and ends at the time the discharge of cargo at the next discharge port is completed. We do not begin recognizing revenue until a charter has been agreed to by the customer and us, even if the vessel has discharged its cargo and is sailing to the anticipated load port on its next voyage. Estimated losses on voyages are provided for in full at the time such losses become evident. In the application of this policy, we do not begin recognizing revenue until (i) the amount of revenue can be measured reliably, (ii) it is probable that the economic benefits associated with the transaction will flow to the entity, (iii) the transactions’ stage of completion at the balance sheet date can be measured reliably and (iv) the costs incurred and the costs to complete the transaction can be measured reliably. We recognize pool revenue when the vessel has participated in a pool during the period and the amount of pool revenue can be estimated reliably. We receive estimated vessel earnings based on the known number of days the vessel has participated in the pool, the contract terms, and the estimated pool revenue. Voyage expenses Voyage expenses, which primarily include bunkers, port charges, canal tolls, cargo handling operations and brokerage commissions paid by us under voyage charters, brokerage commissions and miscellaneous voyage expenses that the Company is unable to recoup under time charter and pool arrangements, as well as credits for intermediary hold cleaning are expensed as incurred. Charterhire expense Charterhire expense is the amount we pay the owner for time chartered-in vessels. The amount is usually for a fixed period of time at charter rates that are generally fixed, but may contain a variable component based on drybulk indices, inflation, interest rates, profit sharing , or current market rates. The vessel’s owner is responsible for crewing and other vessel operating costs. Charterhire expense is recognized ratably over the charterhire period. Operating leases Costs in respect of operating leases are charged to the Consolidated Statement of Operations on a straight line basis over the lease term. Vessel operating costs Vessel operating costs, which include crewing, repairs and maintenance, insurance, stores, lube oils, communication expenses, and technical management fees, are expensed as incurred. Technical management fees are paid to SSM (See Note 13). Pursuant to an agreement, or the Master Agreement, SSM provides us with technical services, and we provide them with the ability to subcontract technical management of our vessels with our approval. Foreign currencies The individual financial statements of Scorpio Bulkers Inc. and each of its subsidiaries are presented in the currency of the primary economic environment in which we operate (its functional currency), which in all cases is U.S. dollars. For the purpose of the consolidated financial statements, our results and financial position are also expressed in U.S. dollars. In preparing the financial statements of Scorpio Bulkers Inc. and each of its subsidiaries, transactions in currencies other than the U.S. dollar are recorded at the rate of exchange prevailing on the dates of the transactions. Any change in exchange rate between the date of recognition and the date of settlement may result in a gain or loss which is included in the Consolidated Statement of Operations. At the end of each reporting period, monetary assets and liabilities denominated in other currencies are retranslated into the functional currency at rates ruling at that date. All resultant exchange differences are included in the Consolidated Statement of Operations. Cash and cash equivalents Cash and cash equivalents are comprised of cash on hand and demand deposits, and other short-term highly-liquid investments with original maturities of three months or less, and that are readily convertible to a known amount of cash and are subject to an insignificant risk of changes in value. Inventories Inventories, which are included in prepaid expenses and other current assets in the Consolidated Balance Sheet, consists mainly of lubricating oils, and are stated at the lower of cost or net realizable value. Cost is determined using the first in first out method. Assets held for sale Assets held for sale include vessels and contracts for the construction of vessels and are classified in accordance with ASC 360, Property, Plant, and Equipment . The Company considers such assets to be held for sale when all of the following criteria are met: • management commits to a plan to sell the property; • it is unlikely that the disposal plan will be significantly modified or discontinued; • the property is available for immediate sale in its present condition; • actions required to complete the sale of the property have been initiated; • sale of the property is probable and we expect the completed sale will occur within one year ; and • the property is actively being marketed for sale at a price that is reasonable given its current market value. Upon designation as an asset held for sale, the Company records the asset at the lower of its carrying value or its estimated fair value, less estimated costs to sell, and, if the asset is a vessel, the Company ceases depreciation. Vessels, net Vessels, net is stated at historical cost less accumulated depreciation. Included in vessel costs are acquisition costs directly attributable to the acquisition of a vessel including capitalized interest and expenditures made to prepare the vessel for its initial voyage. Vessels are depreciated to their residual value on a straight-line basis over their estimated useful lives of 25 years from the date the vessel is ready for its first voyage. The estimated useful life of 25 years is management’s best estimate and is also consistent with industry practice for similar vessels. The residual value is estimated as the lightweight tonnage of each vessel multiplied by a estimated scrap value per ton. The scrap value per ton is estimated taking into consideration the historical four years average scrap market rates at the balance sheet date. When regulations place limitations over the ability of a vessel to trade on a worldwide basis, or when the cost of complying with such regulations is not expected to be recovered, we will adjust the vessel’s useful life to end at the date such regulations preclude such vessel’s further commercial use. The carrying value of the Company’s vessels does not represent the fair market value of such vessels or the amount it could obtain if it were to sell any of its vessels, which could be more or less. Under U.S. GAAP, the Company would not record a loss if the fair market value of a vessel (excluding its charter) is below our carrying value unless and until it determines to sell that vessel or the vessel is impaired as discussed below under “ Impairment of long-lived assets held for use .” Vessels under construction Vessels under construction are measured at cost and include costs incurred that are directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. These costs include installment payments made to the shipyards, capitalized interest, professional fees and other costs deemed directly attributable to the construction of the asset. Vessels under construction are not depreciated. Deferred drydocking costs The vessels are required to undergo planned drydocks for replacement of certain components, major repairs and maintenance of other components, which cannot be carried out while the vessels are operating, approximately every 30 months or 60 months depending on the nature of work and external requirements. These drydock costs are capitalized and depreciated on a straight-line basis over the estimated period until the next drydock. When the drydock expenditure is incurred prior to the expiry of the period, the remaining balance is expensed. The Company had no drydocking activity during the three years ended December 31, 2016 . We only include in deferred drydocking those direct costs that are incurred as part of the drydocking to meet regulatory requirements, or are expenditures that add economic life to the vessel, increase the vessel’s earnings capacity or improve the vessel’s efficiency. Direct costs include shipyard costs as well as the costs of placing the vessel in the shipyard; cost of travel, lodging and subsistence of personnel sent to the drydocking site to supervise; and the cost of hiring a third party to oversee the drydocking. Expenditures for normal maintenance and repairs, whether incurred as part of the drydocking or not, are expensed as incurred. Other assets Other assets consist primarily of deferred financing costs relating to lines of credit and loan facilities that have not yet been drawn down. As the loan facilities are drawn down, the related portion of costs incurred relating to such facilities will be reflected as a reduction to the related debt. Deferred financing costs relating to both the lines of credit and loan facilities are amortized to expense over the life of the related debt using the effective interest rate method. Impairment of long-lived assets held for use In accordance with ASC subtopic 360-10, Property, Plant and Equipment , long-lived assets to be held and used are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable. Determination of recoverability is based on an estimate of undiscounted future cash flows resulting from the use of the asset and its eventual disposition. Measurement of an impairment loss for long-lived assets that management expects to hold and use is based on the fair value of the asset as estimated using a cash flow model. Long-lived assets to be disposed of are reporting at the lower of carrying amount or fair value less costs to sell. During the fourth quarter of 2016, the Company performed impairment tests of the Company’s vessels due to the prevailing conditions in the shipping industry. The Company compared undiscounted cash flows to the carrying values for each of the Company’s vessels to determine if the assets were impaired. In developing its estimates of undiscounted cash flows, the Company makes assumptions and estimates about vessels’ future performance, with the most significant assumptions relating to (i) charter rates on expiry of existing charters, which are based on the current fixing applicable to five -year time charter rates and thereafter, the ten -year historical average for each category of vessel (ii) off-hire days, which are based on actual off-hire statistics for the Company’s fleet (iii) operating costs, based on current levels escalated over time based on long term trends (iv) dry docking frequency, duration and cost, (v) estimated useful life which is assessed as a total of 25 years and (vi) estimated scrap values. In the case of an indication of impairment, the results of a recoverability test would also be sensitive to the discount rate applied. The assumptions used involve a considerable degree of estimation. Actual conditions may differ significantly from the assumptions and thus actual cash flows may be significantly different to those expected with a material effect on the recoverability of each vessel’s carrying amount. No impairment charges were recorded on the Company’s long-lived assets held for use as at December 31, 2016 and 2015 based on the assumptions made, the expected undiscounted future cash flows exceeding the vessels’ carrying amounts. Fair value of financial instruments Substantially all of the Company’s financial instruments are carried at fair value or amounts approximating fair value. Cash and cash equivalents, amounts due to / from charterers, accounts payable and long-term debt, are carried at market value or estimated fair value. Deferred financing costs, net Deferred financing costs, included in other assets or as a reduction to debt balances (as described above), consist of fees, commissions and legal expenses associated with obtaining or modifying loan facilities. These costs are amortized over the life of the related debt using the effective interest rate method and are included in Financial expense, net in the Consolidated Statement of Operations. Amortization was $4.1 million , $2.0 million , and $0.2 million respectively for years ended December 31, 2016 , 2015 and 2014. Deferred financing costs of $26.1 million and $14.9 million , and accumulated amortization was $6.2 million and $2.1 million as of December 31, 2016 and 2015, respectively. Amortization for the next five years based on balances as of December 31, 2016 are as follows (in millions): 2017 $ 5.1 2018 4.9 2019 4.6 2020 4.0 2021 1.1 Total 19.7 The Company wrote off $3.8 million and $16.1 million during the years ended December 31, 2016 and 2015, respectively, associated with the portion of deferred financing costs accumulated on credit facilities for which the commitments were reduced due to the sale of vessels, cancellation of the construction contract or because the amount of the facility exceeded the amounts that we would be able to draw downdue to decreases in vessel values. Earnings per share Basic earnings per share is determined by dividing the net income (loss) by the weighted average number of common shares outstanding, while diluted earnings per share is determined by dividing net income (loss) by the average number of common stock adjusted for the dilutive effect of common stock equivalents by application of the treasury stock method. Common stock equivalents are excluded from the diluted calculation if their effect is anti-dilutive. Share-based Compensation We follow ASC Subtopic 718-10, Compensation-Stock Compensation , for restricted stock issued under our equity incentive plans. Share-based compensation expense requires measurement of compensation cost for shared based awards at fair value and recognition of compensation cost over the vesting period, net of estimated forfeitures. The restricted stock awards granted to our employees and directors have graded vesting schedules and contain only service conditions. The Company recognizes compensation cost on a straight-line basis over the requisite service period for each separately vesting portion of the award as if the award was, in-substance, multiple awards. The fair value of restricted stock awards is based on the fair value of the Company’s common stock on the grant date. Income tax Scorpio Bulkers Inc. is incorporated in the Republic of the Marshall Islands, and its subsidiaries are incorporated in the Republic of the Marshall Islands and the Cayman Islands. In accordance with the income tax laws of the Marshall Islands and the Cayman Islands, we are not subject to Marshall Islands or Cayman Islands income tax. We are also exempt from income tax in other jurisdictions including the United States of America due to tax treaties or domestic tax laws; therefore, we will not have any tax charges, benefits, or balances. Concentration of credit risk Financial instruments that potentially subject the Company to concentrations of credit risk are amounts due from charterers and from related parties. With respect to balances due from the Scorpio Ultramax Pool, and the Scorpio Kamsarmax Pool (see Note 13), the Company, through SCM, limits its credit risk by performing ongoing credit evaluations and, when deemed necessary, requires letters of credit, guarantees or collateral. The Company earned 40% , and 60% of its revenues (including commissions from SCM) from two customers during the year ended December 31, 2016 . The Company earned 41% and 43% and 8% of its revenues (including commissions from SCM), from three customers during the year ended December 31, 2015. During the year ended 12/31/2014 , the Company earned 71% and 21% of its revenues (including commissions from SCM), respectively from two customers. Management does not believe significant risk exists in connection with the Company’s concentrations of credit at December 31, 2016 due to the number of charterers with which the pools conduct business. At December 31, 2016 , the Company maintains all of its cash and cash equivalents with seven financial institutions. None of the Company’s cash and cash equivalent balances are covered by insurance in the event of default by these financial institutions. Interest rate risk The Company is exposed to the impact of interest rate changes primarily through its variable-rate borrowings which consist of borrowings under its secured credit facilities. Significant increases in interest rates could adversely affect our operating margins, results of operations and our ability to service our debt. Liquidity risk Liquidity risk is the risk that an entity will encounter difficulty in raising funds to meet commitments associated with financial instruments. We manage liquidity risk by maintaining adequate reserves and borrowing facilities and by continuously monitoring forecast and actual cash flows. Current economic conditions make forecasting difficult, and there is the possibility that our actual trading performance during the coming year may be materially different from expectations. Based on internal forecasts and projections that take into account reasonably possible changes in our trading performance, we believe that we have adequate financial resources to continue in operation and meet our financial commitments (including but not limited to newbuilding installments, debt service obligations and charterhire commitments) for a period of at least 12 months from the date of this annual report. Accordingly, we continue to adopt the going concern basis in preparing our financial statements. Currency and exchange rate risk The international shipping industry’s functional currency is the U.S. Dollar. Virtually all of our revenues and most of our operating costs are in U.S. Dollars. We incur certain operating expenses in currencies other than the U.S. Dollar, and the foreign exchange risk associated with these operating expenses is immaterial. Recent accounting pronouncements In November 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2016-18, “Restricted Cash”. When cash, cash equivalents, restricted cash and restricted cash equivalents are presented in more than one line item on the balance sheet, the new guidance requires a reconciliation of the totals in the statement of cash flows to the related captions in the balance sheet. This reconciliation can be presented either on the face of the statement of cash flows or in the notes to the financial statements. The guidance is effective for fiscal years beginning after 15 December 2017, and interim periods within those years. Early adoption in an interim period is permitted, but any adjustments must be reflected as of the beginning of the fiscal year that includes that interim period. The Company does not expect ASU 2016-018 to have a significant impact on its Consolidated Statement of Cash Flows. In August 2016, the FASB issued ASU 2016-15, “Classification of Certain Cash Receipts and Cash Payments”, which addresses classification issues related to the statement of cash flows. Classification issues relate to (i) debt repayment of debt extinguishment costs, (ii) settlement of zero-coupon bonds, (iii) contingent consideration payments made after a business combination, (iv) proceeds from the settlement of insurance claims, (v) proceeds from the settlement of corporate-owned life insurance policies, including bank-owned life insurance policies, (vi) distributions received from equity method investees, (vii) beneficial interests in securitization transactions, and (viii) separately identifiable cash flows and application of the predominance principle. The guidance is effective for annual and interim periods in fiscal years beginning after December 15, 2017. Early adoption is permitted, including adoption in an interim period. If an entity early adopts the ASU in an interim period, adjustments should be reflected as of the beginning of the fiscal year that includes that interim period. An entity that elects early adoption must adopt all of the amendments in the same period. Entities should apply this ASU using a retrospective transition method to each period presented. If it is impracticable for an entity to apply the ASU retrospectively for some of the issues, it may apply the amendments for those issues prospectively as of the earliest date practicable. The Company does not expect ASU 2016-15 to have a significant impact on its Consolidated Statement of Cash Flows. In March 2016, the FASB issued ASU 2016-09, “Improvements to Employee Share-Based Payment Accounting”. The new guidance requires excess tax benefits and tax deficiencies to be recorded on the income statement when the awards vest or are settled. In addition, cash flows related to excess tax benefits will no longer be separately classified as a financing activity on the statement of cash flows. The standard also allows withholding up to the maximum statutory amount for taxes on employee share-based compensation, clarifies that all cash payments made on an employee’s behalf for withheld shares should be presented as a financing activity on the statement of cash flows and provides an accounting policy election to account for forfeitures as they occur. The new standard is effective for annual reporting periods beginning after December 15, 2016 with early adoption permitted. The Company does not expect ASU 2016-09 to have a significant impact on its consolidated financial statements. In February 2016 the FASB issued ASU 2016-02, “Leases”, which is intended to improve financial reporting about leasing transactions. The ASU affects all companies that lease assets. The ASU will require organizations that lease assets, or lessees, to recognize on the balance sheet the assets and liabilities for the rights and obligations created by those leases with terms of more than twelve months. The accounting by organizations that own the assets leased by the lessee, the lessor, will remain largely unchanged from current U.S. GAAP. The ASU will also require additional quantitative and qualitative disclosures to help financial statement users better understand the amount, timing, and uncertainty of cash flows arising from leases. The ASU is effective for fiscal years and interim periods beginning after December 15, 2018 although early adoption is permitted. The ASU requires reporting organizations to take a modified retrospective transition approach. The Company is currently in the process of evaluating the impact of adoption of the ASU on its consolidated financial statements but could experience a gross up of assets and liabilities should the Company time charter-in a significant number of vessels. In May 2014, the FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers”, which supersedes nearly all existing revenue recognition guidance under U.S. GAAP. The core principle is that a company should recognize revenue when promised goods or services are transferred to customers in an amount that reflects the consideration to which an entity expects to be entitled for those goods or services. This update defines a five-step process to achieve this core principle and, in doing so, more judgment and estimates may be required within the revenue recognition process than are required under existing U.S. GAAP. ASU 2014-09 was originally going to be effective January 1, 2017; however, the FASB recently issued ASU 2015-14, which deferred the effective date of ASU 2014-09 by one year to January 1, 2018. The adoption of this standard is not expecte |
Cash and cash equivalents
Cash and cash equivalents | 12 Months Ended |
Dec. 31, 2016 | |
Cash and Cash Equivalents [Abstract] | |
Cash and cash equivalents | Cash and cash equivalents Included in cash and cash equivalents as of December 31, 2016 and 2015 is $25.4 million and $20.1 million , respectively, of short-term deposits with original maturities of less than three months . |
Earnings Per Common Share
Earnings Per Common Share | 12 Months Ended |
Dec. 31, 2016 | |
Earnings Per Share [Abstract] | |
Earnings Per Share [Text Block] | Earnings Per Common Share The following is a reconciliation of the basic and diluted earnings per share computations (amounts in thousands, except per share data): For the years ended December 31, 2016 2015 2014 Net loss for basic and diluted earnings per share $ (124,835 ) $ (510,789 ) $ (116,565 ) Shares of common stock and common stock equivalents: Weighted average shares basic 56,174 21,410 11,466 Effect of dilutive securities — — — Weighted average common shares - diluted 56,174 21,410 11,466 Loss per share: Basic $ (2.22 ) $ (23.86 ) $ (10.17 ) Diluted $ (2.22 ) $ (23.86 ) $ (10.17 ) The following is a summary of share equivalents not included in the computation of diluted earnings per share because their effectives would have been anti-dilutive for the years ended December 31, 2016 , 2015 and 2014 (in thousands). For the years ended December 31, 2016 2015 2014 Share equivalents 3,600 1,248 582 |
Vessels
Vessels | 12 Months Ended |
Dec. 31, 2016 | |
Property, Plant and Equipment [Abstract] | |
Vessels | Vessels At December 31, 2016 the Company owned 16 Kamsarmax vessels and 26 Ultramax vessels. A rollforward of activity within vessels is as follows (in thousands): Balance December 31, 2014 $ 66,633 Transfer from vessels under construction and other additions 1,002,912 Depreciation (14,263 ) Transferred to assets held for sale (290,828 ) Balance December 31, 2015 $ 764,454 Transfer from vessels under construction and other additions 506,189 Depreciation (36,562 ) Balance December 31, 2016 $ 1,234,081 During 2015, vessels and accumulated depreciation were reduced by approximately $294.5 million and $3.6 million, respectively, for vessels that were sold. There were no such reductions during 2016. All of our vessels serve as collateral against existing loan facilities. Owned vessels Vessel Name Year Built DWT Vessel Type 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 Total Ultramax 1,603,800 SBI Cakewalk 2014 82,000 Kamsarmax SBI Charleston 2014 82,000 Kamsarmax 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 Total Kamsarmax 1,316,000 Total Owned Vessels DWT 2,919,800 SBI Macarena had not reached its port of first load as of December 31, 2016, and therefore the vessel cost remains in vessels under construction. |
Vessels under construction
Vessels under construction | 12 Months Ended |
Dec. 31, 2016 | |
Vessels under construction [Abstract] | |
Vessels under construction | Vessels under construction Vessels under construction was $180.0 million and $288.3 million as of December 31, 2016 and 2015, respectively. These balances consist primarily of installments paid to shipyards on our newbuilding contracts. A rollforward of activity within vessels under construction is as follows (in thousands): Balance December 31, 2014 $ 866,844 Installment payments and other 875,970 Capitalized interest 11,886 Transferred to vessels (1,001,808 ) Transferred to assets held for sale (464,610 ) Balance December 31, 2015 $ 288,282 Installment payments and other 401,556 Capitalized interest 6,951 Transferred to vessels (506,362 ) Write off due to contract cancellation (10,427 ) Balance December 31, 2016 180,000 All vessels under construction serve as collateral for related loan facilities. The estimated cost of these six newbuildings is approximately $161.9 million of which we paid $143.2 million through December 31, 2016 . A summary of our vessels under construction as of December 31, 2016 is as follows: Ultramax Vessels Vessel Name Expected DWT Shipyard 1 Hull CX0655 - TBN SBI Samson Q1-17 64,000 Chengxi Shipyard Co. Ltd. 2 Hull CX0656 - TBN SBI Phoenix Q1-17 64,000 Chengxi Shipyard Co. Ltd. Ultramax NB DWT 128,000 Kamsarmax Vessels Vessel Name Expected DWT Shipyard 1 Hull S1735A - TBN SBI Parapara Q1-17 82,000 Hudong-Zhonghua (Group) Co., Ltd. 2 Hull S1736A - TBN SBI Mazurka Q1-17 82,000 Hudong-Zhonghua (Group) Co., Ltd. 3 Hull S1232 - TBN SBI Swing Q1-17 82,000 Hudong-Zhonghua (Group) Co., Ltd. 4 Hull S1233 - TBN SBI Jive Q2-17 82,000 Hudong-Zhonghua (Group) Co., Ltd. Kamsarmax NB DWT 328,000 Total Newbuild DWT 456,000 |
Assets Held for Sale
Assets Held for Sale | 12 Months Ended |
Dec. 31, 2016 | |
Assets Held for Sale [Abstract] | |
Disclosure of Long Lived Assets Held-for-sale [Table Text Block] | Assets Held for Sale As of December 31, 2016, the Company did not have any vessels classified as held for sale. During 2016, the Company sold the eight vessels that were classified as held for sale as of December 31, 2015, for net proceeds of $271.4 million and recorded $0.8 million in additional expenses upon the completion of the sales of those vessels. During 2015, the Company sold 23 vessels for net proceeds of $281.1 million during the year ended December 31, 2015, including seven vessels that were classified as held for sale at December 31, 2014. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies Disclosure [Text Block] | Commitment and Contingencies Legal Matters The Company is periodically involved in litigation and various legal matters that arise in the normal course of business. Such matters are subject to many uncertainties and outcomes that are not predictable. At the current time, the Company does not believe that any of these matters will have a material adverse effect on its financial position or future results of operations and therefore has no t recorded any reserves as of December 31, 2016 . Capital Commitments As of December 31, 2016 , the Company had $18.6 million of total contractual obligations scheduled to be paid in 2017 for one of the six undelivered vessels. As of December 31, 2016 , we had a cash balance of $101.7 million and a maximum of $51.6 million available to draw upon under signed credit facility agreements. The amount of debt we can draw upon is dependent upon the fair value of our vessels and if the fair market values of our vessels decline, the amount we may drawdown under our secured credit facilities may be reduced. Time chartered-in vessels The Company time charters in vessels, which were entered into and operated out of spot market-oriented commercial pools managed by our commercial manager. The Company has agreements to charter-in two drybulk vessels. The terms of the time charter-in contracts are summarized as follows: Vessel Type Year Built DWT Where Built Daily Base Rate Earliest Expiry Kamsarmax 2012 82,000 South Korea $15,500 30-Jul-17 Panamax 2004 77,500 China $14,000 03-Jan-17 Aggregate TC DWT 159,500 Future minimum obligations under non-cancelable time charter-in agreements as of December 31, 2016 was, $3.3 million . Debt See Note 11, Debt , to the consolidated financial statements for a schedule of debt payments at December 31, 2016 . Other The Company also has certain commitments related to the commercial and technical management of its vessels. As of December 31, 2016 , we would be obligated to pay termination fees of $7.4 million to SCM and SSM if we were to cancel our service agreements with them as of December 31, 2016 . We are also required to pay SCM for each vessel that we own an amount equal to six months of commissions that SCM would have expected to earn had the contracts not been terminated. Due to the variable nature of the commissions, they have been excluded from these figures. |
Accounts Payable and Accrued Li
Accounts Payable and Accrued Liabilities | 12 Months Ended |
Dec. 31, 2016 | |
Payables and Accruals [Abstract] | |
Accounts Payable and Accrued Liabilities Disclosure [Text Block] | Accounts Payable and Accrued Expenses Accounts payable and accrued expenses consist of the following: As of (in thousands) December 31, 2016 December 31, 2015 Accounts payable $ 4,612 $ 11,934 Accrued operating 2,250 2,371 Accrued administrative 3,171 1,909 Accounts payable and accrued expenses $ 10,033 $ 16,214 Accounts payable is primarily consists of obligations to suppliers arising in the normal course of business. Accrued operating relates to obligations arising from operation of the Company’s owned and chartered-in vessels and construction of the Company’s fleet, such as operating costs and installments on vessels under construction. Accrued administrative relates to obligations that are corporate or financing in nature, such as payroll, professional fees, interest and commitment fees. |
Common Shares
Common Shares | 12 Months Ended |
Dec. 31, 2016 | |
Equity [Abstract] | |
Stockholders' Equity Note Disclosure [Text Block] | Common Shares As of December 31, 2016 we had: • 75,298,676 common shares outstanding, the $0.01 par value of which is recorded as common stock of $0.8 million . • Paid-in capital of $1.7 billion which substantially represents the excess net proceeds from common stock issuances over the par value as well as the amount of cumulative restricted stock amortization. Effective December 31, 2015, the Company’s Board of Directors, or the Board, determined to effect a one-for-twelve reverse stock split of the Company's common shares, par value $0.01 per share, and a reduction in the total number of authorized common shares to 56,250,000 shares. The Company's shareholders approved the reverse stock split and change in authorized common shares at the Company's special meeting of shareholders held on December 23, 2015. This reduced the number of outstanding common shares from 344,239,098 shares to 28,686,561 shares. On December 17, 2015, the Company received notice from the NYSE that the Company was no longer in compliance with the NYSE's continued listing standards because the average closing share price of its common shares over a consecutive 30 trading-day period ending December 15, 2015 fell below the requirement to be at least $1.00 per share. The purpose of the reverse stock split was to increase the market price of the Company's common shares. The increased market price for our common shares as a result of implementing the reverse stock split cured this deficiency. In June 2016, upon receiving shareholder approval, we further amended our Amended and Restated Articles of Incorporation to increase our total number of authorized common shares to 112,500,000. On June 16, 2015, the Board approved a Shareholders’ Rights Plan, as subsequently amended and restated on January 14, 2016, or the Rights Plan, and authorized and declared a dividend distribution of one right for each outstanding share of common stock of the Company to stockholders. Each right entitled the holder to purchase from the Company one one-thousandth of a share of preferred stock at an exercise price of $ 50.00 per one one-thousandth of a preferred share. The Rights Plan was intended to protect stockholders’ rights in the event of an unsolicited takeover attempt. It was not intended to prevent a takeover of the Company on terms that were favorable and fair to all shareholders and would not have interfered with a merger approved by the Board. The rights would have generally become exercisable only if a person or group acquired beneficial ownership of 20% or more of the Company’s common stock in a transaction not approved by the Board and the Board did not redeem the rights within ten business days of such an event. If triggered, the right could have entitled the holder to one of the following: • To purchase, for the exercise price, a number of common shares having a then current market value of twice the exercise price, • To purchase, for the exercise price, one-thousandth of a share of preferred stock, or • The Board may have exchanged the rights, in whole or in part, for common shares at an exchange ratio of one to one or for cash or other securities having a value approximately equal to one share. The rights expired on June 18, 2016. During 2016, the Company issued a total of 51,679 shares, with a fair value of $0.2 million , to SSH pursuant to the Administrative Services Agreement in connection with the deliveries of our newbuilding vessels. During 2016, the Company issued an aggregate of 44.0 million shares of common stock, par value $0.01 per share, at $3.00 per share in two separate underwritten public offerings. SSH and certain of the Company's directors purchased an aggregate of $10.3 million common shares at the public offering prices. The Company received approximately $128.1 million of net proceeds from the issuance. On June 16, 2015, the Company issued 12,745,833 shares of common stock, par value $0.01 per share at $18.00 per share in an underwritten public offering. SSH and certain of our executive officers purchased an aggregate of 833,333 common shares at the public offering price. The company received $218.6 million of proceeds from the issuance. During 2015, the Company issued a total of 111,725 shares to SSH pursuant to the Administrative Services Agreement relating to the delivery of 28 vessels and the sale of 20 vessels. The aggregate value of these shares was $2.4 million . In 2014, the underwriters in the Company’s initial public offering, which closed on December 17, 2013, exercised in full their option to purchase an additional 391,250 common shares at the public offering price of $117.00 per share. The sale of these common shares resulted in net proceeds to the Company of approximately $42.4 million , after deducting underwriters’ discounts and commissions. During 2014, the Company issued a total of 4,366 shares to SSH pursuant to the Administrative Services Agreement relating to two newbuilding Kamsarmax vessels delivered to us. The aggregate value of these shares was $0.5 million . During 2014 the Company issued 3,333,333 Common shares through a Securities Purchase Agreement with certain institutional investors for the private placement of shares of its common stock, par value $0.01 per share for $150.0 million . Of this share issuance, SSH acquired 333,333 shares for $15.0 million . |
Equity Incentive Plan
Equity Incentive Plan | 12 Months Ended |
Dec. 31, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | Equity Incentive Plan The Scorpio Bulkers Inc. 2013 Equity Incentive Plan, or the Plan was approved by the Company’s Board and became effective on September 30, 2013 and was last amended effective June 29, 2016. Adjustments may be made to outstanding awards in the event of a corporate transaction or change in capitalization or other extraordinary event. In the event of a “change in control” (as defined in the plan), unless otherwise provided by the plan administrator in an award agreement, awards then outstanding will become fully vested and exercisable in full. The Board may amend or terminate the Plan and may amend outstanding awards, provided that no such amendment or termination may be made that would materially impair any rights, or materially increase any obligations, of a grantee under an outstanding award. Shareholder approval of plan amendments will be required under certain circumstances. As of December 31, 2016 we reserved a total of 3,970,580 common shares for issuance under the Plan, subject to adjustment for changes in capitalization as provided in the Plan. The Plan is administered by the Compensation Committee. The Plan will remain in effect until the tenth anniversary of the date on which the Plan was adopted by the Board, unless terminated, or extended by the Board. After this date, no further awards shall be granted pursuant to the Plan, but previously granted awards will remain outstanding in accordance with their applicable terms and conditions. Under the Plan, the Company is permitted to grant incentive stock options, non-qualified stock options, stock appreciation rights, restricted stock, restricted stock units and unrestricted common shares. Under the terms of the Plan, stock options and stock appreciation rights granted under the Plan will have an exercise price equal to the fair market value of a common share on the date of grant, unless otherwise determined by the plan administrator, but in no event will the exercise price be less than the fair market value of a common share on the date of grant. Options and stock appreciation rights will be exercisable at times and under conditions as determined by the plan administrator, but in no event will they be exercisable later than ten years from the date of grant. The Company did not grant any option awards or stock appreciation rights under the Plan during the three years ended December 31, 2016. The plan administrator may grant shares of restricted stock and awards of restricted stock units subject to vesting, forfeiture and other terms and conditions as determined by the plan administrator. Generally, restricted stock granted under the Plan vests in one of the following manners: (a) annually in three equal installments, if the independent director has continued to serve on the board of directors from the grant date to the applicable vesting date or (b) serial vest on each of the second, third and fourth anniversaries of the date of grant so long as the award recipient is employed on such date. The Company recognizes share-based compensation expense (see Note 1, Summary of Significant Accounting Polices ) over this three-year period or four-year period, as applicable. The company recorded share-based compensation expense of $18.6 million $24.6 million and $23.9 million for the years ended December 31, 2016 , 2015 and 2014 , respectively, related to restricted stock awards, which is included in General and administrative expenses in the Consolidated Statement of Operations. A summary of activity for restricted stock awards during the three years December 31, 2016 is as follows: Number of Shares Weighted Average Grant Date Fair Value $ Outstanding at December 31, 2013 405,156 115.97 Granted 179,014 111.71 Vested (2,499 ) 116.40 Outstanding at December 31, 2014 581,671 114.66 Granted 804,035 20.03 Vested (137,543 ) 115.90 Outstanding at December 31, 2015 1,248,163 53.56 Granted 2,582,000 3.26 Vested (208,266 ) 107.82 Forfeited (21,564 ) 51.50 Outstanding at December 31, 2016 3,600,333 14.36 As of December 31, 2016 , there was $20.0 million of total unrecognized compensation cost related to restricted stock awards. These costs are expected to be recognized over the weighted average period of approximately 1 year . During 2016, restricted stock with a fair value of approximately $0.6 million vested. |
Debt
Debt | 12 Months Ended |
Dec. 31, 2016 | |
Debt Disclosure [Abstract] | |
Debt Disclosure [Text Block] | Debt During 2016, the Company and its lenders agreed to loan amendments that strengthened the Company’s balance sheet, liquidity position and financial flexibility. The Company’s long-term debt consists of Senior Notes and bank loans, summarized as follows: December 31, (amounts in thousands) 2016 2015 Senior Notes $ 73,625 $ 73,625 Bank Loans: $39.6 Million Credit Facility $ 20,144 $ 30,754 $409 Million Credit Facility 167,816 94,473 $330 Million Credit Facility 225,759 173,950 $42 Million Credit Facility 38,512 36,588 $67.5 Million Credit Facility 40,461 29,666 $411.3 Million Credit Facility — 83,261 $12.5 Million Credit Facility 10,379 11,750 $27.3 Million Credit Facility 19,375 — 522,446 460,442 Less: Current portion (13,882 ) (110,226 ) $ 508,564 $ 350,216 December 31, 2016 December 31, 2015 (amounts in thousands) Current Non-current Total Current Non-current Total Total bank loans and senior notes, gross 13,882 582,188 596,070 110,226 423,841 534,067 Unamortized deferred financing costs (402 ) (16,196 ) (16,598 ) (2,487 ) (9,856 ) (12,343 ) Total bank loans and senior notes, net 13,480 565,992 579,472 107,739 413,985 521,724 The future principal and estimated interest payments (based on the interest rates in effect as of December 31, 2016) under the Company’s long-term debt over the next five years on our Senior Notes and credit facilities as of December 31, 2016 is as follows: (amounts in thousands) Principal Interest Total 2017 13,883 26,116 39,999 2018 21,515 25,280 46,795 2019 95,727 23,032 118,759 2020 221,543 17,880 239,423 2021 206,952 5,915 212,867 Thereafter 36,450 1,903 38,353 Total 596,070 100,126 696,196 Unsecured Senior Notes On September 22, 2014, the Company issued $65.0 million in aggregate principal amount of 7.5% Senior Notes due September 2019, or the Senior Notes, and on October 16, 2014 the Company issued an additional $8.6 million aggregate principal amount of Senior Notes when the underwriters partially exercised their option to purchase additional Senior Notes on the same terms and conditions. All terms mentioned are defined in the indenture. The Senior Notes will mature on September 15, 2019 and bear interest at a rate of 7.5% per year, payable quarterly on each March 15, June 15, September 15 and December 15. The Senior Notes are redeemable at the Company’s option in whole or in part, at any time on or after September 15, 2016 at a redemption price equal to 100% of the principal amount to be redeemed plus accrued and unpaid interest to, but excluding, the redemption date. The Senior Notes are our senior unsecured obligations and rank equally with all of our existing and future senior unsecured and unsubordinated debt and are effectively subordinated to our existing and future secured debt, to the extent of the value of the assets securing such debt, and will be structurally subordinated to all existing and future debt and other liabilities of our subsidiaries. No sinking fund is provided for the Senior Notes . The Senior Notes were issued in minimum denominations of $25.00 and integral multiples of $25.00 in excess thereof and are listed on the New York Stock Exchange under the symbol “SLTB”. The Senior Notes require us to comply with certain covenants, including financial covenants; restrictions on consolidations, mergers or sales of assets and prohibitions on paying dividends or returning capital to equity holders if a covenant breach or an event of default has occurred or would occur as a result of such payment. If the Company undergoes a change of control, holders may require us to repurchase for cash all or any portion of their notes at a change of control repurchase price equal to 101% of the principal amount of the notes to be repurchased, plus accrued and unpaid interest to, but excluding, the change of control purchase date. The financial covenants include: • Net borrowings shall not equal or exceed 70% of total assets. • Tangible net worth shall always exceed $500.0 million . As of December 31, 2016 , we were in compliance with the financial covenants relating to the Senior Notes. In December 2016, our Board of Directors authorized the repurchase of up to $20.0 million of our outstanding Senior Notes in open market or privately negotiated transactions. The specific timing and amounts of the repurchases, which will be funded by available cash, will be in the sole discretion of management and vary based on market conditions and other factors. This authorization has no expiration date. As of December 31, 2016 , the full $20.0 million remains available for repurchases under this authorization. Secured Credit Facilities The Company had seven credit agreements in place, which are all collateralized by certain of the Company’s vessels. The following is a summary of those credit agreements as of December 31, 2016. ($000’s) $39.6 Million Credit Facility $409 Million Credit Facility $330 Million Credit Facility $42 Million Credit Facility $67.5 Million Credit Facility $12.5 Million Credit Facility $27.3 Million Credit Facility Date of Agreement June 27, 2014 December 30, 2014 July 29, 2014 January 30, 2015 July 30, 2014 December 22, 2015 December 22, 2015 Total Vessels to be Financed Kamsarmax 2 8 6 2 2 — — Ultramax — 7 15 1 2 1 2 Interest Rate-LIBOR+ 2.925 % 3.000 % 2.925 % 2.970 % 2.950 % 3.000 % 2.950 % Commitment Fee 1.170 % 1.200 % 1.170 % 1.120 % 1.250 % — % 1.180 % Maturity Date September 28, 2020 December 30, 2020 July 29, 2021 6 years from each Kamsarmax drawdown and September 21, 2021 on the Ultramax tranche 7 years from each drawdown December 22, 2020 5 years from each drawdown Amount drawn down (in thousands) 33,550 207,569 255,825 48,870 53,816 11,750 23,250 Amount outstanding (in thousands) 20,144 167,816 225,759 38,512 40,461 10,379 19,375 Carrying Value of Vessels Collateralized (in thousands) 62,040 404,650 487,195 97,297 116,538 30,988 63,172 Amount Available (in thousands) — 13,200 38,400 — — — — Remaining Vessels to be Financed — 1 3 — — — — The loan amendments discussed below were accounted for as debt modifications in accordance with ASC 470, Debt . $39.6 Million Credit Facility During 2016, the Company reached agreements with the lender to add eight quarterly installment payments to the balloon payment in exchange for an advance principal repayment of approximately $4.7 million and to not make the installment payments falling due in the first quarter of 2018 in exchange for an advance principal repayment of approximately $0.5 million . As a result of these agreements, the Company will not have to make quarterly installment payments until the second quarter of 2020. The Company also reached an agreement with the lender to extend the maturity date of this facility from June 2019 to September 2020 subject to the Company meeting certain conditions on or before June 2019 . $330.0 Million Credit Facility During 2016, the Company reached agreements whereby quarterly installment payments on certain of the existing debt were waived until the second quarter of 2017 in exchange for prepayments totaling $23.8 million . Installment payments on certain of the other existing debt and new debt will be paid as per the original loan agreement. The lenders also agreed to extend the availability period of the credit facility to June 30, 2017 (from December 31, 2016) in order to accommodate delivery delays of certain vessels. The Company also agreed to reduce the available loan amount by approximately $16.8 million , for which $0.6 million of deferred financing costs were written off. This write-off is reflected in financing costs in the Consolidated Statement of Operations. $67.5 Million Credit Facility During 2015, the Company reached an agreement to reduce the amount drawn down by any quarterly installments that would have been paid through December 31, 2016 and the quarterly payments would not begin until 2017. During 2016, the Company and lender further agreed to add eight quarterly installment payments to the balloon payment in exchange for an advance principal repayment of approximately $8.0 million . The Company also reached an agreement with the lender to reduce the available loan amount by approximately $4.4 million , while making an additional advance principal repayment of approximately $2.5 million . The Company wrote off approximately $0.2 million of deferred financing costs, which is included in financing costs in the Consolidated Statement of Operations related to this reduction. As a result of these agreements, the Company will not have to make quarterly installment payments until the first quarter of 2021. $409.0 Million Credit Facility During 2016, the Company reached agreements with the lenders to defer between seven and eight quarterly installment payments to between the first and fourth quarter of 2020, depending on the vessel, in exchange for an advance principal repayments of approximately $26.8 million (calculated on the basis of loan amounts available for undelivered ships), which was made during 2016 or, where applicable, will be made upon drawdown. During 2016, the Company also agreed to reduce the available loan amount by approximately $38.6 million for which the Company wrote off $3.0 million of deferred financing costs. This is included in financing costs in the Consolidated Statements of Operations. In addition, the lenders also agreed to extend the availability period of the credit facility to February 28, 2017 in order to accommodate delivery delays of certain vessels. $42.0 Million Credit Facility During 2016, the Company signed an amendment with the lender for a $10.9 million upsize to its original $42 million senior secured credit facility. The proceeds of the upsized commitment financed a portion of the purchase price of one Ultramax vessel that was delivered to the Company in the third quarter of 2015. During 2016, the Company also reached agreements with the lender to add eight quarterly installment payments to the balloon payment in exchange for an advance principal repayment of approximately $6.5 million . In addition, the Company agreed with the lender to not make installment payments due in the first quarter of 2018 in exchange for approximately $0.8 million . As a result of these agreements, the Company will not have to make quarterly installment payments until the second quarter of 2020. $12.5 Million Credit Facility During 2016, the Company reached an agreement with the lender to add four quarterly installment payments to the balloon payment in exchange for an advance principal repayment of approximately $0.8 million . As a result of this agreement, the Company will not have to make quarterly installment payments until the fourth quarter of 2018. $27.3 Million Credit Facility During 2016, the Company reached agreements with the lender to add eight quarterly installment payments to the balloon payment in exchange for an advance principal repayment of $3.1 million . In addition the Company agreed with the lender to not make installment payments falling due between and the second and third quarters of 2018 in exchange for approximately $0.8 million . As a result of these agreements, the Company will not have to make quarterly installment payments until the fourth quarter of 2020. Each of these seven credit agreements, as amended through December 31, 2016 , has financial covenants with which we must comply (based on terms defined in the credit agreements), the most stringent by facility are as follows: • The ratio of net debt to total capitalization no greater than 0.60 to 1.00 . • Consolidated tangible net worth (adjusted for a minimum amount of $100.0 million in historical non-operating costs and to exclude certain future non-operating items, including impairments) no less than $500.0 million plus (i) 25% of cumulative positive net income (on a consolidated basis) for each fiscal quarter commencing on or after December 31, 2013 and (ii) 50% of the value of any new equity issues occurring on or after December 31, 2013. • The ratio of EBITDA to net interest expense calculated on a year to date basis of greater than 1.00 to 1.00 for the quarters ending March 31, 2019 and June 30, 2019, 2.50 to 1.00 for the quarter ending September 30, 2019, calculated on a year-to-date basis and 2.50 to 1.00 for each quarter thereafter, calculated on a trailing four quarter basis. • Minimum liquidity of not less than the greater of $25.0 million or $0.7 million per owned vessel. • Maintain a minimum fair value of the collateral for each credit facility, such that the aggregate fair value of the vessels collateralizing the credit facility is 140% , except in the case of our $67.5 Million Credit Facility, for which it is 115% of the aggregate principal amount outstanding under such credit facility, or, if we do not meet these thresholds to prepay a portion of the loan or provide additional security to eliminate the shortfall. In addition to the credit agreements described above, which are in effect as of December 31, 2016, the Company entered into the following credit agreement which was repaid in full during the year ended December 31, 2016: On January 15, 2015, the Company signed a loan agreement for up to $411.3 million , or the $411.3 Million Credit Facility, which was originally planned to be used to finance a portion of 12 Capesize vessels. However, all Capesize vessels and Capesize vessels under construction were sold and $83.3 million , which was outstanding under this facility at December 31, 2015 was fully repaid in January 2016 and the credit facility was closed. Our credit facilities discussed above have, among other things, the following restrictive covenants which would restrict our ability to: • incur additional indebtedness; • sell the collateral vessel, if applicable; • make additional investments or acquisitions; • pay dividends; and • effect a change of control of us. In addition, our credit facilities contain customary events of default, including cross-default provisions. As of December 31, 2016 , we are in compliance with the financial covenants of each of our seven credit facilities. We expect to remain in compliance with the financial covenants of each of our seven credit facilities for the next twelve months. Interest rates on all of the Company’s secured credit facilities during the year ended December 31, 2016 ranged from 2.23% to 6.25% . The Company records its interest expense, all of which was capitalized until the fourth quarter of 2015, as a component of Financial expense, net on its Consolidated Statement of Operations. For the years ended December 31, 2016 , 2015 and 2014 , Financial expense, net consists of: Year ended December 31, (in thousands) 2016 2015 2014 Interest expense $ 16,002 $ 998 $ — Amortization of deferred financing costs 4,137 1,988 150 Write off 3,781 16,085 — other, net 1,001 453 22 $ 24,921 $ 19,524 $ 172 |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 12 Months Ended |
Dec. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value, Measurement Inputs, Disclosure [Text Block] | Fair value of financial instruments The carrying amount and fair value of financial instruments at December 31, 2016 and 2015 were as follows (in thousands): 2016 2015 Carrying value Fair Value Carrying value Fair Value Financial assets: Cash and cash equivalents $ 101,734 $ 101,734 $ 200,300 $ 200,300 Financial liabilities: Bank loans 507,273 507,273 450,053 450,053 Senior Notes 72,199 65,850 71,671 36,813 Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. In determining fair value, various methods are used including market, income and cost approaches. Based on these approaches, certain assumptions that market participants would use in pricing the asset or liability are used, including assumptions about risk and/or the risks inherent in the inputs to the valuation technique. These inputs can be readily observable, market-corroborated, or generally unobservable firm inputs. Valuation techniques that are used maximize the use of observable inputs and minimize the use of unobservable inputs. Based on the observability of the inputs used in the valuation techniques, fair value measured financial instruments are categorized according to the fair value hierarchy prescribed by ASC 820, Fair Value Measurements and Disclosures . The fair value hierarchy ranks the quality and reliability of the information used to determine fair values. Financial assets and liabilities carried at fair value are classified and disclosed in one of the following three categories: • Level 1: Fair value measurements using unadjusted quoted market prices in active markets for identical, unrestricted assets or liabilities. • Level 2: Fair value measurements using correlation with (directly or indirectly) observable market-based inputs, unobservable inputs that are corroborated by market data, or quoted prices in markets that are not active. • Level 3: Fair value measurements using inputs that are significant and not readily observable in the market. Cash and cash equivalents comprise cash on hand and demand deposits, and other short-term highly-liquid investments with original maturities of three months or less, and that are readily convertible to a known amount of cash and are subject to an insignificant risk of changes in value. The carrying value of cash and cash equivalents approximates fair value due to the short-term nature of these instruments. The carrying value of our secured bank loans are measured at amortized cost using the effective interest method. The Company believes the carrying amounts of its bank loans at December 31, 2016 and December 31, 2015 approximate fair value because the interest rates on these instruments change with, or approximate, market interest rates. These amounts are shown net of $15.2 million and $10.4 million of unamortized deferred financing fees, on our consolidated balance sheet as of December 31, 2016 and December 31, 2015 , respectively. The Senior Notes are publicly traded on the New York Stock Exchange and are considered a level 1 item. The carrying values shown in the table are the face value of the notes net of $1.4 million and $2.0 million of unamortized deferred financing fees as of December 31, 2016 and December 31, 2015 , respectively. Certain of the Company’s assets and liabilities are carried at contracted amounts that approximate fair value. Assets and liabilities that are recorded at contracted amounts approximating fair value consist primarily of balances with related parties, prepaid expenses and other current assets, accounts payable and accrued expenses. The Company believes the carrying amounts of its bank loans at December 31, 2016 and December 31, 2015 approximate fair value because the interest rates on these instruments change with, or approximate, market interest rates. Certain items are measured at fair value on a non-recurring basis. The table below details the portion of those items that we re-measured at fair value during 2015 and the resultant loss recorded. Fair Value Using December 31, 2015 Total Level 1 Level 2 Level 3 Total Losses Assets held for sale $ 338,048 $ — $ — $ 338,048 $ 418,521 Total $ 338,048 $ — $ — $ 338,048 $ 418,521 Assets Held for Sale The fair value of assets held for sale (see Note 6) was determined based on the selling price, net of estimated costs to sell, of such assets based on negotiated contracts, and are considered to be Level 3 items. During 2015, assets held for sale was with a carrying value of $756.6 million was written down to its implied fair value of $338.0 million , resulting in a charge of $418.5 million . |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2016 | |
Related Party Transactions [Abstract] | |
Related Party Transactions Disclosure [Text Block] | Related Party Transactions Our Co-Founder, Chairman and Chief Executive Officer, Mr. Emanuele Lauro, is a member of the Lolli-Ghetti family, which in 2009 founded Scorpio Tankers Inc. (NYSE: “STNG”), or Scorpio Tankers, a large international shipping company engaged in seaborne transportation of refined petroleum products, of which Mr. Lauro is currently the Chairman and Chief Executive Officer. The Lolli-Ghetti family also owns and controls the Scorpio Group, including Scorpio Ship Management S.A.M., or SSM, which provides us with vessel technical management services, Scorpio Commercial Management S.A.M., or SCM, which provides us with vessel commercial management services, Scorpio Services Holding Limited, or SSH, which provides us and other related entities with administrative services and services related to the acquisition of vessels and Scorpio UK Limited, or SUK which provides us with chartering services. In addition, our Vice President, Mr. Filippo Lauro is the brother of Mr. Emanuele Lauro and a member of the Lolli-Ghetti family. Our Co-Founder, President and Director, Mr. Robert Bugbee is also the President and a Director of Scorpio Tankers and has a senior management position at the Scorpio Group. We entered into an Administrative Services Agreement, as amended from time to time, with SSH, a party related to us, for the provision of administrative staff, office space and accounting, legal compliance, financial and information technology services for which we reimburse SSH for the reasonable direct and indirect expenses it incurs in providing us with such services. Such costs are classified as general and administrative in the Consolidated Statement of Operations. SSH also arranges vessel sales and purchases for us. We pay SSH a fee, payable in the Company’s common shares, for arranging vessel acquisitions, including newbuildings. The amount of common shares payable was determined by dividing $250,000 by the market value of our common shares based on the volume weighted average price of our common shares over the 30 trading day period immediately preceding the contract date of a definitive agreement to acquire any vessel. During 2016 we issued 51,679 shares, of our common shares to SSH. During the years ended December 31, 2015 and 2014 we issued 111,725 and 4,366 shares, respectively, of our common shares to SSH. We will deliver an additional 12,946 shares upon delivery of six vessels currently under construction. In addition, SSH has agreed with us not to own any drybulk carriers greater than 30,000 dwt for so long as the Administrative Services Agreement is in full force and effect. This agreement may be terminated by SSH after the third anniversary of our initial public offering upon 12 months’ notice or by us with 24 months ’ notice. In November 2014, SSH agreed to waive its fee on vessel acquisitions contracted after November 20, 2014, for so long as the closing price of our common shares remained below a specified threshold. Effective September 29, 2016, the Company amended the terms of its Administrative Services Agreement with SSH and this fee was eliminated on all future acquisitions. The services provided to us by SSH may be sub-contracted to other entities within the Scorpio Group. During November 2014, we issued and sold 333,333 shares to SSH for $15.0 million as part of a private placement transaction. During June 2015, we issued and sold 833,333 shares to SSH for $15.0 million as part of a public offering. During March 2016, we issued 5,000,000 shares to SSH for $15.0 million as part of a public offering. During June 2016, we issued 5,250,000 shares to SSH for $16.0 million as part of a public offering. Our vessels are commercially managed by SCM and technically managed by SSM pursuant to a Master Agreement, as amended and restated from time to time, or the Amended and Restated Master Agreement, which may be terminated by either party upon 24 months’ notice, unless terminated earlier in accordance with the provisions of the Amended and Restated Master Agreement. In the event of a sale of one or more vessels, a notice period of three months’ and a payment equal to three months of management fees will apply, provided that the termination does not amount to a change of control, including a sale of substantially all vessels, in which case a payment equal to 24 months of management fees will apply. Additional vessels that the Company may acquire in the future will also be managed under the Amended and Restated Master Agreement or on substantially similar terms. SCM’s commercial management services include securing employment for our vessels in the spot market and on time charters. SCM also manages the Scorpio Group Pools (spot market-oriented vessel pools) including the Scorpio Ultramax Pool, the Scorpio Kamsarmax Pool and the currently inactive Scorpio Capesize Pool in which our owned and time chartered-in vessels are employed and from which we generate a significant portion of our revenue. The Scorpio Ultramax Pool, the Scorpio Kamsarmax Pool and the Scorpio Capesize Pool participants, including us and third-party owners of similar vessels, pay SCM a pool management fee of $300 per vessel per day, plus a 1.75% commission on the gross revenues per charter fixture. We typically have balances due from these pools, consisting primarily of working capital, undistributed earnings and reimbursable costs. These receivables are either classified as current or non-current assets within the Consolidated Balance Sheet depending upon whether the associated vessel is expected to exit the pool within the next 12 months . We are also allocated general and administrative expenses from SCM. For the commercial management of any of our vessels that do not operate in one of these pools, we pay SCM a daily fee of $300 per vessel, plus a 1.75% commission on the gross revenues per charter fixture, which are classified as voyage expenses in the Consolidated Statement of Operations. Effective November 20, 2014, SCM agreed to reduce, with respect to our vessels, the 1.75% commission to 1.00% until the first day when the closing price of the Company’s common shares was not less than $117 per share, adjusted to include all equity restructuring and authorized dividends paid on the Company’s share capital, at which time the commission would revert to 1.75% . The reduction in commission expense is classified as vessel revenues in the Consolidated Statement of Operations. Effective September 29, 2016, pursuant to the terms of the Amended and Restated Master Agreement, effective beginning on the fifth day within any 20 trading day period that the closing price of the Company's common shares on the New York Stock Exchange is equal to or greater than $5.00 , the commission payable for commercial management to SCM will be reinstated to 1.75% of all monies earned by a vessel from 1.00% . As of close of trading on the NYSE on November 18, 2016, the condition was met and the commission payable for commercial management was reinstated to 1.75% of all monies earned by a vessel, effective November 19, 2016. The Scorpio Kamsarmax Pool and the Scorpio Ultramax Pool were significant customers for the year ended December 31, 2016 , accounting for 40% and 60% of our total vessel revenue (including commissions from SCM), respectively. During year ended December 31, 2015 , the Scorpio Kamsarmax Pool, the Scorpio Ultramax Pool and the Scorpio Capesize Pool accounted for 41% and 43% and 8% of our total vessel revenue (including commissions from SCM), respectively. During year ended 12/31/2014 , the Scorpio Kamsarmax Pool and the Scorpio Ultramax Pool accounted for 71% and 21% of our total vessel revenue (including commissions from SCM), respectively. Prior to the amendment to the Amended and Restated Master Agreement on September 29, 2016, contracts for the construction of vessels that were sold or cancelled prior to the Company taking delivery of the vessels resulted in a termination fee of $0.5 million per vessel and the termination fee for a vessel which was under SCM management was two years of daily fees of $300 , or $0.2 million per vessel plus 1.00% of the estimated revenue SCM would have generated for the vessel over the next two years. This fee is classified as a loss/write off of vessels and assets held for sale in the Consolidated Statement of Operations. Following the amendment to the Amended and Restated Master Agreement on September 29, 2016, the fees due for a termination of the commercial management arrangements in the event of the sale of one or more vessels, provided it does not amount to a change of control of the Company, including a sale of substantially all vessels, have been reduced to a three month notice period and payment equal to three months of management fees. SSM’s technical management services include providing technical support, such as arranging the hiring of qualified officers and crew, supervising the maintenance and performance of vessels, purchasing supplies, spare parts and new equipment, arranging and supervising drydocking and repairs, and monitoring regulatory and classification society compliance and customer standards. We pay SSM an annual fee of $0.2 million per vessel to provide technical management services for each of our vessels upon delivery, which is a component of vessel operating cost in the Consolidated Statement of Operations. In addition, representatives of SSM provide us with construction supervisory services while our vessels are being constructed in shipyards. In addition to the supervisory fee, we will compensate SSM for its direct expenses in assisting with the supervision, which can vary between $0.2 million and $0.5 million per vessel. Prior to the amendment to the Amended and Restated Master Agreement on September 29, 2016, contracts for the construction of vessels that were sold or canceled prior to the Company taking delivery of the vessels resulted in a termination fee of $0.5 million per vessel and the termination fee for a vessel which was under SSM management was two years of annual fees of $0.2 million per vessel, or $0.4 million per vessel. This fee is classified as a loss/write off of vessels and assets held for sale in the Consolidated Statement of Operations. Following the amendment to the Amended and Restated Master Agreement on September 29, 2016, the fees due for a termination of the technical management arrangements in the event of the sale of one or more vessels, provided it does not amount to a change of control of the Company, including a sale of substantially all vessels, have been reduced to a notice period of three months and a payment equal to three months of management fees. SUK will allocate salaries of certain SUK employees to the Company for services performed for the Company. Transactions with entities controlled by the Lolli-Ghetti family and with Scorpio Tankers (herein referred to as related party affiliates) in the Consolidated Statement of Operations and Consolidated Balance Sheet are summarized in the following tables (in thousands). Year Ended December 31, 2016 2015 2014 Vessel revenue Scorpio Kamsarmax Pool $ 31,319 $ 25,151 $ 34,986 Scorpio Ultramax Pool 46,227 26,338 10,196 Scorpio Capesize Pool — 4,857 — SCM 856 718 31 Total vessel revenue $ 78,402 $ 57,064 $ 45,213 Voyage expense: SCM $ 319 $ 664 $ 148 Vessel operating cost: SSM $ 7,191 $ 2,765 122 General and administrative expense: SCM $ 43 $ 258 $ — SSM — — 51 SSH 3,949 1,265 56 SUK 862 486 717 Total general and administrative expense $ 4,854 $ 2,009 $ 824 Write down on assets held for sale SCM $ 500 $ 12,465 $ — SSM 500 13,000 — Total write down on assets held for sale $ 1,000 $ 25,465 $ — At December 31, 2016 and December 31, 2015 , we had the following balances with related parties, which have been included in the Consolidated Balance Sheet: December 31, 2016 2015 Assets Due from related parties-current: Scorpio Kamsarmax Pool $ 2,579 $ 3,376 Scorpio Ultramax Pool 1,661 2,129 Scorpio Capesize Pool — 2,268 SCM — 424 Total due from related parties-current $ 4,240 $ 8,197 Due from related parties non-current: Scorpio Kamsarmax Pool $ 4,606 $ 4,868 Scorpio Ultramax Pool 6,633 7,657 Total due from related parties non-current $ 11,239 $ 12,525 Liabilities Due to related parties-current : SCM $ 507 $ 3,415 SSM 209 4,274 SSH 321 — Less balances due to SCM and SSM included in assets held for sale — (7,065 ) Total due to related parties-current $ 1,037 $ 624 |
Segment
Segment | 12 Months Ended |
Dec. 31, 2016 | |
Segment Reporting [Abstract] | |
Segment Reporting Disclosure [Text Block] | Segments As of December 31, 2016, the Company is organized by vessel type into two operating segments through which the Company’s chief operating decision maker manages the Company’s business. The Kamsarmax and Ultramax Operations segments include the following: • Kamsarmax - includes vessels ranging from approximately 77,500 DWT to 98,700 DWT • Ultramax - includes vessels ranging from approximately 60,200 DWT to 64,000 DWT Prior to 2016, the Company was organized into three operating segments: Kamsarmax, Ultramax and Capesize, which included vessels of approximately 180,000 DWT. However, the Company sold (or agreed to sell) all of its Capesize vessels and Capesize newbuilding vessels by the end of 2015. Although each vessel within its respective class qualifies as an operating segment under U.S. GAAP, each vessel also exhibits similar long-term financial performance and similar economic characteristics to the other vessels within the respective vessel class, thereby meeting the aggregation criteria in U.S. GAAP. We have therefore chosen to present our segment information by vessel class using the aggregated information from the individual vessels. The Company’s vessels regularly move between countries in international waters, over dozens of trade routes and, as a result, the disclosure of financial information about geographic areas is impracticable. Certain of the corporate general and administrative expenses incurred by the Company are not attributable to any specific segment. Accordingly, these costs are not allocated to any of the Company’s segments and are included in the results below as “Corporate”. The following schedule presents segment information about the Company’s operations for the years ended December 31, 2016 , 2015 and 2014 (in thousands). December 31, 2016 Capesize Kamsarmax Ultramax Corporate Total Vessel revenue $ — $ 31,685 $ 46,717 $ — $ 78,402 Voyage expenses — (81 ) 36 — (45 ) Vessel operating cost — 27,083 41,749 — 68,832 Charterhire expense — 12,323 5,033 — 17,356 Charterhire termination — 2,500 7,500 — 10,000 Vessel depreciation — 14,522 22,040 — 36,562 General and administrative expenses 380 1,718 2,725 29,172 33,995 Loss / write down on assets held for sale 1,006 11,557 (130 ) — 12,433 Interest income — — — (933 ) (933 ) Foreign exchange gain — — — 116 116 Financial expense, net — — — 24,921 24,921 Segment loss $ (1,386 ) $ (37,937 ) $ (32,236 ) $ (53,276 ) $ (124,835 ) During 2016, we recorded a $10.0 million charge to terminate four time charter-in contracts. Terminating these contracts reduced our cash outflow and had a positive impact on our future operating results as the contracts were at above current market rates. December 31, 2015 Capesize Kamsarmax Ultramax Corporate Total Vessel revenue $ 9,038 $ 26,712 $ 26,771 $ — $ 62,521 Voyage expenses 280 331 176 — 787 Vessel operating cost 5,089 9,986 14,297 — 29,372 Charterhire expense — 29,509 21,880 — 51,389 Vessel depreciation 3,623 4,536 6,104 — 14,263 General and administrative expenses 275 498 713 33,896 35,382 Loss / write down on assets held for sale 408,318 8,997 5,622 — 422,937 Interest income — — (4 ) (352 ) (356 ) Foreign exchange gain 4 10 27 (29 ) 12 Financial expense, net — — — 19,524 19,524 Segment loss $ (408,551 ) $ (27,155 ) $ (22,044 ) $ (53,039 ) $ (510,789 ) December 31, 2014 Capesize Kamsarmax Ultramax Corporate Total Vessel revenue $ — $ 38,770 $ 10,217 $ — $ 48,987 Voyage expenses — 3,653 74 — 3,727 Vessel operating cost — 1,600 — — 1,600 Charterhire expense — 57,909 15,305 — 73,214 Vessel depreciation — 686 — — 686 General and administrative expenses 39 103 26 31,593 31,761 Loss / write down on assets held for sale 52,553 2,934 — — 55,487 Interest income — — — (1,052 ) (1,052 ) Foreign exchange loss — — — (43 ) (43 ) Financial expense, net — — — 172 172 Segment loss $ (52,592 ) $ (28,115 ) $ (5,188 ) $ (30,670 ) $ (116,565 ) Identifiable assets, classified by the segment by which the Company operates, are as follows: Identifiable assets December 31, 2016 December 31, 2015 Held by vessel owning subsidiaries or allocated to segments: Capesize $ 643 $ 180,850 Kamsarmax 600,578 468,875 Ultramax 847,016 626,304 Held by parent and other subsidiaries, not allocated to segments: Cash and cash equivalents 88,311 178,103 Other 10,609 18,961 Total identifiable assets $ 1,547,157 $ 1,473,093 |
Unaudited Quarterly Results
Unaudited Quarterly Results | 12 Months Ended |
Dec. 31, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Information [Text Block] | Unaudited Quarterly Results of Operations The following tables set forth certain unaudited financial data for the Company's quarterly operations in 2016 and 2015. The following information has been prepared on the same basis as the annual information presented elsewhere in this report and, in the opinion of management, includes all adjustments, consisting only of normal recurring adjustments, necessary for a fair presentation of the information for the quarterly periods presented. The operating results for any quarter are not necessarily indicative of results for any future period. (amounts in thousands) (Unaudited) 2016 Quarter Ended (Unaudited) 2015 Quarter Ended First Quarter (1) Second Quarter Third Quarter Fourth Quarter First Quarter (2) Second Quarter (2) Third Quarter (2) Fourth Quarter (2) Revenues $ 10,244 $ 17,374 $ 23,938 $ 26,846 $ 12,270 $ 12,781 $ 15,182 $ 22,017 Operating loss (1)(2) (51,192 ) (19,204 ) (16,244 ) (14,091 ) (48,399 ) (135,856 ) (16,255 ) (291,137 ) Net loss (58,260 ) (24,748 ) (21,273 ) (20,557 ) (52,065 ) (138,645 ) (18,052 ) (302,036 ) Basic loss per share $ (1.96 ) $ (0.48 ) $ (0.30 ) $ (0.29 ) $ (3.60 ) $ (8.50 ) $ (0.66 ) $ (11.02 ) Diluted loss per share $ (1.96 ) $ (0.48 ) $ (0.30 ) $ (0.29 ) $ (3.60 ) $ (8.50 ) $ (0.66 ) $ (11.02 ) Basic weighted average common shares outstanding 29,794 51,305 71,575 71,672 14,455 16,303 27,277 27,399 Diluted weighted average common shares outstanding 29,794 51,305 71,575 71,672 14,455 16,303 27,277 27,399 Earnings per share for quarterly periods are based on the weighted average common shares outstanding in individual quarters; thus, the sum of earnings per share of the quarters may not equal the amounts reported for the full year. (1) First quarter 2016 results include a loss / write down on assets held for sale of $12.4 million. (2) First, second, third and fourth quarters of 2015 include losses / write downs on assets held for sale of $31.8 million, $119.6 million, $0.3 million and $261.8 million, respectively. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2016 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | Subsequent Events Delivery of vessels from shipyards During the period from January 1, 2017 to February 28, 2017, we took delivery of the following five vessels that were under construction as of December 31, 2016 (see Note 5): • SBI Samson, a Ultramax vessel • SBI Parapara, a Kamsarmax vessel • SBI Phoenix, a Ultramax vessel • SBI Swing, a Kamsarmax vessel • SBI Mazurka, a Kamsarmax vessel Borrowings and repayments under secured credit facilities During the period from January 1, 2017 to February 28, 2017, we borrowed an aggregate amount of $38.4 million under our secured credit facilities. During the period from January 1, 2017 to February 28, 2017, we made a prepayment of $1.5 million on our secured credit facilities, which was made simultaneously to loan drawdowns. A summary of our outstanding borrowing under our credit facilities as of February 28, 2017 is as follows (dollars in thousands): February 28, 2017 Amount outstanding Amount available $39.6 Million Credit Facility $ 20,144 $ — $409 Million Credit Facility 179,473 — $330 Million Credit Facility 250,959 13,200 $42 Million Credit Facility 38,512 — $67.5 Million Credit Facility 40,461 — $12.5 Million Credit Facility 10,379 — $27.3 Million Credit Facility 19,375 — Total $ 559,303 $ 13,200 Credit facility amendments $42.0 Million Credit Facility In January 2017, the Company reached an agreement with the lender that (i) allows us to defer 4 quarters of debt repayment to the balloon amount in exchange for a prepayment equal to 4 quarters of scheduled repayments, which was made in Q4 2016 and (ii) waives the interest coverage covenant for 2018, and amends the level to 1.0 to 1.0 for 1Q 2019 and 2Q 2019 (both calculated on a year to date basis), 2.5 to 1.0 for 3Q 2019 (calculated on a year to date basis) and 2.5 to 1.0 for 4Q 2019 and thereafter (calculated on a trailing four quarters basis). |
General information and signi23
General information and significant accounting policies (Policies) | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Business Description and Basis of Presentation [Text Block] | Company Scorpio Bulkers Inc. and its subsidiaries (together “we”, “us”, “our” or the “Company”) is an international shipping company that owns and operates the latest generation newbuilding drybulk carriers with fuel-efficient specifications and carrying capacities of greater than 30,000 dwt in the international shipping markets. Scorpio Bulkers Inc. was incorporated in the Republic of the Marshall Islands on March 20, 2013. As of December 31, 2016 , the Company owned 42 vessels (consisting of 16 Kamsarmax vessels and 26 Ultramax vessels) and has six newbuilding drybulk carriers, which it intends to operate, under construction. Five of the newbuilding drybulk carriers are to be delivered in the first quarter of 2017 and the final newbuilding drybulk carrier is expected to be delivered in the second quarter of 2017. Our vessels are commercially managed by Scorpio Commercial Management S.A.M., or SCM, which is majority owned by the Lolli-Ghetti family of which, Emanuele Lauro, our Chairman and Chief Executive Officer, and Filippo Lauro, our Vice President, are members. SCM’s services include securing employment, in pools, in the spot market and on time charters. Our vessels are technically managed by Scorpio Ship Management S.A.M., or SSM, which is majority owned by the Lolli-Ghetti family. SSM facilitates vessel support such as crew, provisions, deck and engine stores, insurance, maintenance and repairs, and other services as necessary to operate the vessels such as drydocks and vetting/inspection under a technical management agreement. We also have an administrative services agreement with Scorpio Services Holding Limited, or SSH, which is majority owned by the Lolli-Ghetti family. The administrative services provided under this agreement primarily include accounting, legal compliance, financial, information technology services, the provision of administrative staff and office space. Under the administrative services agreement, we also reimburse SSH for any direct or indirect expenses that they incur in providing these services. |
Basis of Accounting [Text Block] | Basis of accounting The consolidated financial statements and accompanying notes have been prepared in accordance with accounting principles generally accepted in the United States of America, or U.S. GAAP. All intercompany accounts and transactions have been eliminated in consolidation. The consolidated financial statements reflect all adjustments which, in the opinion of management, are necessary for the fair presentation of results. Pursuant to ASU 2015-03, “Simplifying the Presentation of Debt Issuance Costs ”, certain reclassifications have been made to prior years’ Deferred financing costs, net, Bank loans, net and Senior Notes, net to conform to current year presentation. See “ Recently adopted accounting standards” below for additional information on these reclassifications. Other comprehensive income is net income and thus not presented separately. |
Going Concern [Policy Text Block] | Going concern The Company’s revenue is primarily derived from pool revenue. The bulker shipping industry is volatile and has been experiencing a sustained cyclical downturn. If the downturn continues, this could have a material adverse effect on the Company’s business, financial condition, results of operations and cash flows. The fair market values of the Company’s vessels also experience high volatility. The fair market value of the vessels may increase or decrease depending on a number of factors including, but not limited to, the prevailing level of charter rates and day rates, general economic and market conditions affecting the international shipping industry, types, sizes and ages of vessels, supply and demand for vessels, availability of or developments in other modes of transportation, competition from other shipping companies, cost of newbuildings, governmental or other regulations and technological advances. In addition, as vessels grow older, they generally decline in value. If the fair market value of vessels declines, the Company may not be in compliance with certain provisions of its credit facilities and it may not be able to refinance its debt. The prepayment of certain credit facilities may be necessary for the Company to maintain compliance with certain covenants in the event that the value of its vessels falls below a certain level. Additionally, if the Company sells one or more of its vessels at a time when vessel prices have fallen, the sale price may be less than the vessel’s carrying value on its consolidated financial statements, resulting in a loss on sale or an impairment loss being recognized, ultimately leading to a reduction in earnings. Furthermore, if vessel values fall significantly, this could indicate a decrease in the recoverable amount for the vessel which may result in an impairment adjustment in the carrying value of the vessel. As described in Note 7, the Company has commitments to pay for its vessels currently under construction that may exceed the amount of financing presently secured for these which could have an adverse effect on the Company’s business, financial condition, results of operations and cash flows. These consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. The consolidated financial statements do not include any adjustments relating to the recoverability and classification of recorded assets, nor to the amounts and classification of liabilities that may be necessary should the Company be unable to continue as a going concern. |
Consolidation, Policy [Policy Text Block] | Principles of Consolidation The consolidated financial statements represent the consolidation of the accounts of Scorpio Bulkers Inc. and its subsidiaries in conformity with U.S. GAAP. All intercompany accounts and transactions have been eliminated in consolidation. |
Use of Estimates, Policy [Policy Text Block] | Accounting estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses and disclosures of contingent assets, liabilities, revenues and expenses. Actual results could differ from those results. In addition to the estimates noted above, significant estimates include vessel valuations, useful life of vessels, and residual value of vessels. |
Revenue Recognition, Policy [Policy Text Block] | Revenue recognition Vessel revenue is measured at the fair value of the consideration received or receivable and represents amounts receivable for services provided in the normal course of business, net of discounts, and other sales-related or value added taxes. Vessel revenue is comprised of either pool revenue, time charter revenue and voyage revenue. • Pool revenue for each vessel is determined in accordance with the profit sharing terms specified within each pool agreement. In particular, the pool manager aggregates the revenues and expenses of all of the pool participants and distributes the net earnings to participants based on: • the pool points (vessel attributes such as cargo carrying capacity, fuel consumption, and construction characteristics are taken into consideration); and • the number of days the vessel participated in the pool in the period. • Time charter revenue is recognized ratably as services are performed based on the daily rates specified in the time charter contract. We do not recognize revenue when a vessel is off hire. • Voyage charter agreements are charter hires, where a contract is made in the spot market for the use of a vessel for a specific voyage for a specified charter rate. Revenue from voyage charter agreements is recognized on a pro rata basis based on the relative transit time in each period. The period over which voyage revenues are recognized commences at the time the vessel departs from its last discharge port and ends at the time the discharge of cargo at the next discharge port is completed. We do not begin recognizing revenue until a charter has been agreed to by the customer and us, even if the vessel has discharged its cargo and is sailing to the anticipated load port on its next voyage. Estimated losses on voyages are provided for in full at the time such losses become evident. In the application of this policy, we do not begin recognizing revenue until (i) the amount of revenue can be measured reliably, (ii) it is probable that the economic benefits associated with the transaction will flow to the entity, (iii) the transactions’ stage of completion at the balance sheet date can be measured reliably and (iv) the costs incurred and the costs to complete the transaction can be measured reliably. We recognize pool revenue when the vessel has participated in a pool during the period and the amount of pool revenue can be estimated reliably. We receive estimated vessel earnings based on the known number of days the vessel has participated in the pool, the contract terms, and the estimated pool revenue. |
Voyage Expenses Policy Text Block | Voyage expenses Voyage expenses, which primarily include bunkers, port charges, canal tolls, cargo handling operations and brokerage commissions paid by us under voyage charters, brokerage commissions and miscellaneous voyage expenses that the Company is unable to recoup under time charter and pool arrangements, as well as credits for intermediary hold cleaning are expensed as incurred. |
CharterhireExpensePolicyTextBlock | Charterhire expense Charterhire expense is the amount we pay the owner for time chartered-in vessels. The amount is usually for a fixed period of time at charter rates that are generally fixed, but may contain a variable component based on drybulk indices, inflation, interest rates, profit sharing , or current market rates. The vessel’s owner is responsible for crewing and other vessel operating costs. Charterhire expense is recognized ratably over the charterhire period. |
Vessel operating costs | Vessel operating costs Vessel operating costs, which include crewing, repairs and maintenance, insurance, stores, lube oils, communication expenses, and technical management fees, are expensed as incurred. Technical management fees are paid to SSM (See Note 13). Pursuant to an agreement, or the Master Agreement, SSM provides us with technical services, and we provide them with the ability to subcontract technical management of our vessels with our approval. |
Foreign Currency Transactions and Translations Policy [Policy Text Block] | Foreign currencies The individual financial statements of Scorpio Bulkers Inc. and each of its subsidiaries are presented in the currency of the primary economic environment in which we operate (its functional currency), which in all cases is U.S. dollars. For the purpose of the consolidated financial statements, our results and financial position are also expressed in U.S. dollars. In preparing the financial statements of Scorpio Bulkers Inc. and each of its subsidiaries, transactions in currencies other than the U.S. dollar are recorded at the rate of exchange prevailing on the dates of the transactions. Any change in exchange rate between the date of recognition and the date of settlement may result in a gain or loss which is included in the Consolidated Statement of Operations. At the end of each reporting period, monetary assets and liabilities denominated in other currencies are retranslated into the functional currency at rates ruling at that date. All resultant exchange differences are included in the Consolidated Statement of Operations |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and cash equivalents Cash and cash equivalents are comprised of cash on hand and demand deposits, and other short-term highly-liquid investments with original maturities of three months or less, and that are readily convertible to a known amount of cash and are subject to an insignificant risk of changes in value. |
Inventory, Policy [Policy Text Block] | Inventories Inventories, which are included in prepaid expenses and other current assets in the Consolidated Balance Sheet, consists mainly of lubricating oils, and are stated at the lower of cost or net realizable value. Cost is determined using the first in first out method. |
Assets held for sale policy [Policy Text Block] | Assets held for sale Assets held for sale include vessels and contracts for the construction of vessels and are classified in accordance with ASC 360, Property, Plant, and Equipment . The Company considers such assets to be held for sale when all of the following criteria are met: • management commits to a plan to sell the property; • it is unlikely that the disposal plan will be significantly modified or discontinued; • the property is available for immediate sale in its present condition; • actions required to complete the sale of the property have been initiated; • sale of the property is probable and we expect the completed sale will occur within one year ; and • the property is actively being marketed for sale at a price that is reasonable given its current market value. Upon designation as an asset held for sale, the Company records the asset at the lower of its carrying value or its estimated fair value, less estimated costs to sell, and, if the asset is a vessel, the Company ceases depreciation. |
Vessels, net [Policy Text Block] | Vessels, net Vessels, net is stated at historical cost less accumulated depreciation. Included in vessel costs are acquisition costs directly attributable to the acquisition of a vessel including capitalized interest and expenditures made to prepare the vessel for its initial voyage. Vessels are depreciated to their residual value on a straight-line basis over their estimated useful lives of 25 years from the date the vessel is ready for its first voyage. The estimated useful life of 25 years is management’s best estimate and is also consistent with industry practice for similar vessels. The residual value is estimated as the lightweight tonnage of each vessel multiplied by a estimated scrap value per ton. The scrap value per ton is estimated taking into consideration the historical four years average scrap market rates at the balance sheet date. When regulations place limitations over the ability of a vessel to trade on a worldwide basis, or when the cost of complying with such regulations is not expected to be recovered, we will adjust the vessel’s useful life to end at the date such regulations preclude such vessel’s further commercial use. The carrying value of the Company’s vessels does not represent the fair market value of such vessels or the amount it could obtain if it were to sell any of its vessels, which could be more or less. Under U.S. GAAP, the Company would not record a loss if the fair market value of a vessel (excluding its charter) is below our carrying value unless and until it determines to sell that vessel or the vessel is impaired as discussed below under “ Impairment of long-lived assets held for use .” |
VesselsUnderConstructionPolicyTextBlock | Vessels under construction Vessels under construction are measured at cost and include costs incurred that are directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. These costs include installment payments made to the shipyards, capitalized interest, professional fees and other costs deemed directly attributable to the construction of the asset. Vessels under construction are not depreciated. |
Deferred Drydocking cost [Policy Text Block] | Deferred drydocking costs The vessels are required to undergo planned drydocks for replacement of certain components, major repairs and maintenance of other components, which cannot be carried out while the vessels are operating, approximately every 30 months or 60 months depending on the nature of work and external requirements. These drydock costs are capitalized and depreciated on a straight-line basis over the estimated period until the next drydock. When the drydock expenditure is incurred prior to the expiry of the period, the remaining balance is expensed. The Company had no drydocking activity during the three years ended December 31, 2016 . We only include in deferred drydocking those direct costs that are incurred as part of the drydocking to meet regulatory requirements, or are expenditures that add economic life to the vessel, increase the vessel’s earnings capacity or improve the vessel’s efficiency. Direct costs include shipyard costs as well as the costs of placing the vessel in the shipyard; cost of travel, lodging and subsistence of personnel sent to the drydocking site to supervise; and the cost of hiring a third party to oversee the drydocking. Expenditures for normal maintenance and repairs, whether incurred as part of the drydocking or not, are expensed as incurred. |
Other Assets [Policy Text Block] | Other assets Other assets consist primarily of deferred financing costs relating to lines of credit and loan facilities that have not yet been drawn down. As the loan facilities are drawn down, the related portion of costs incurred relating to such facilities will be reflected as a reduction to the related debt. Deferred financing costs relating to both the lines of credit and loan facilities are amortized to expense over the life of the related debt using the effective interest rate method. |
Impairment of Long-lived assets held for use [Policy Text Block] | Impairment of long-lived assets held for use In accordance with ASC subtopic 360-10, Property, Plant and Equipment , long-lived assets to be held and used are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable. Determination of recoverability is based on an estimate of undiscounted future cash flows resulting from the use of the asset and its eventual disposition. Measurement of an impairment loss for long-lived assets that management expects to hold and use is based on the fair value of the asset as estimated using a cash flow model. Long-lived assets to be disposed of are reporting at the lower of carrying amount or fair value less costs to sell. During the fourth quarter of 2016, the Company performed impairment tests of the Company’s vessels due to the prevailing conditions in the shipping industry. The Company compared undiscounted cash flows to the carrying values for each of the Company’s vessels to determine if the assets were impaired. In developing its estimates of undiscounted cash flows, the Company makes assumptions and estimates about vessels’ future performance, with the most significant assumptions relating to (i) charter rates on expiry of existing charters, which are based on the current fixing applicable to five -year time charter rates and thereafter, the ten -year historical average for each category of vessel (ii) off-hire days, which are based on actual off-hire statistics for the Company’s fleet (iii) operating costs, based on current levels escalated over time based on long term trends (iv) dry docking frequency, duration and cost, (v) estimated useful life which is assessed as a total of 25 years and (vi) estimated scrap values. In the case of an indication of impairment, the results of a recoverability test would also be sensitive to the discount rate applied. The assumptions used involve a considerable degree of estimation. Actual conditions may differ significantly from the assumptions and thus actual cash flows may be significantly different to those expected with a material effect on the recoverability of each vessel’s carrying amount. No impairment charges were recorded on the Company’s long-lived assets held for use as at December 31, 2016 and 2015 based on the assumptions made, the expected undiscounted future cash flows exceeding the vessels’ carrying amounts |
Fair Value of Financial Instruments, Policy [Policy Text Block] | Fair value of financial instruments Substantially all of the Company’s financial instruments are carried at fair value or amounts approximating fair value. Cash and cash equivalents, amounts due to / from charterers, accounts payable and long-term debt, are carried at market value or estimated fair value. |
Deferred financing cost, Policy [Policy Text Block] | Deferred financing costs, net Deferred financing costs, included in other assets or as a reduction to debt balances (as described above), consist of fees, commissions and legal expenses associated with obtaining or modifying loan facilities. These costs are amortized over the life of the related debt using the effective interest rate method and are included in Financial expense, net in the Consolidated Statement of Operations. Amortization was $4.1 million , $2.0 million , and $0.2 million respectively for years ended December 31, 2016 , 2015 and 2014. Deferred financing costs of $26.1 million and $14.9 million , and accumulated amortization was $6.2 million and $2.1 million as of December 31, 2016 and 2015, respectively. Amortization for the next five years based on balances as of December 31, 2016 are as follows (in millions): 2017 $ 5.1 2018 4.9 2019 4.6 2020 4.0 2021 1.1 Total 19.7 The Company wrote off $3.8 million and $16.1 million during the years ended December 31, 2016 and 2015, respectively, associated with the portion of deferred financing costs accumulated on credit facilities for which the commitments were reduced due to the sale of vessels, cancellation of the construction contract or because the amount of the facility exceeded the amounts that we would be able to draw downdue to decreases in vessel values. |
Segment Reporting, Policy [Policy Text Block] | Although each vessel within its respective class qualifies as an operating segment under U.S. GAAP, each vessel also exhibits similar long-term financial performance and similar economic characteristics to the other vessels within the respective vessel class, thereby meeting the aggregation criteria in U.S. GAAP. We have therefore chosen to present our segment information by vessel class using the aggregated information from the individual vessels. The Company’s vessels regularly move between countries in international waters, over dozens of trade routes and, as a result, the disclosure of financial information about geographic areas is impracticable. Certain of the corporate general and administrative expenses incurred by the Company are not attributable to any specific segment. Accordingly, these costs are not allocated to any of the Company’s segments and are included in the results below as “Corporate”. |
Earnings Per Share, Policy [Policy Text Block] | Earnings per share Basic earnings per share is determined by dividing the net income (loss) by the weighted average number of common shares outstanding, while diluted earnings per share is determined by dividing net income (loss) by the average number of common stock adjusted for the dilutive effect of common stock equivalents by application of the treasury stock method. Common stock equivalents are excluded from the diluted calculation if their effect is anti-dilutive. |
Share-based Compensation [Policy Text Block] | Share-based Compensation We follow ASC Subtopic 718-10, Compensation-Stock Compensation , for restricted stock issued under our equity incentive plans. Share-based compensation expense requires measurement of compensation cost for shared based awards at fair value and recognition of compensation cost over the vesting period, net of estimated forfeitures. The restricted stock awards granted to our employees and directors have graded vesting schedules and contain only service conditions. The Company recognizes compensation cost on a straight-line basis over the requisite service period for each separately vesting portion of the award as if the award was, in-substance, multiple awards. The fair value of restricted stock awards is based on the fair value of the Company’s common stock on the grant date. |
Income Tax, Policy [Policy Text Block] | Income tax Scorpio Bulkers Inc. is incorporated in the Republic of the Marshall Islands, and its subsidiaries are incorporated in the Republic of the Marshall Islands and the Cayman Islands. In accordance with the income tax laws of the Marshall Islands and the Cayman Islands, we are not subject to Marshall Islands or Cayman Islands income tax. We are also exempt from income tax in other jurisdictions including the United States of America due to tax treaties or domestic tax laws; therefore, we will not have any tax charges, benefits, or balances. |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | Concentration of credit risk Financial instruments that potentially subject the Company to concentrations of credit risk are amounts due from charterers and from related parties. With respect to balances due from the Scorpio Ultramax Pool, and the Scorpio Kamsarmax Pool (see Note 13), the Company, through SCM, limits its credit risk by performing ongoing credit evaluations and, when deemed necessary, requires letters of credit, guarantees or collateral. The Company earned 40% , and 60% of its revenues (including commissions from SCM) from two customers during the year ended December 31, 2016 . The Company earned 41% and 43% and 8% of its revenues (including commissions from SCM), from three customers during the year ended December 31, 2015. During the year ended 12/31/2014 , the Company earned 71% and 21% of its revenues (including commissions from SCM), respectively from two customers. Management does not believe significant risk exists in connection with the Company’s concentrations of credit at December 31, 2016 due to the number of charterers with which the pools conduct business. At December 31, 2016 , the Company maintains all of its cash and cash equivalents with seven financial institutions. None of the Company’s cash and cash equivalent balances are covered by insurance in the event of default by these financial institutions. |
Interest rate risk [Policy Text Block] | Interest rate risk The Company is exposed to the impact of interest rate changes primarily through its variable-rate borrowings which consist of borrowings under its secured credit facilities. Significant increases in interest rates could adversely affect our operating margins, results of operations and our ability to service our debt. |
Liquidity Risk | Liquidity risk Liquidity risk is the risk that an entity will encounter difficulty in raising funds to meet commitments associated with financial instruments. We manage liquidity risk by maintaining adequate reserves and borrowing facilities and by continuously monitoring forecast and actual cash flows. Current economic conditions make forecasting difficult, and there is the possibility that our actual trading performance during the coming year may be materially different from expectations. Based on internal forecasts and projections that take into account reasonably possible changes in our trading performance, we believe that we have adequate financial resources to continue in operation and meet our financial commitments (including but not limited to newbuilding installments, debt service obligations and charterhire commitments) for a period of at least 12 months from the date of this annual report. Accordingly, we continue to adopt the going concern basis in preparing our financial statements. |
Currency and Exchange Rate Risk | Currency and exchange rate risk The international shipping industry’s functional currency is the U.S. Dollar. Virtually all of our revenues and most of our operating costs are in U.S. Dollars. We incur certain operating expenses in currencies other than the U.S. Dollar, and the foreign exchange risk associated with these operating expenses is immaterial. |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent accounting pronouncements In November 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2016-18, “Restricted Cash”. When cash, cash equivalents, restricted cash and restricted cash equivalents are presented in more than one line item on the balance sheet, the new guidance requires a reconciliation of the totals in the statement of cash flows to the related captions in the balance sheet. This reconciliation can be presented either on the face of the statement of cash flows or in the notes to the financial statements. The guidance is effective for fiscal years beginning after 15 December 2017, and interim periods within those years. Early adoption in an interim period is permitted, but any adjustments must be reflected as of the beginning of the fiscal year that includes that interim period. The Company does not expect ASU 2016-018 to have a significant impact on its Consolidated Statement of Cash Flows. In August 2016, the FASB issued ASU 2016-15, “Classification of Certain Cash Receipts and Cash Payments”, which addresses classification issues related to the statement of cash flows. Classification issues relate to (i) debt repayment of debt extinguishment costs, (ii) settlement of zero-coupon bonds, (iii) contingent consideration payments made after a business combination, (iv) proceeds from the settlement of insurance claims, (v) proceeds from the settlement of corporate-owned life insurance policies, including bank-owned life insurance policies, (vi) distributions received from equity method investees, (vii) beneficial interests in securitization transactions, and (viii) separately identifiable cash flows and application of the predominance principle. The guidance is effective for annual and interim periods in fiscal years beginning after December 15, 2017. Early adoption is permitted, including adoption in an interim period. If an entity early adopts the ASU in an interim period, adjustments should be reflected as of the beginning of the fiscal year that includes that interim period. An entity that elects early adoption must adopt all of the amendments in the same period. Entities should apply this ASU using a retrospective transition method to each period presented. If it is impracticable for an entity to apply the ASU retrospectively for some of the issues, it may apply the amendments for those issues prospectively as of the earliest date practicable. The Company does not expect ASU 2016-15 to have a significant impact on its Consolidated Statement of Cash Flows. In March 2016, the FASB issued ASU 2016-09, “Improvements to Employee Share-Based Payment Accounting”. The new guidance requires excess tax benefits and tax deficiencies to be recorded on the income statement when the awards vest or are settled. In addition, cash flows related to excess tax benefits will no longer be separately classified as a financing activity on the statement of cash flows. The standard also allows withholding up to the maximum statutory amount for taxes on employee share-based compensation, clarifies that all cash payments made on an employee’s behalf for withheld shares should be presented as a financing activity on the statement of cash flows and provides an accounting policy election to account for forfeitures as they occur. The new standard is effective for annual reporting periods beginning after December 15, 2016 with early adoption permitted. The Company does not expect ASU 2016-09 to have a significant impact on its consolidated financial statements. In February 2016 the FASB issued ASU 2016-02, “Leases”, which is intended to improve financial reporting about leasing transactions. The ASU affects all companies that lease assets. The ASU will require organizations that lease assets, or lessees, to recognize on the balance sheet the assets and liabilities for the rights and obligations created by those leases with terms of more than twelve months. The accounting by organizations that own the assets leased by the lessee, the lessor, will remain largely unchanged from current U.S. GAAP. The ASU will also require additional quantitative and qualitative disclosures to help financial statement users better understand the amount, timing, and uncertainty of cash flows arising from leases. The ASU is effective for fiscal years and interim periods beginning after December 15, 2018 although early adoption is permitted. The ASU requires reporting organizations to take a modified retrospective transition approach. The Company is currently in the process of evaluating the impact of adoption of the ASU on its consolidated financial statements but could experience a gross up of assets and liabilities should the Company time charter-in a significant number of vessels. In May 2014, the FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers”, which supersedes nearly all existing revenue recognition guidance under U.S. GAAP. The core principle is that a company should recognize revenue when promised goods or services are transferred to customers in an amount that reflects the consideration to which an entity expects to be entitled for those goods or services. This update defines a five-step process to achieve this core principle and, in doing so, more judgment and estimates may be required within the revenue recognition process than are required under existing U.S. GAAP. ASU 2014-09 was originally going to be effective January 1, 2017; however, the FASB recently issued ASU 2015-14, which deferred the effective date of ASU 2014-09 by one year to January 1, 2018. |
Recently adopted accounting standard [Policy Text Block] | Recently adopted accounting standards In April 2015, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2015-03, “Simplifying the Presentation of Debt Issuance Costs ”, which changes the presentation of debt issuance costs in financial statements. ASU 2015-03 requires an entity to present such costs in the balance sheet as a direct deduction from the related debt liability rather than as an asset. Amortization of the costs will continue to be reported as interest expense. The new standard is effective for annual reporting periods beginning after December 15, 2015. We adopted ASU 2015-03 effective January 1, 2016. As a result of the retrospective adoption, we reclassified unamortized debt issuance costs of $12.3 million and $3.2 million as of December 31, 2015 and 2014, respectively, from Deferred financing costs, net to a reduction in both current and non-current Bank loans, net as well as Senior Notes, net in the Consolidated Balance Sheet. Adoption of this standard did not impact results of operations, retained earnings or cash flows in the current or previous interim and annual reporting periods. In August 2014, the FASB issued ASU No. 2014-15, “Presentation of Financial Statements - Going Concern”. ASU 2014-15 provides U.S. GAAP guidance on management’s responsibility in evaluating whether there is substantial doubt about a company’s ability to continue as a going concern and on related required footnote disclosures. For each reporting period, management will be required to evaluate whether there are conditions or events that raise substantial doubt about a company’s ability to continue as a going concern within one year from the date the financial statements are issued. ASU 2014-15 is applicable to all entities and is effective for annual reporting periods ending after December 15, 2016 and for annual and interim reporting periods thereafter. Early application is permitted. Adoption of this standard did not impact results of operations, retained earnings or cash flows in the current or previous interim and annual reporting periods. |
General information and signi24
General information and significant accounting polices (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Finite-lived Intangible Assets Amortization Expense [Table Text Block] | 2017 $ 5.1 2018 4.9 2019 4.6 2020 4.0 2021 1.1 Total 19.7 |
Earnings Per Common Share (Tabl
Earnings Per Common Share (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Earnings Per Common Share The following is a reconciliation of the basic and diluted earnings per share computations (amounts in thousands, except per share data): For the years ended December 31, 2016 2015 2014 Net loss for basic and diluted earnings per share $ (124,835 ) $ (510,789 ) $ (116,565 ) Shares of common stock and common stock equivalents: Weighted average shares basic 56,174 21,410 11,466 Effect of dilutive securities — — — Weighted average common shares - diluted 56,174 21,410 11,466 Loss per share: Basic $ (2.22 ) $ (23.86 ) $ (10.17 ) Diluted $ (2.22 ) $ (23.86 ) $ (10.17 ) |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | For the years ended December 31, 2016 2015 2014 Share equivalents 3,600 1,248 582 |
Vessels (Tables)
Vessels (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Property, Plant and Equipment [Abstract] | |
Vessel Rollforward Table [Table Text Block] | At December 31, 2016 the Company owned 16 Kamsarmax vessels and 26 Ultramax vessels. A rollforward of activity within vessels is as follows (in thousands): Balance December 31, 2014 $ 66,633 Transfer from vessels under construction and other additions 1,002,912 Depreciation (14,263 ) Transferred to assets held for sale (290,828 ) Balance December 31, 2015 $ 764,454 Transfer from vessels under construction and other additions 506,189 Depreciation (36,562 ) Balance December 31, 2016 $ 1,234,081 |
Schedule of Vessels Owned | Owned vessels Vessel Name Year Built DWT Vessel Type 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 Total Ultramax 1,603,800 SBI Cakewalk 2014 82,000 Kamsarmax SBI Charleston 2014 82,000 Kamsarmax 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 Total Kamsarmax 1,316,000 Total Owned Vessels DWT 2,919,800 SBI Macarena had not reached its port of first load as of December 31, 2016, and therefore the vessel cost remains in vessels under construction. |
Vessels under construction (Tab
Vessels under construction (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Vessels under construction [Abstract] | |
Vessels under construction rollforward [Table Text Block] | A rollforward of activity within vessels under construction is as follows (in thousands): Balance December 31, 2014 $ 866,844 Installment payments and other 875,970 Capitalized interest 11,886 Transferred to vessels (1,001,808 ) Transferred to assets held for sale (464,610 ) Balance December 31, 2015 $ 288,282 Installment payments and other 401,556 Capitalized interest 6,951 Transferred to vessels (506,362 ) Write off due to contract cancellation (10,427 ) Balance December 31, 2016 180,000 |
Schedule of Vessels under Construction | A summary of our vessels under construction as of December 31, 2016 is as follows: Ultramax Vessels Vessel Name Expected DWT Shipyard 1 Hull CX0655 - TBN SBI Samson Q1-17 64,000 Chengxi Shipyard Co. Ltd. 2 Hull CX0656 - TBN SBI Phoenix Q1-17 64,000 Chengxi Shipyard Co. Ltd. Ultramax NB DWT 128,000 Kamsarmax Vessels Vessel Name Expected DWT Shipyard 1 Hull S1735A - TBN SBI Parapara Q1-17 82,000 Hudong-Zhonghua (Group) Co., Ltd. 2 Hull S1736A - TBN SBI Mazurka Q1-17 82,000 Hudong-Zhonghua (Group) Co., Ltd. 3 Hull S1232 - TBN SBI Swing Q1-17 82,000 Hudong-Zhonghua (Group) Co., Ltd. 4 Hull S1233 - TBN SBI Jive Q2-17 82,000 Hudong-Zhonghua (Group) Co., Ltd. Kamsarmax NB DWT 328,000 Total Newbuild DWT 456,000 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Time-Charter in of Dry Bulk Vessels | Time chartered-in vessels The Company time charters in vessels, which were entered into and operated out of spot market-oriented commercial pools managed by our commercial manager. The Company has agreements to charter-in two drybulk vessels. The terms of the time charter-in contracts are summarized as follows: Vessel Type Year Built DWT Where Built Daily Base Rate Earliest Expiry Kamsarmax 2012 82,000 South Korea $15,500 30-Jul-17 Panamax 2004 77,500 China $14,000 03-Jan-17 Aggregate TC DWT 159,500 |
Accounts Payable and Accrued 29
Accounts Payable and Accrued Liablilities (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Payables and Accruals [Abstract] | |
Schedule of Accounts Payable and Accrued Liabilities [Table Text Block] | Accounts payable and accrued expenses consist of the following: As of (in thousands) December 31, 2016 December 31, 2015 Accounts payable $ 4,612 $ 11,934 Accrued operating 2,250 2,371 Accrued administrative 3,171 1,909 Accounts payable and accrued expenses $ 10,033 $ 16,214 |
Equity Incentive Plan (Tables)
Equity Incentive Plan (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Nonvested Restricted Stock Shares Activity [Table Text Block] | A summary of activity for restricted stock awards during the three years December 31, 2016 is as follows: Number of Shares Weighted Average Grant Date Fair Value $ Outstanding at December 31, 2013 405,156 115.97 Granted 179,014 111.71 Vested (2,499 ) 116.40 Outstanding at December 31, 2014 581,671 114.66 Granted 804,035 20.03 Vested (137,543 ) 115.90 Outstanding at December 31, 2015 1,248,163 53.56 Granted 2,582,000 3.26 Vested (208,266 ) 107.82 Forfeited (21,564 ) 51.50 Outstanding at December 31, 2016 3,600,333 14.36 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Debt Disclosure [Abstract] | |
Schedule of Debt | The Company’s long-term debt consists of Senior Notes and bank loans, summarized as follows: December 31, (amounts in thousands) 2016 2015 Senior Notes $ 73,625 $ 73,625 Bank Loans: $39.6 Million Credit Facility $ 20,144 $ 30,754 $409 Million Credit Facility 167,816 94,473 $330 Million Credit Facility 225,759 173,950 $42 Million Credit Facility 38,512 36,588 $67.5 Million Credit Facility 40,461 29,666 $411.3 Million Credit Facility — 83,261 $12.5 Million Credit Facility 10,379 11,750 $27.3 Million Credit Facility 19,375 — 522,446 460,442 Less: Current portion (13,882 ) (110,226 ) $ 508,564 $ 350,216 December 31, 2016 December 31, 2015 (amounts in thousands) Current Non-current Total Current Non-current Total Total bank loans and senior notes, gross 13,882 582,188 596,070 110,226 423,841 534,067 Unamortized deferred financing costs (402 ) (16,196 ) (16,598 ) (2,487 ) (9,856 ) (12,343 ) Total bank loans and senior notes, net 13,480 565,992 579,472 107,739 413,985 521,724 |
Schedule of Maturities of Long-term Debt | (amounts in thousands) Principal Interest Total 2017 13,883 26,116 39,999 2018 21,515 25,280 46,795 2019 95,727 23,032 118,759 2020 221,543 17,880 239,423 2021 206,952 5,915 212,867 Thereafter 36,450 1,903 38,353 Total 596,070 100,126 696,196 |
Schedule of Long-term Debt Instruments [Table Text Block] | ($000’s) $39.6 Million Credit Facility $409 Million Credit Facility $330 Million Credit Facility $42 Million Credit Facility $67.5 Million Credit Facility $12.5 Million Credit Facility $27.3 Million Credit Facility Date of Agreement June 27, 2014 December 30, 2014 July 29, 2014 January 30, 2015 July 30, 2014 December 22, 2015 December 22, 2015 Total Vessels to be Financed Kamsarmax 2 8 6 2 2 — — Ultramax — 7 15 1 2 1 2 Interest Rate-LIBOR+ 2.925 % 3.000 % 2.925 % 2.970 % 2.950 % 3.000 % 2.950 % Commitment Fee 1.170 % 1.200 % 1.170 % 1.120 % 1.250 % — % 1.180 % Maturity Date September 28, 2020 December 30, 2020 July 29, 2021 6 years from each Kamsarmax drawdown and September 21, 2021 on the Ultramax tranche 7 years from each drawdown December 22, 2020 5 years from each drawdown Amount drawn down (in thousands) 33,550 207,569 255,825 48,870 53,816 11,750 23,250 Amount outstanding (in thousands) 20,144 167,816 225,759 38,512 40,461 10,379 19,375 Carrying Value of Vessels Collateralized (in thousands) 62,040 404,650 487,195 97,297 116,538 30,988 63,172 Amount Available (in thousands) — 13,200 38,400 — — — — Remaining Vessels to be Financed — 1 3 — — — — |
Interest And Finance Costs | For the years ended December 31, 2016 , 2015 and 2014 , Financial expense, net consists of: Year ended December 31, (in thousands) 2016 2015 2014 Interest expense $ 16,002 $ 998 $ — Amortization of deferred financing costs 4,137 1,988 150 Write off 3,781 16,085 — other, net 1,001 453 22 $ 24,921 $ 19,524 $ 172 |
Fair Value of Financial Instr32
Fair Value of Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value, by Balance Sheet Grouping [Table Text Block] | 2016 2015 Carrying value Fair Value Carrying value Fair Value Financial assets: Cash and cash equivalents $ 101,734 $ 101,734 $ 200,300 $ 200,300 Financial liabilities: Bank loans 507,273 507,273 450,053 450,053 Senior Notes 72,199 65,850 71,671 36,813 |
Fair Value Measurements, Nonrecurring [Table Text Block] | Fair Value Using December 31, 2015 Total Level 1 Level 2 Level 3 Total Losses Assets held for sale $ 338,048 $ — $ — $ 338,048 $ 418,521 Total $ 338,048 $ — $ — $ 338,048 $ 418,521 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Related Party Transactions [Abstract] | |
Schedule of Related Party Transactions [Table Text Block] | At December 31, 2016 and December 31, 2015 , we had the following balances with related parties, which have been included in the Consolidated Balance Sheet: December 31, 2016 2015 Assets Due from related parties-current: Scorpio Kamsarmax Pool $ 2,579 $ 3,376 Scorpio Ultramax Pool 1,661 2,129 Scorpio Capesize Pool — 2,268 SCM — 424 Total due from related parties-current $ 4,240 $ 8,197 Due from related parties non-current: Scorpio Kamsarmax Pool $ 4,606 $ 4,868 Scorpio Ultramax Pool 6,633 7,657 Total due from related parties non-current $ 11,239 $ 12,525 Liabilities Due to related parties-current : SCM $ 507 $ 3,415 SSM 209 4,274 SSH 321 — Less balances due to SCM and SSM included in assets held for sale — (7,065 ) Total due to related parties-current $ 1,037 $ 624 Year Ended December 31, 2016 2015 2014 Vessel revenue Scorpio Kamsarmax Pool $ 31,319 $ 25,151 $ 34,986 Scorpio Ultramax Pool 46,227 26,338 10,196 Scorpio Capesize Pool — 4,857 — SCM 856 718 31 Total vessel revenue $ 78,402 $ 57,064 $ 45,213 Voyage expense: SCM $ 319 $ 664 $ 148 Vessel operating cost: SSM $ 7,191 $ 2,765 122 General and administrative expense: SCM $ 43 $ 258 $ — SSM — — 51 SSH 3,949 1,265 56 SUK 862 486 717 Total general and administrative expense $ 4,854 $ 2,009 $ 824 Write down on assets held for sale SCM $ 500 $ 12,465 $ — SSM 500 13,000 — Total write down on assets held for sale $ 1,000 $ 25,465 $ — |
Segments (Tables)
Segments (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | The following schedule presents segment information about the Company’s operations for the years ended December 31, 2016 , 2015 and 2014 (in thousands). December 31, 2016 Capesize Kamsarmax Ultramax Corporate Total Vessel revenue $ — $ 31,685 $ 46,717 $ — $ 78,402 Voyage expenses — (81 ) 36 — (45 ) Vessel operating cost — 27,083 41,749 — 68,832 Charterhire expense — 12,323 5,033 — 17,356 Charterhire termination — 2,500 7,500 — 10,000 Vessel depreciation — 14,522 22,040 — 36,562 General and administrative expenses 380 1,718 2,725 29,172 33,995 Loss / write down on assets held for sale 1,006 11,557 (130 ) — 12,433 Interest income — — — (933 ) (933 ) Foreign exchange gain — — — 116 116 Financial expense, net — — — 24,921 24,921 Segment loss $ (1,386 ) $ (37,937 ) $ (32,236 ) $ (53,276 ) $ (124,835 ) During 2016, we recorded a $10.0 million charge to terminate four time charter-in contracts. Terminating these contracts reduced our cash outflow and had a positive impact on our future operating results as the contracts were at above current market rates. December 31, 2015 Capesize Kamsarmax Ultramax Corporate Total Vessel revenue $ 9,038 $ 26,712 $ 26,771 $ — $ 62,521 Voyage expenses 280 331 176 — 787 Vessel operating cost 5,089 9,986 14,297 — 29,372 Charterhire expense — 29,509 21,880 — 51,389 Vessel depreciation 3,623 4,536 6,104 — 14,263 General and administrative expenses 275 498 713 33,896 35,382 Loss / write down on assets held for sale 408,318 8,997 5,622 — 422,937 Interest income — — (4 ) (352 ) (356 ) Foreign exchange gain 4 10 27 (29 ) 12 Financial expense, net — — — 19,524 19,524 Segment loss $ (408,551 ) $ (27,155 ) $ (22,044 ) $ (53,039 ) $ (510,789 ) December 31, 2014 Capesize Kamsarmax Ultramax Corporate Total Vessel revenue $ — $ 38,770 $ 10,217 $ — $ 48,987 Voyage expenses — 3,653 74 — 3,727 Vessel operating cost — 1,600 — — 1,600 Charterhire expense — 57,909 15,305 — 73,214 Vessel depreciation — 686 — — 686 General and administrative expenses 39 103 26 31,593 31,761 Loss / write down on assets held for sale 52,553 2,934 — — 55,487 Interest income — — — (1,052 ) (1,052 ) Foreign exchange loss — — — (43 ) (43 ) Financial expense, net — — — 172 172 Segment loss $ (52,592 ) $ (28,115 ) $ (5,188 ) $ (30,670 ) $ (116,565 ) Identifiable assets, classified by the segment by which the Company operates, are as follows: Identifiable assets December 31, 2016 December 31, 2015 Held by vessel owning subsidiaries or allocated to segments: Capesize $ 643 $ 180,850 Kamsarmax 600,578 468,875 Ultramax 847,016 626,304 Held by parent and other subsidiaries, not allocated to segments: Cash and cash equivalents 88,311 178,103 Other 10,609 18,961 Total identifiable assets $ 1,547,157 $ 1,473,093 |
Unaudited Quarterly Results (Ta
Unaudited Quarterly Results (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Quarterly Financial Information [Table Text Block] | (amounts in thousands) (Unaudited) 2016 Quarter Ended (Unaudited) 2015 Quarter Ended First Quarter (1) Second Quarter Third Quarter Fourth Quarter First Quarter (2) Second Quarter (2) Third Quarter (2) Fourth Quarter (2) Revenues $ 10,244 $ 17,374 $ 23,938 $ 26,846 $ 12,270 $ 12,781 $ 15,182 $ 22,017 Operating loss (1)(2) (51,192 ) (19,204 ) (16,244 ) (14,091 ) (48,399 ) (135,856 ) (16,255 ) (291,137 ) Net loss (58,260 ) (24,748 ) (21,273 ) (20,557 ) (52,065 ) (138,645 ) (18,052 ) (302,036 ) Basic loss per share $ (1.96 ) $ (0.48 ) $ (0.30 ) $ (0.29 ) $ (3.60 ) $ (8.50 ) $ (0.66 ) $ (11.02 ) Diluted loss per share $ (1.96 ) $ (0.48 ) $ (0.30 ) $ (0.29 ) $ (3.60 ) $ (8.50 ) $ (0.66 ) $ (11.02 ) Basic weighted average common shares outstanding 29,794 51,305 71,575 71,672 14,455 16,303 27,277 27,399 Diluted weighted average common shares outstanding 29,794 51,305 71,575 71,672 14,455 16,303 27,277 27,399 |
Subsequent Events (Tables)
Subsequent Events (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Subsequent Events [Abstract] | |
Schedule of Subsequent Events [Table Text Block] | A summary of our outstanding borrowing under our credit facilities as of February 28, 2017 is as follows (dollars in thousands): February 28, 2017 Amount outstanding Amount available $39.6 Million Credit Facility $ 20,144 $ — $409 Million Credit Facility 179,473 — $330 Million Credit Facility 250,959 13,200 $42 Million Credit Facility 38,512 — $67.5 Million Credit Facility 40,461 — $12.5 Million Credit Facility 10,379 — $27.3 Million Credit Facility 19,375 — Total $ 559,303 $ 13,200 |
General Information and signi37
General Information and significant accounting policies (Details) $ in Millions | Dec. 31, 2016USD ($) |
Accounting Policies [Abstract] | |
2,017 | $ 5.1 |
2,018 | 4.9 |
2,019 | 4.6 |
2,020 | 4 |
2,021 | 1.1 |
Total | $ 19.7 |
General information and signi38
General information and significant accounting policies (Details Textual) | Dec. 31, 2015USD ($) | Dec. 23, 2015 | Dec. 31, 2016USD ($)DWT | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) |
Stockholders' Equity, Reverse Stock Split | On December 31, 2015, the Company effected a one-for-twelve reverse stock split. All share and per share information has been retroactively adjusted to reflect the reverse stock split. The par value was not adjusted as a result of the reverse stock split. | ||||
Unamortized deferred financing costs | $ 12,343,000 | $ 16,598,000 | $ 12,343,000 | $ 3,200,000 | |
Stockholders' Equity Note, Stock Split, Conversion Ratio | 1 | 12 | |||
Liquidity period | 12 months | ||||
Period of time charter rates | 5 years | ||||
Period of time charter rate, historical average used for impairment test | 10 years | ||||
Number of credit agreements | 7 | ||||
Other short-term highly liquid investments with original maturities of three months or less | 3 months | ||||
Number of vessels owned | 42 | ||||
Property, Plant and Equipment, Useful Life | 25 years | ||||
Current Fiscal Year End Date | --12-31 | ||||
Amortization of deferred financing costs | $ 4,137,000 | 1,988,000 | $ 150,000 | ||
Deferred Finance Costs, Gross | $ 14,935,000 | 26,079,000 | 14,935,000 | ||
Accumulated Amortization, Deferred Finance Costs | $ 2,128,000 | $ 6,172,000 | $ 2,128,000 | ||
Finite-Lived Intangible Assets, Remaining Amortization Period | 5 years | ||||
Period used for estimated scrap value | 4 years | ||||
Number of vessels held for sale | 7 | ||||
Asset Impairment Charges | $ 0 | ||||
Number of major customers | 2 | 3 | 2 | ||
Cash, FDIC Insured Amount | $ 0 | ||||
Cost of Property Repairs and Maintenance | 0 | $ 0 | $ 0 | ||
Write off of deferred financing cost | $ 3,781,000 | $ 16,085,000 | $ 0 | ||
Minimum | |||||
Duration of planned major repairs and maintainence of vessel (in months) | 30 months | ||||
Maximum | |||||
Duration of planned major repairs and maintainence of vessel (in months) | 60 months | ||||
Newbuilding Drybulk carriers | |||||
Minimum carrying capicity of vessels | DWT | 30,000 | ||||
Kamsarmax | |||||
Number of vessels owned | 16 | ||||
Ultramax | |||||
Number of vessels owned | 26 | ||||
Kamsarmax pool [Member] | |||||
Concentration Risk, Customer | 0.40 | 0.408 | 0.71 | ||
Ultramax pool [Member] | |||||
Concentration Risk, Customer | .60 | .425 | 0.21 | ||
Capesize pool [Member] | |||||
Concentration Risk, Customer | 0.079 | ||||
Delivery date 1st quarter 2017 [Member] | |||||
Number of vessels | 5 | ||||
Delivery date 1st quarter 2017 [Member] | |||||
Number of vessels | 1 |
Cash and cash equivalents (Deta
Cash and cash equivalents (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Cash And Cash Equivalents Details Narrative | ||
Short-term Investments | $ 25,374 | $ 20,066 |
Other short-term highly liquid investments with original maturities of three months or less | 3 months |
Earnings Per Common Share (Deta
Earnings Per Common Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Numerator: [Abstract] | |||||||||||
Net loss | $ (20,557) | $ (21,273) | $ (24,748) | $ (58,260) | $ (302,036) | $ (18,052) | $ (138,645) | $ (52,065) | $ (124,835) | $ (510,789) | $ (116,565) |
Denominator: [Abstract] | |||||||||||
Weighted Average Number of Shares Issued, Basic | 56,174 | 21,410 | 11,466 | ||||||||
Effect of potential dilutive securities: | |||||||||||
Weighted Average Number of Shares, Restricted Stock | 0 | 0 | 0 | ||||||||
Weighted Average Number of Shares Outstanding, Diluted | 71,672 | 71,575 | 51,305 | 29,794 | 27,399 | 27,277 | 16,303 | 14,455 | 56,174 | 21,410 | 11,466 |
Basic loss per share | $ (0.29) | $ (0.30) | $ (0.48) | $ (1.96) | $ (11.02) | $ (0.66) | $ (8.50) | $ (3.60) | $ (2.22) | $ (23.86) | $ (10.17) |
Diluted loss per share | $ (0.29) | $ (0.30) | $ (0.48) | $ (1.96) | $ (11.02) | $ (0.66) | $ (8.50) | $ (3.60) | $ (2.22) | $ (23.86) | $ (10.17) |
Earnings Per Common Share (De41
Earnings Per Common Share (Details 1) - shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 3,600 | 1,248 | 582 |
Vessels (Details)
Vessels (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Vessel [Roll Forward] | |||
Vessel, Beginning Balance | $ 764,454 | $ 66,633 | |
Transfer from vessel under construction to and other additions | 506,189 | 1,002,912 | |
Vessel depreciation | (36,562) | (14,263) | $ (686) |
Transferred from vessels to held for sale | (290,828) | ||
Transfer from vessel under construction to vessels | (506,362) | 1,001,808 | |
Vessel, Ending Balance | $ 1,234,081 | $ 764,454 | $ 66,633 |
Vessels (Details 1)
Vessels (Details 1) - 12 months ended Dec. 31, 2016 | Total | Total | DWT |
Property, Plant and Equipment [Line Items] | |||
Number of vessels owned | 42 | ||
DWT | 159,500 | 456,000 | |
Kamsarmax | |||
Property, Plant and Equipment [Line Items] | |||
Number of vessels owned | 16 | ||
DWT | 1,316,000 | ||
Ultramax | |||
Property, Plant and Equipment [Line Items] | |||
Number of vessels owned | 26 | ||
DWT | 1,603,800 | ||
DWT of Vessels owned [Domain] | |||
Property, Plant and Equipment [Line Items] | |||
DWT | 2,919,800 | ||
SBI Hera | Ultramax | |||
Property, Plant and Equipment [Line Items] | |||
Year built | 2,016 | ||
DWT | 60,200 | ||
SBI Zeus | Ultramax | |||
Property, Plant and Equipment [Line Items] | |||
Year built | 2,016 | ||
DWT | 60,200 | ||
SBI Poseidon | Ultramax | |||
Property, Plant and Equipment [Line Items] | |||
Year built | 2,016 | ||
DWT | 60,200 | ||
SBI Rock | Kamsarmax | |||
Property, Plant and Equipment [Line Items] | |||
Year built | 2,016 | ||
DWT | 82,000 | ||
SBI Sousta | Kamsarmax | |||
Property, Plant and Equipment [Line Items] | |||
Year built | 2,016 | ||
DWT | 82,000 | ||
SBI Reggae | Kamsarmax | |||
Property, Plant and Equipment [Line Items] | |||
Year built | 2,016 | ||
DWT | 82,000 | ||
SBI Zumba | Kamsarmax | |||
Property, Plant and Equipment [Line Items] | |||
Year built | 2,016 | ||
DWT | 82,000 | ||
SBI Lambada | Kamsarmax | |||
Property, Plant and Equipment [Line Items] | |||
Year built | 2,016 | ||
DWT | 82,000 | ||
SBI Apollo | Ultramax | |||
Property, Plant and Equipment [Line Items] | |||
Year built | 2,016 | ||
DWT | 60,200 | ||
SBI Achilles | Ultramax | |||
Property, Plant and Equipment [Line Items] | |||
Year built | 2,016 | ||
DWT | 61,000 | ||
SBI Hermes | Ultramax | |||
Property, Plant and Equipment [Line Items] | |||
Year built | 2,016 | ||
DWT | 61,000 | ||
SBI Hyperion | Ultramax | |||
Property, Plant and Equipment [Line Items] | |||
Year built | 2,016 | ||
DWT | 61,000 | ||
SBI Tethys | Ultramax | |||
Property, Plant and Equipment [Line Items] | |||
Year built | 2,016 | ||
DWT | 61,000 | ||
SBI Hercules | Ultramax | |||
Property, Plant and Equipment [Line Items] | |||
Year built | 2,016 | ||
DWT | 64,000 | ||
SBI Perseus | Ultramax | |||
Property, Plant and Equipment [Line Items] | |||
DWT | 64,000 | ||
SBI Phoebe | Ultramax | |||
Property, Plant and Equipment [Line Items] | |||
Year built | 2,016 | ||
DWT | 64,000 | ||
SBI Antares | Ultramax | |||
Property, Plant and Equipment [Line Items] | |||
Year built | 2,015 | ||
DWT | 61,000 | ||
SBI Athena | Ultramax | |||
Property, Plant and Equipment [Line Items] | |||
Year built | 2,015 | ||
DWT | 64,000 | ||
SBI Bravo | Ultramax | |||
Property, Plant and Equipment [Line Items] | |||
Year built | 2,015 | ||
DWT | 61,000 | ||
SBI Leo | Ultramax | |||
Property, Plant and Equipment [Line Items] | |||
Year built | 2,015 | ||
DWT | 61,000 | ||
SBI Echo | Ultramax | |||
Property, Plant and Equipment [Line Items] | |||
Year built | 2,015 | ||
DWT | 61,000 | ||
SBI Lyra | Ultramax | |||
Property, Plant and Equipment [Line Items] | |||
Year built | 2,015 | ||
DWT | 61,000 | ||
SBI Tango | Ultramax | |||
Property, Plant and Equipment [Line Items] | |||
Year built | 2,015 | ||
DWT | 61,000 | ||
SBI Maia | Ultramax | |||
Property, Plant and Equipment [Line Items] | |||
Year built | 2,015 | ||
DWT | 61,000 | ||
SBI Hydra | Ultramax | |||
Property, Plant and Equipment [Line Items] | |||
Year built | 2,015 | ||
DWT | 61,000 | ||
SBI Subaru | Ultramax | |||
Property, Plant and Equipment [Line Items] | |||
Year built | 2,015 | ||
DWT | 61,000 | ||
SBI Pegasus | Ultramax | |||
Property, Plant and Equipment [Line Items] | |||
Year built | 2,015 | ||
DWT | 64,000 | ||
SBI Ursa | Ultramax | |||
Property, Plant and Equipment [Line Items] | |||
Year built | 2,015 | ||
DWT | 61,000 | ||
SBI Thalia | Ultramax | |||
Property, Plant and Equipment [Line Items] | |||
Year built | 2,015 | ||
DWT | 64,000 | ||
SBI Cronos | Ultramax | |||
Property, Plant and Equipment [Line Items] | |||
Year built | 2,015 | ||
DWT | 61,000 | ||
SBI Orion | Ultramax | |||
Property, Plant and Equipment [Line Items] | |||
Year built | 2,015 | ||
DWT | 64,000 | ||
SBI Cakewalk | Kamsarmax | |||
Property, Plant and Equipment [Line Items] | |||
Year built | 2,014 | ||
DWT | 82,000 | ||
SBI Charleston | Kamsarmax | |||
Property, Plant and Equipment [Line Items] | |||
Year built | 2,014 | ||
DWT | 82,000 | ||
SBI Samba | Kamsarmax | |||
Property, Plant and Equipment [Line Items] | |||
Year built | 2,015 | ||
DWT | 84,000 | ||
SBI Macarena | Kamsarmax | |||
Property, Plant and Equipment [Line Items] | |||
Year built | 2,016 | ||
DWT | 82,000 | ||
SBI Rumba | Kamsarmax | |||
Property, Plant and Equipment [Line Items] | |||
Year built | 2,015 | ||
DWT | 84,000 | ||
SBI Capoeira | Kamsarmax | |||
Property, Plant and Equipment [Line Items] | |||
Year built | 2,015 | ||
DWT | 82,000 | ||
SBI Electra | Kamsarmax | |||
Property, Plant and Equipment [Line Items] | |||
Year built | 2,015 | ||
DWT | 82,000 | ||
SBI Carioca | Kamsarmax | |||
Property, Plant and Equipment [Line Items] | |||
Year built | 2,015 | ||
DWT | 82,000 | ||
SBI Conga | Kamsarmax | |||
Property, Plant and Equipment [Line Items] | |||
Year built | 2,015 | ||
DWT | 82,000 | ||
SBI Flamenco | Kamsarmax | |||
Property, Plant and Equipment [Line Items] | |||
Year built | 2,015 | ||
DWT | 82,000 | ||
SBI Bolero | Kamsarmax | |||
Property, Plant and Equipment [Line Items] | |||
Year built | 2,015 | ||
DWT | 82,000 |
Vessels (Details Textual)
Vessels (Details Textual) | 12 Months Ended | |
Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | |
Number of vessels owned | 42 | |
Property, Plant and Equipment, Disposals | $ 0 | $ 294,500,000 |
Accumulated Depreciation, Depletion and Amortization, Sale or Disposal of Property, Plant and Equipment | $ 3,623,000 | |
Kamsarmax | ||
Number of vessels owned | 16 | |
Ultramax | ||
Number of vessels owned | 26 |
Vessels under construction (Det
Vessels under construction (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Property, Plant and Equipment [Line Items] | |||
Vessels under construction | $ 180,000 | $ 288,282 | $ 866,844 |
Payments for Construction in Process | 401,556 | 875,970 | |
Interest capitalized | 6,951 | 11,886 | $ 1,600 |
Transfer from vessel under construction to vessels | 506,362 | (1,001,808) | |
Transfer from vessel under construction to assets held for sale | $ (10,427) | $ 464,610 |
Vessels under construction (D46
Vessels under construction (Details1) - 12 months ended Dec. 31, 2016 | Total | Total | DWT |
Vessels under construction | |||
DWT | 159,500 | 456,000 | |
Kamsarmax | |||
Vessels under construction | |||
DWT | 328,000 | ||
Kamsarmax | Kamsarmax Hull S1735A - TBN SBI Parapara | Hudong-Zhonghua (Group) Co., Ltd. [Member] | |||
Vessels under construction | |||
DWT | 82,000 | ||
Expected Delivery Date | Q1-17 | ||
Kamsarmax | Kamsarmax Hull S1736A - TBN SBI Mazurka | Hudong-Zhonghua (Group) Co., Ltd. [Member] | |||
Vessels under construction | |||
DWT | 82,000 | ||
Expected Delivery Date | Q1-17 | ||
Kamsarmax | Kamsarmax Hull S1232 - TBN SBI Swing | Hudong-Zhonghua (Group) Co., Ltd. [Member] | |||
Vessels under construction | |||
DWT | 82,000 | ||
Expected Delivery Date | Q1-17 | ||
Kamsarmax | Kamsarmax Hull S1233 - TBN SBI Jive | Hudong-Zhonghua (Group) Co., Ltd. [Member] | |||
Vessels under construction | |||
DWT | 82,000 | ||
Expected Delivery Date | Q2-17 | ||
Ultramax Vessel | |||
Vessels under construction | |||
DWT | 128,000 | ||
Ultramax Vessel | Ultramax Hull CX0655 - TBN SBI Samson | Chengxi Shipyard Co. Ltd. [Member] | |||
Vessels under construction | |||
DWT | 64,000 | ||
Expected Delivery Date | Q1-17 | ||
Ultramax Vessel | Ultramax Hull CX0656 - TBN SBI Phoenix | Chengxi Shipyard Co. Ltd. [Member] | |||
Vessels under construction | |||
DWT | 64,000 | ||
Expected Delivery Date | Q1-17 |
Vessels under construction (D47
Vessels under construction (Details Textual) $ in Thousands | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) |
Vessels under construction | $ 180,000 | $ 288,282 | $ 866,844 |
Newbuilding Drybulk carriers | |||
Contracts to acquire New Vessels | 6 | ||
Vessels to be delivered 2017 [Member] | Newbuilding Drybulk carriers | |||
Contracts to acquire New Vessels | 6 | ||
Aggregate Purchase Price of New Vessels | $ 161,856 | ||
Purchase price paid for New Vessels | $ 143,231 |
Assets Held for Sale (Details T
Assets Held for Sale (Details Textural) | 3 Months Ended | 12 Months Ended | ||||||
Mar. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Sep. 30, 2015USD ($) | Jun. 30, 2015USD ($) | Mar. 31, 2015USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |
Number of vessels sold | 8 | 23 | ||||||
Additional expenses for vessels sold | $ 800,000 | |||||||
Proceeds from sale of assets held for sale | 271,376,000 | $ 281,050,000 | $ 0 | |||||
Gain (Loss) on Disposition of Assets | $ (12,433,000) | $ (261,793,000) | $ (324,000) | $ (119,604,000) | $ (31,752,000) | $ (11,433,000) | $ (397,472,000) | (55,487,000) |
Number of vessels held for sale | 7 | |||||||
Capesize Vessels Converted to LR1 Tankers [Member] | ||||||||
Gain (Loss) on Disposition of Assets | $ (55,487,000) | |||||||
Number of vessels held for sale | 3 | |||||||
Capesize converted to LR2 Tankers [Member] | Fixed price option to exercise purchase of additional LR2 vessels [Member] | Scorpio Tankers [Member] | ||||||||
Number of options granted to related party to Purchase LR2 | 2 | |||||||
Additional expenses for vessels sold | $ 4,415,000 |
Commitments and Contingencies49
Commitments and Contingencies (Details) | 12 Months Ended | |||
Dec. 31, 2016USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2016USD ($)DWT | |
DWT | 159,500 | 456,000 | ||
Kamsarmax | ||||
DWT | DWT | 328,000 | |||
Kamsarmax | South Korea | Expiry 07-30-2017 [Member] | ||||
DWT | 82,000 | |||
Daily Base Rate | $ 15,500 | $ 15,500 | $ 15,500 | $ 15,500 |
Year Vessel Built | 2,012 | |||
Panamax | CHINA | Expiry 01-03-2017 [Member] | ||||
DWT | 77,500 | |||
Daily Base Rate | $ 14,000 | $ 14,000 | $ 14,000 | $ 14,000 |
Year Vessel Built | 2,004 |
Commitments and Contingencies50
Commitments and Contingencies (Details Textual) | 12 Months Ended | |||
Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | |
Loss Contingency Accrual | $ 0 | |||
Cash and cash equivalents | $ 101,734,000 | $ 200,300,000 | $ 272,673,000 | $ 733,896,000 |
Time Charter-in Vessel [Member] | ||||
Vessels time charter-in | 2 | |||
Purchase Commitment, Remaining Minimum Amount Committed | $ 3,313,000 | |||
Newbuilding Drybulk carriers | ||||
Contracts to acquire New Vessels | 6 | |||
Secured Debt | ||||
Debt Instrument, Unused Borrowing Capacity, Amount | $ 51,600,000 | |||
Contract Termination [Member] | Scorpio Commercial & Scorpio Ship Management [Member] | ||||
Purchase Commitment, Remaining Minimum Amount Committed | $ 7,428,000 | |||
Termination fees (Commissions) expected to be paid for a determined time period | 6 months | |||
2nd Qtr 2017 [Member] | Newbuilding Drybulk carriers | ||||
Unrecorded Unconditional Purchase Obligation | $ 18,625,000 | |||
Contracts to acquire New Vessels | 1 |
Accounts Payable and Accrued 51
Accounts Payable and Accrued Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Payables and Accruals [Abstract] | ||
Accounts Payable | $ 4,612 | $ 11,934 |
Accrued operating | 2,250 | 2,371 |
Accrued administrative | 3,171 | 1,909 |
Accounts Payable and Accrued Liabilities, Current | $ 10,033 | $ 16,214 |
Common Shares (Details Textual)
Common Shares (Details Textual) | Dec. 31, 2015USD ($)$ / sharesshares | Dec. 23, 2015$ / shares | Jun. 16, 2015USD ($)$ / sharesshares | Jan. 31, 2014USD ($)$ / sharesshares | Sep. 30, 2014USD ($) | Jun. 18, 2016 | Dec. 31, 2016USD ($)$ / sharesshares | Dec. 31, 2015USD ($)$ / sharesshares | Dec. 31, 2014USD ($)shares | Jun. 13, 2016USD ($)shares | Mar. 15, 2016USD ($)shares | Jan. 14, 2016$ / shares | Nov. 20, 2014USD ($)$ / sharesshares | Dec. 31, 2013shares |
Common Stock, Value, Issued | $ 287,000 | $ 753,000 | $ 287,000 | $ 150,000,000 | ||||||||||
Class of Warrant or Right, Reason for Issuing to Nonemployees | The Rights Plan was intended to protect stockholders’ rights in the event of an unsolicited takeover attempt. It was not intended to prevent a takeover of the Company on terms that were favorable and fair to all shareholders and would not have interfered with a merger approved by the Board. | |||||||||||||
Below required Share Threshold Amount | $ / shares | $ 1 | |||||||||||||
Current Fiscal Year End Date | --12-31 | |||||||||||||
Entity Common Stock, Shares Outstanding | shares | 75,298,676 | |||||||||||||
Common Stock, Par or Stated Value Per Share | $ / shares | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | |||||||||
Common Stock, Shares, Issued | shares | 28,686,561 | 12,745,833 | 391,250 | 75,298,676 | 28,686,561 | 3,333,333 | ||||||||
Additional Paid in Capital | $ 1,567,905,000 | $ 1,714,358,000 | $ 1,567,905,000 | |||||||||||
Common Stock, Shares Authorized | shares | 56,250,000 | 112,500,000 | 56,250,000 | |||||||||||
Equity Common Stock, Shares outstanding prior to reverse stock split | shares | 344,239,098 | 344,239,098 | ||||||||||||
Common Stock, Shares, Outstanding | shares | 28,686,561 | 75,298,676 | 28,686,561 | |||||||||||
Days average closing common shares price trading under the threshold consecutive | 30 days | |||||||||||||
Number of vessels owned | 42 | |||||||||||||
Shares Issued, Price Per Share | $ / shares | $ 18 | $ 117 | $ 3 | |||||||||||
Proceeds from Issuance of Common Stock | $ 218,600,000 | $ 42,360,000 | $ 128,112,000 | $ 217,997,000 | $ 187,615,000 | |||||||||
Stock Issued During Period, Value, Issued for Services | 198,000 | $ 2,380,000 | $ 500,000 | |||||||||||
Stockholders' Equity Note, Stock Split, Conversion Ratio | 1 | 12 | ||||||||||||
Scorpio Services Holding Limited | ||||||||||||||
Common Stock, Value, Issued | $ 15,000,000 | $ 16,000,000 | $ 15,000,000 | $ 15,000,000 | ||||||||||
Common Stock, Shares, Issued | shares | 833,333 | 5,250,000 | 5,000,000 | 333,333 | ||||||||||
Proceeds from Issuance of Common Stock | $ 10,300,000 | |||||||||||||
Stock Issued During Period, Shares, Issued for Services | shares | 51,679 | 111,725 | 4,366 | |||||||||||
Stock Issued During Period, Value, Issued for Services | $ 500,000 | $ 200,000 | $ 2,400,000 | |||||||||||
Kamsarmax | ||||||||||||||
Number of vessels owned | 16 | |||||||||||||
Year Built 2014 | Scorpio Services Holding Limited | ||||||||||||||
Number of vessels owned | 28 | |||||||||||||
Year Built 2014 | Kamsarmax | Scorpio Services Holding Limited | ||||||||||||||
Number of vessels owned | 2 | |||||||||||||
Number of vessels sold | 20 | |||||||||||||
Additional Paid-in Capital | ||||||||||||||
Additional Paid in Capital | $ 1,567,905,000 | $ 1,714,358,000 | $ 1,567,905,000 | $ 1,321,057,000 | ||||||||||
Stock Issued During Period, Value, Issued for Services | $ 198,000 | $ 2,367,000 | $ 499,000 | |||||||||||
Common Stock [Member] | ||||||||||||||
Common Stock, Shares, Outstanding | shares | 28,686,561 | 75,298,676 | 28,686,561 | 15,024,974 | 11,116,994 | |||||||||
Stock Issued During Period, Shares, New Issues | shares | 44,000,000 | 11,083,333 | 391,250 | |||||||||||
Stock Issued During Period, Shares, Issued for Services | shares | 51,679 | 111,725 | 4,366 | |||||||||||
Stock Issued During Period, Value, Issued for Services | $ 0 | $ 13,000 | $ 1,000 | |||||||||||
one-one thousandth of a share of preferred stock [Member] | ||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares | $ 50 | |||||||||||||
One right for each outstanding share of common stock [Member] | ||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares | $ 1 |
Equity Incentive Plan (Details)
Equity Incentive Plan (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Current Fiscal Year End Date | --12-31 | ||
Restricted Stock | |||
Number of shares | |||
Outstanding | 1,248,163 | 581,671 | 405,156 |
Granted | 2,582,000 | 804,035 | 179,014 |
Vested | (208,266) | (137,543) | (2,499) |
Forfeited | (21,564) | ||
Outstanding, December 31, | 3,600,333 | 1,248,163 | 581,671 |
Weighted Average Grant Date Fair Value | |||
Outstanding | $ 53.56 | $ 114.66 | $ 115.97 |
Granted | 3.26 | 20.03 | 111.71 |
Vested | 107.82 | 115.90 | 116.40 |
Forfeited | 51.50 | ||
Outstanding December 31, | $ 14.36 | $ 53.56 | $ 114.66 |
Equity Incentive Plan (Details
Equity Incentive Plan (Details Textual) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016USD ($)shares | Dec. 31, 2015USD ($)shares | Dec. 31, 2014USD ($)shares | |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 3,970,580 | ||
Share-based Compensation | $ | $ 18,609 | $ 24,599 | $ 23,869 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Fair Value | $ | $ 619 | ||
Restricted Stock | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 2,582,000 | 804,035 | 179,014 |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ | $ 19,956 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 | ||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 1 year | ||
Employee Stock Option [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 0 | 0 | 0 |
Stock Appreciation Rights (SARs) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 0 | 0 | 0 |
Additional Paid-in Capital | |||
Share-based Compensation | $ | $ 18,609 | $ 24,599 | $ 23,869 |
After tenth anniversary of plan [Member] | Restricted Stock | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 0 | ||
Minimum | Restricted Stock | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | ||
Period over which share-based compensation is recognized | 3 years | ||
Maximum | Restricted Stock | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 4 years | ||
Period over which share-based compensation is recognized | 4 years |
Debt (Details)
Debt (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Debt Instrument [Line Items] | |||
Senior Notes, net | $ 72,199 | $ 71,671 | |
Short-term Debt | 13,882 | 110,226 | |
Long -term debt excluding current maturities - Bank loans | 508,564 | 350,216 | |
Unamortized deferred financing cost - Current | (402) | (2,487) | |
Long-term Debt, Current Maturities | 13,480 | 107,739 | |
Bank loans and senior notes, gross- Non-Current | 582,188 | 423,841 | |
Unamortized deferred financing costs- Non Current | (16,196) | (9,856) | |
Non-current liabilities | 565,992 | 413,985 | |
Debt, Long-term and Short-term, Combined Amount | 596,070 | 534,067 | |
Unamortized deferred financing costs | (16,598) | (12,343) | $ (3,200) |
Total bank loans and senior notes, net | 579,472 | 521,724 | |
Senior Notes | |||
Debt Instrument [Line Items] | |||
Senior Notes, net | 73,625 | 73,625 | |
Secured Debt | |||
Debt Instrument [Line Items] | |||
Long-term Debt, Gross | 522,446 | 460,442 | |
$39.6 Million Credit facility | Secured Debt | |||
Debt Instrument [Line Items] | |||
Long-term Debt, Gross | 20,144 | 30,754 | |
$409 Million Credit Facility | Secured Debt | |||
Debt Instrument [Line Items] | |||
Long-term Debt, Gross | 167,816 | 94,473 | |
$330 Million Credit Facility | Secured Debt | |||
Debt Instrument [Line Items] | |||
Long-term Debt, Gross | 225,759 | 173,950 | |
$42 Million Credit Facility | Secured Debt | |||
Debt Instrument [Line Items] | |||
Long-term Debt, Gross | 38,512 | 36,588 | |
$67.5 Million Credit Facility | Secured Debt | |||
Debt Instrument [Line Items] | |||
Long-term Debt, Gross | 40,461 | 29,666 | |
$411.3 Million Credit Facility | Secured Debt | |||
Debt Instrument [Line Items] | |||
Long-term Debt, Gross | 0 | 83,261 | |
$12.5 Million Credit Facility | Secured Debt | |||
Debt Instrument [Line Items] | |||
Long-term Debt, Gross | 10,379 | 11,750 | |
$27.3 Million Credit Facility | Secured Debt | |||
Debt Instrument [Line Items] | |||
Long-term Debt, Gross | $ 19,375 | $ 0 |
Debt (Details 1)
Debt (Details 1) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Principal Payments [Roll Forward] | ||
2,017 | $ 13,883 | |
2,018 | 21,515 | |
2,019 | 95,727 | |
2,020 | 221,543 | |
2,021 | 206,952 | |
Thereafter | 36,450 | |
Total Long-term Debt | 596,070 | $ 534,067 |
Estimated interest rollforward [Roll Forward] | ||
2,017 | 26,116 | |
2,018 | 25,280 | |
2,019 | 23,032 | |
2,020 | 17,880 | |
2,021 | 5,915 | |
Thereafter | 1,903 | |
Total Estimated Interest Payable | 100,126 | |
Total Principal and Estimated Interest [Roll Forward] | ||
2,017 | 39,999 | |
2,018 | 46,795 | |
2,019 | 118,759 | |
2,020 | 239,423 | |
Thereafter | 38,353 | |
2,021 | 212,867 | |
Total Principal and Estimated Interest Repayments | $ 696,196 |
Debt (Details 2)
Debt (Details 2) - Secured Debt $ in Thousands | Dec. 22, 2015 | Jul. 29, 2015 | Jan. 30, 2015 | Dec. 30, 2014 | Jul. 30, 2014 | Jun. 27, 2014 | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 30, 2015 | Jul. 29, 2014 |
Debt Instrument [Line Items] | ||||||||||
Long-term Debt, Gross | $ 522,446 | $ 460,442 | ||||||||
Debt Instrument, Unused Borrowing Capacity, Amount | 51,600 | |||||||||
$409 Million Credit Facility | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Line of Credit Facility, Commitment Fee Percentage | 1.20% | |||||||||
Debt Instrument, Maturity Date, Description | December 30, 2020 | |||||||||
Proceeds from Lines of Credit | 207,569 | |||||||||
Long-term Debt, Gross | 167,816 | 94,473 | ||||||||
Debt Instrument, Unused Borrowing Capacity, Amount | $ 13,200 | |||||||||
Remaining Newbuilding Vessels | 1 | |||||||||
Debt Instrument, Collateral Amount | $ 404,650 | |||||||||
$409 Million Credit Facility | London Interbank Offered Rate (LIBOR) [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Basis Spread on Variable Rate | 3.00% | |||||||||
$330 Million Credit Facility | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Line of Credit Facility, Commitment Fee Percentage | 1.17% | |||||||||
Debt Instrument, Maturity Date, Description | July 29, 2021 | |||||||||
Proceeds from Lines of Credit | 255,825 | |||||||||
Long-term Debt, Gross | 225,759 | 173,950 | ||||||||
Debt Instrument, Unused Borrowing Capacity, Amount | $ 38,400 | |||||||||
Remaining Newbuilding Vessels | 3 | |||||||||
Debt Instrument, Collateral Amount | $ 487,195 | |||||||||
$330 Million Credit Facility | London Interbank Offered Rate (LIBOR) [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.93% | |||||||||
$42 Million Credit Facility | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Line of Credit Facility, Commitment Fee Percentage | 1.12% | |||||||||
Debt Instrument, Maturity Date, Description | 6 years from each Kamsarmax drawdown and September 21, 2021 on the Ultramax tranche | |||||||||
Proceeds from Lines of Credit | 48,870 | |||||||||
Long-term Debt, Gross | 38,512 | 36,588 | ||||||||
Debt Instrument, Unused Borrowing Capacity, Amount | $ 0 | |||||||||
Remaining Newbuilding Vessels | 0 | |||||||||
Debt Instrument, Collateral Amount | $ 97,297 | |||||||||
$42 Million Credit Facility | London Interbank Offered Rate (LIBOR) [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.97% | |||||||||
$67.5 Million Credit Facility | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Line of Credit Facility, Commitment Fee Percentage | 1.25% | |||||||||
Debt Instrument, Maturity Date, Description | 7 years from each drawdown | |||||||||
Proceeds from Lines of Credit | 53,816 | |||||||||
Long-term Debt, Gross | 40,461 | 29,666 | ||||||||
Debt Instrument, Unused Borrowing Capacity, Amount | $ 0 | |||||||||
Remaining Newbuilding Vessels | 0 | |||||||||
Debt Instrument, Collateral Amount | $ 116,538 | |||||||||
$67.5 Million Credit Facility | London Interbank Offered Rate (LIBOR) [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.95% | |||||||||
$12.5 Million Credit Facility | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Line of Credit Facility, Commitment Fee Percentage | 0.00% | |||||||||
Debt Instrument, Maturity Date, Description | December 22, 2020 | |||||||||
Proceeds from Lines of Credit | 11,750 | |||||||||
Long-term Debt, Gross | 10,379 | 11,750 | ||||||||
Debt Instrument, Unused Borrowing Capacity, Amount | $ 0 | |||||||||
Remaining Newbuilding Vessels | 0 | |||||||||
Debt Instrument, Collateral Amount | $ 30,988 | |||||||||
$12.5 Million Credit Facility | London Interbank Offered Rate (LIBOR) [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Basis Spread on Variable Rate | 3.00% | |||||||||
$39.6 Million Credit facility | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Line of Credit Facility, Commitment Fee Percentage | 1.17% | |||||||||
Debt Instrument, Maturity Date, Description | September 28, 2020 | |||||||||
Proceeds from Lines of Credit | 33,550 | |||||||||
Long-term Debt, Gross | 20,144 | 30,754 | ||||||||
Debt Instrument, Unused Borrowing Capacity, Amount | $ 0 | |||||||||
Remaining Newbuilding Vessels | 0 | |||||||||
Debt Instrument, Collateral Amount | $ 62,040 | |||||||||
$39.6 Million Credit facility | London Interbank Offered Rate (LIBOR) [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.93% | |||||||||
$27.3 Million Credit Facility | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Line of Credit Facility, Commitment Fee Percentage | 1.18% | |||||||||
Debt Instrument, Maturity Date, Description | 5 years from each drawdown | |||||||||
Proceeds from Lines of Credit | 23,250 | |||||||||
Long-term Debt, Gross | 19,375 | $ 0 | ||||||||
Debt Instrument, Unused Borrowing Capacity, Amount | $ 0 | |||||||||
Remaining Newbuilding Vessels | 0 | |||||||||
Debt Instrument, Collateral Amount | $ 63,172 | |||||||||
$27.3 Million Credit Facility | London Interbank Offered Rate (LIBOR) [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.95% | |||||||||
Kamsarmax | $409 Million Credit Facility | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Number of vessels | 8 | |||||||||
Kamsarmax | $330 Million Credit Facility | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Number of vessels | 6 | |||||||||
Kamsarmax | $42 Million Credit Facility | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Number of vessels | 2 | |||||||||
Kamsarmax | $67.5 Million Credit Facility | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Number of vessels | 2 | |||||||||
Kamsarmax | $12.5 Million Credit Facility | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Number of vessels | 0 | |||||||||
Kamsarmax | $39.6 Million Credit facility | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Number of vessels | 2 | |||||||||
Kamsarmax | $27.3 Million Credit Facility | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Number of vessels | 0 | |||||||||
Ultramax | $409 Million Credit Facility | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Number of vessels | 7 | |||||||||
Ultramax | $330 Million Credit Facility | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Number of vessels | 15 | |||||||||
Ultramax | $42 Million Credit Facility | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Number of vessels | 1 | |||||||||
Ultramax | $67.5 Million Credit Facility | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Number of vessels | 2 | |||||||||
Ultramax | $12.5 Million Credit Facility | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Number of vessels | 1 | |||||||||
Ultramax | $39.6 Million Credit facility | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Number of vessels | 0 | |||||||||
Ultramax | $27.3 Million Credit Facility | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Number of vessels | 2 |
Detail (Details 3 )
Detail (Details 3 ) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Debt Disclosure [Abstract] | |||
Interest Expense, Long-term Debt | $ 16,002 | $ 998 | $ 0 |
Amortization of Deferred Charges | 4,137 | 1,988 | 150 |
Write off of deferred financing costs | 3,781 | 16,085 | 0 |
Other Financial Services Costs | 1,001 | 453 | 22 |
Financial expense | $ 24,921 | $ 19,524 | $ 172 |
Debt (Details Textual)
Debt (Details Textual) | Dec. 22, 2015 | Jul. 29, 2015 | Jan. 30, 2015 | Dec. 30, 2014 | Jul. 30, 2014 | Jun. 27, 2014 | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 12, 2016USD ($) | Jan. 15, 2015USD ($) | Oct. 16, 2014USD ($) | Sep. 22, 2014USD ($) |
Debt Instrument [Line Items] | |||||||||||||
Senior Notes, net | $ 72,199,000 | $ 71,671,000 | |||||||||||
Write off of deferred financing costs | $ 3,781,000 | $ 16,085,000 | $ 0 | ||||||||||
Number of credit agreements | 7 | ||||||||||||
Minimum | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Line of Credit Facility, Interest Rate During Period | 2.23% | ||||||||||||
Maximum | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Line of Credit Facility, Interest Rate During Period | 6.00% | ||||||||||||
Secured Debt | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Number of credit agreements | 7 | ||||||||||||
Percentage of the value any new Equity Issues after December 31, 2013 | 25.00% | ||||||||||||
Minimum Cumulative positive net income required for each fiscal quarter (as a percentage) for Net worth | 50.00% | ||||||||||||
Minimum liquidity | $ 25,000,000 | ||||||||||||
Minimum liquidity per owned vessels | $ 700,000 | ||||||||||||
Minimum Fair value of the collateral of each credit facility | 140.00% | ||||||||||||
Debt Instrument, Covenant Compliance | we are in compliance with the financial covenants of each of our seven credit facilities. | ||||||||||||
Secured Debt | Minimum | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Ratio of Indebtedness to Net Capital | 0.60 | ||||||||||||
Consolidated Net worth required | $ 100,000,000 | ||||||||||||
Secured Debt | Maximum | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Ratio of Indebtedness to Net Capital | 1 | ||||||||||||
Consolidated Net worth required | $ 500,000,000 | ||||||||||||
Secured Debt | From the Quarter ending March 31, 2019 until and including the Quarter ending June 30, 2019 | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Ratio of EBIDTA to net interest expense | 100.00% | ||||||||||||
Secured Debt | From the quarter ending June 30, 2019 until the quarter ending September 30,2019 | Minimum | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Ratio of EBIDTA to net interest expense | 250.00% | ||||||||||||
Secured Debt | From the quarter ending June 30, 2019 until the quarter ending September 30,2019 | Maximum | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Ratio of EBIDTA to net interest expense | 100.00% | ||||||||||||
Secured Debt | For Each Quarter Thereafter [Member] | Minimum | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Ratio of EBIDTA to net interest expense | 250.00% | ||||||||||||
Secured Debt | For Each Quarter Thereafter [Member] | Maximum | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Ratio of EBIDTA to net interest expense | 100.00% | ||||||||||||
Senior Notes | Unsecured Debt [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Senior Notes repurchase, remaining authorized amount | $ 20,000,000 | ||||||||||||
Senior Notes, net | $ 8,600,000 | $ 65,000,000 | |||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 7.50% | ||||||||||||
Debt Instrument, Redemption Price, Percentage | 100.00% | ||||||||||||
Debt Instrument, Sinking Fund Description | No sinking fund is provided for the Senior Notes | ||||||||||||
Senior Notes, Denomination | $ 25 | ||||||||||||
Repurchase price of Notes (as a percentage) | 101.00% | ||||||||||||
Maximum net borrowings allowed as a percentage to total assets | 70.00% | ||||||||||||
Minimum Net Worth Required for Compliance | $ 500,000,000 | ||||||||||||
Senior Notes | Unsecured Debt [Member] | Maximum | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Authorized repurchase of outstanding Senior Notes | $ 20,000,000 | ||||||||||||
$39.6 Million Credit facility | Secured Debt | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt Instrument, Maturity Date, Description | September 28, 2020 | ||||||||||||
$330 Million Credit Facility | Secured Debt | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt Instrument, Maturity Date, Description | July 29, 2021 | ||||||||||||
Extension of Debt Availability period to accommodate delivery delays | The lenders also agreed to extend the availability period of the credit facility to June 30, 2017 (from December 31, 2016) in order to accommodate delivery delays of certain vessels. | ||||||||||||
Reduction to available loan amount | $ 16,800,000 | ||||||||||||
Write off of deferred financing costs | 600,000 | ||||||||||||
$42 Million Credit Facility | Secured Debt | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt Instrument, Maturity Date, Description | 6 years from each Kamsarmax drawdown and September 21, 2021 on the Ultramax tranche | ||||||||||||
$409 Million Credit Facility | Secured Debt | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt Instrument, Maturity Date, Description | December 30, 2020 | ||||||||||||
Reduction to available loan amount | 38,600,000 | ||||||||||||
Write off of deferred financing costs | $ 3,000,000 | ||||||||||||
$12.5 Million Credit Facility | Secured Debt | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt Instrument, Maturity Date, Description | December 22, 2020 | ||||||||||||
$27.3 Million Credit Facility | Secured Debt | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt Instrument, Maturity Date, Description | 5 years from each drawdown | ||||||||||||
Amount of quarterly installments added to future date | 8 | ||||||||||||
$67.5 Million Credit Facility | Secured Debt | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt Instrument, Maturity Date, Description | 7 years from each drawdown | ||||||||||||
Write off of deferred financing costs | $ 200,000 | ||||||||||||
Minimum Fair value of the collateral of each credit facility | 115.00% | ||||||||||||
Payment Deferral [Member] | $39.6 Million Credit facility | Secured Debt | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Repayments of Debt | $ 500,000 | ||||||||||||
Payment Deferral [Member] | $39.6 Million Credit facility | Secured Debt | Quarterly installments not due until 2nd Qtr 2020 [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Amount of quarterly installments added to future date | 8 | ||||||||||||
Payment Deferral [Member] | $39.6 Million Credit facility | Secured Debt | Payments added to balloon in exchange for Prepayment [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Repayments of Debt | $ 4,700,000 | ||||||||||||
Payment Deferral [Member] | $330 Million Credit Facility | Secured Debt | Quarterly installment payments waived until 2nd Qtr 2017 [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Repayments of Debt | 23,800,000 | ||||||||||||
Payment Deferral [Member] | $42 Million Credit Facility | Secured Debt | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Repayments of Debt | 800,000 | ||||||||||||
Payment Deferral [Member] | $42 Million Credit Facility | Secured Debt | Eight Quarterly added to Balloon payment in exchange for advanced payment [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Repayments of Debt | $ 6,500,000 | ||||||||||||
Amount of quarterly installments added to future date | 8 | ||||||||||||
Payment Deferral [Member] | $409 Million Credit Facility | Secured Debt | Deferral of Seven and Eight Quarterly Payment to between the 1st and 4th Quarter of 2020 [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Repayments of Debt | $ 26,800,000 | ||||||||||||
Payment Deferral [Member] | $409 Million Credit Facility | Secured Debt | Deferral of Seven and Eight Quarterly Payment to between the 1st and 4th Quarter of 2020 [Member] | Minimum | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Deferral of Payments | 7 | ||||||||||||
Payment Deferral [Member] | $409 Million Credit Facility | Secured Debt | Deferral of Seven and Eight Quarterly Payment to between the 1st and 4th Quarter of 2020 [Member] | Maximum | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Deferral of Payments | 8 | ||||||||||||
Payment Deferral [Member] | $12.5 Million Credit Facility | Secured Debt | Four Quarterly added to Balloon payment in exchange for advanced payment [Member] [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Repayments of Debt | $ 800,000 | ||||||||||||
Amount of quarterly installments added to future date | 4 | ||||||||||||
Payment Deferral [Member] | $27.3 Million Credit Facility | Secured Debt | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Repayments of Debt | $ 800,000 | ||||||||||||
Payment Deferral [Member] | $27.3 Million Credit Facility | Secured Debt | Eight Quarterly added to Balloon payment in exchange for advanced payment [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Repayments of Debt | $ 3,100,000 | ||||||||||||
Payment Deferral [Member] | $67.5 Million Credit Facility | Secured Debt | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Amount of quarterly installments added to future date | 8 | ||||||||||||
Payment Deferral [Member] | $67.5 Million Credit Facility | Secured Debt | Eight Quarterly added to Balloon payment in exchange for advanced payment [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Prepayments on Secured Credit Facilities | $ 8,000,000 | ||||||||||||
Extended Maturity [Member] | $39.6 Million Credit facility | Secured Debt | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt Instrument, Maturity Date, Description | The Company also reached an agreement with the lender to extend the maturity date of this facility from June 2019 to September 2020 subject to the Company meeting certain conditions on or before June 2019 | ||||||||||||
Principal Forgiveness [Member] | $67.5 Million Credit Facility | Secured Debt | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Repayments of Debt | $ 2,500,000 | ||||||||||||
Reduction to available loan amount | $ 4,400,000 | ||||||||||||
Capesize pool [Member] | $411.3 Million Credit Facility | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 411,264,000 | ||||||||||||
Number of vessels sold | 12 | ||||||||||||
Repayments of Secured Debt | $ 83,300,000 | ||||||||||||
Ultramax pool [Member] | $42 Million Credit Facility | Secured Debt | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Credit Facility Increase | 10,900,000 | ||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 42,000,000 | ||||||||||||
Contracts to acquire New Vessels | 1 |
Fair Value of Financial Instr60
Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and cash equivalents | $ 101,734 | $ 200,300 | $ 272,673 | $ 733,896 |
Senior Notes, net | 72,199 | 71,671 | ||
Fair Value, Measurements, Recurring [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and cash equivalents | 101,734 | 200,300 | ||
Cash and Cash Equivalents, Fair Value Disclosure | 101,734 | |||
Loans Payable to Bank | 507,273 | 450,053 | ||
Loans Payable To Bank Fair Value Disclosure | 507,273 | |||
Senior Notes, net | 72,199 | 71,671 | ||
Senior Notes Fair Value Disclosure | $ 65,850 | $ 36,813 |
Fair value (Details 1)
Fair value (Details 1) - USD ($) | 3 Months Ended | 12 Months Ended | ||||||
Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Assets held for sale | $ 172,888,000 | $ 0 | $ 172,888,000 | |||||
Loss / write down on assets held for sale | $ 12,433,000 | 261,793,000 | $ 324,000 | $ 119,604,000 | $ 31,752,000 | $ 11,433,000 | 397,472,000 | $ 55,487,000 |
Fair Value, Measurements, Nonrecurring [Member] | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Assets held for sale | 338,048,000 | 338,048,000 | ||||||
Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Nonrecurring [Member] | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Assets held for sale | 0 | 0 | ||||||
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Nonrecurring [Member] | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Assets held for sale | 0 | 0 | ||||||
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Nonrecurring [Member] | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Assets held for sale | $ 338,048,000 | 338,048,000 | ||||||
Vessels Sold [Member] | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Loss / write down on assets held for sale | $ (418,521,000) |
Fair values (Details Textual)
Fair values (Details Textual) - USD ($) | 3 Months Ended | 12 Months Ended | ||||||
Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Vessel Carrying Value, net | $ 756,600,000 | $ 756,600,000 | ||||||
Unamortized deferred financing costs | 12,343,000 | $ 16,598,000 | 12,343,000 | $ 3,200,000 | ||||
Assets held for sale | 172,888,000 | 0 | 172,888,000 | |||||
Loss / write down on assets held for sale | $ 12,433,000 | 261,793,000 | $ 324,000 | $ 119,604,000 | $ 31,752,000 | 11,433,000 | 397,472,000 | $ 55,487,000 |
Vessels Sold [Member] | ||||||||
Loss / write down on assets held for sale | (418,521,000) | |||||||
Fair Value, Measurements, Nonrecurring [Member] | ||||||||
Assets held for sale | 338,048,000 | 338,048,000 | ||||||
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Nonrecurring [Member] | ||||||||
Assets held for sale | 338,048,000 | 338,048,000 | ||||||
Secured Debt | Fair Value, Measurements, Recurring [Member] | ||||||||
Unamortized deferred financing costs | 10,400,000 | 15,200,000 | 10,400,000 | |||||
Senior Notes | Fair Value, Measurements, Recurring [Member] | ||||||||
Unamortized deferred financing costs | $ 2,000,000 | $ 1,400,000 | $ 2,000,000 |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Related Party Transaction [Line Items] | |||
Vessel revenue-related party pools | $ 78,402 | $ 57,064 | $ 45,213 |
Voyage expenses- related party | 319 | 664 | 148 |
Vessel operating costs-related party | 7,191 | 2,765 | 122 |
General and Administrative Expenses - related party | 4,854 | 2,009 | 824 |
Loss / write down on assets held for sale-related party | 1,000 | 25,465 | 0 |
Kamsarmax pool [Member] | |||
Related Party Transaction [Line Items] | |||
Vessel revenue-related party pools | 31,319 | 25,151 | 34,986 |
Ultramax pool [Member] | |||
Related Party Transaction [Line Items] | |||
Vessel revenue-related party pools | 46,227 | 26,338 | 10,196 |
Capesize pool [Member] | |||
Related Party Transaction [Line Items] | |||
Vessel revenue-related party pools | 0 | 4,857 | 0 |
Scorpio commercial management (SCM) | |||
Related Party Transaction [Line Items] | |||
Vessel revenue-related party pools | 718 | 31 | |
Voyage expenses- related party | 319 | 664 | 148 |
General and Administrative Expenses - related party | 43 | 258 | 0 |
Loss / write down on assets held for sale-related party | (500) | (12,465) | |
Scorpio Ship Management SSM | |||
Related Party Transaction [Line Items] | |||
Vessel operating costs-related party | 7,191 | 2,765 | 122 |
General and Administrative Expenses - related party | 0 | 0 | 51 |
Loss / write down on assets held for sale-related party | (500) | (13,000) | 0 |
Scorpio Services Holding Limited | |||
Related Party Transaction [Line Items] | |||
General and Administrative Expenses - related party | 3,949 | 1,265 | 56 |
SUK | |||
Related Party Transaction [Line Items] | |||
General and Administrative Expenses - related party | 862 | $ 486 | 717 |
Vessel Revenue Commissions [Member] | |||
Related Party Transaction [Line Items] | |||
Vessel revenue-related party pools | $ 856 | ||
Contract Termination [Member] | Scorpio commercial management (SCM) | |||
Related Party Transaction [Line Items] | |||
Loss / write down on assets held for sale-related party | $ 0 |
Related Party Transactions (D64
Related Party Transactions (Details 1) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Related Party Transaction [Line Items] | ||
Due from related parties | $ 4,240 | $ 8,197 |
Due from Other Related Parties, Noncurrent | 11,239 | 12,525 |
Due to related parties | 1,037 | 624 |
Kamsarmax pool [Member] | ||
Related Party Transaction [Line Items] | ||
Due from related parties | 2,579 | 3,376 |
Due from Other Related Parties, Noncurrent | 4,606 | 4,868 |
Ultramax pool [Member] | ||
Related Party Transaction [Line Items] | ||
Due from related parties | 1,661 | 2,129 |
Due from Other Related Parties, Noncurrent | 6,633 | 7,657 |
Capesize pool [Member] | ||
Related Party Transaction [Line Items] | ||
Due from related parties | 0 | 2,268 |
Scorpio commercial management (SCM) | ||
Related Party Transaction [Line Items] | ||
Due from related parties | 0 | 424 |
Due to related parties | 507 | 3,415 |
Scorpio Ship Management SSM | ||
Related Party Transaction [Line Items] | ||
Due to related parties | 209 | 4,274 |
Scorpio Services Holding Limited | ||
Related Party Transaction [Line Items] | ||
Due to related parties | 321 | 0 |
Scorpio Commercial & Scorpio Ship Management [Member] | ||
Related Party Transaction [Line Items] | ||
Due to related party, balances included in assets held for sale | $ 0 | $ (7,065) |
Related Party Transactions (D65
Related Party Transactions (Details Textual) | Dec. 29, 2016 | Dec. 31, 2016USD ($)shares | Sep. 30, 2016USD ($) | Jun. 30, 2016USD ($) | Mar. 31, 2016USD ($) | Dec. 31, 2015USD ($)shares | Sep. 30, 2015USD ($) | Jun. 30, 2015USD ($) | Mar. 31, 2015USD ($) | Dec. 31, 2016USD ($)DWTshares | Dec. 31, 2015USD ($)shares | Dec. 31, 2014USD ($)shares | Sep. 29, 2016USD ($)$ / shares | Jun. 13, 2016USD ($)shares | Mar. 15, 2016USD ($)shares | Jun. 16, 2015USD ($)shares | Nov. 20, 2014USD ($)$ / sharesshares | Jan. 31, 2014shares |
Current Fiscal Year End Date | --12-31 | |||||||||||||||||
Number of credit agreements | 7 | 7 | ||||||||||||||||
Due from Other Related Parties, Noncurrent | $ 11,239,000 | $ 12,525,000 | $ 11,239,000 | $ 12,525,000 | ||||||||||||||
Due from related parties | 4,240,000 | 8,197,000 | 4,240,000 | 8,197,000 | ||||||||||||||
Charterhire expense | 17,356,000 | 51,389,000 | $ 73,214,000 | |||||||||||||||
Vessel revenue-related party pools | $ 78,402,000 | 57,064,000 | 45,213,000 | |||||||||||||||
Number of vessels owned | 42 | |||||||||||||||||
Loss / write down on assets held for sale-related party | $ (1,000,000) | (25,465,000) | 0 | |||||||||||||||
General and Administrative Expenses - related party | 4,854,000 | 2,009,000 | 824,000 | |||||||||||||||
Vessel operating costs-related party | 7,191,000 | 2,765,000 | 122,000 | |||||||||||||||
Revenues | 26,846,000 | $ 23,938,000 | $ 17,374,000 | $ 10,244,000 | 22,017,000 | $ 15,182,000 | $ 12,781,000 | $ 12,270,000 | 78,402,000 | 62,521,000 | $ 48,987,000 | |||||||
Amount due to related party | $ 1,037,000 | $ 624,000 | $ 1,037,000 | $ 624,000 | ||||||||||||||
Common Stock, Shares, Issued | shares | 75,298,676 | 28,686,561 | 75,298,676 | 28,686,561 | 12,745,833 | 3,333,333 | 391,250 | |||||||||||
Common Stock, Value, Issued | $ 753,000 | $ 287,000 | $ 753,000 | $ 287,000 | $ 150,000,000 | |||||||||||||
Kamsarmax pool [Member] | ||||||||||||||||||
Concentration Risk, Customer | 0.40 | 0.408 | 0.71 | |||||||||||||||
Due from Other Related Parties, Noncurrent | 4,606,000 | 4,868,000 | $ 4,606,000 | $ 4,868,000 | ||||||||||||||
Due from related parties | 2,579,000 | 3,376,000 | 2,579,000 | 3,376,000 | ||||||||||||||
Vessel revenue-related party pools | $ 31,319,000 | $ 25,151,000 | $ 34,986,000 | |||||||||||||||
Ultramax pool [Member] | ||||||||||||||||||
Concentration Risk, Customer | .60 | .425 | 0.21 | |||||||||||||||
Due from Other Related Parties, Noncurrent | 6,633,000 | 7,657,000 | $ 6,633,000 | $ 7,657,000 | ||||||||||||||
Due from related parties | 1,661,000 | 2,129,000 | 1,661,000 | 2,129,000 | ||||||||||||||
Vessel revenue-related party pools | 46,227,000 | $ 26,338,000 | $ 10,196,000 | |||||||||||||||
Capesize pool [Member] | ||||||||||||||||||
Concentration Risk, Customer | 0.079 | |||||||||||||||||
Due from related parties | 0 | 2,268,000 | 0 | $ 2,268,000 | ||||||||||||||
Vessel revenue-related party pools | $ 0 | $ 4,857,000 | $ 0 | |||||||||||||||
Scorpio Services Holding Limited | ||||||||||||||||||
Trading days used to measure commons shares issuable | 30 days | |||||||||||||||||
Months of notice given by the company to terminate the administrative agreement | 24 months | |||||||||||||||||
Stock Issued During Period, Shares, Issued for Services | shares | 51,679 | 111,725 | 4,366 | |||||||||||||||
General and Administrative Expenses - related party | $ 3,949,000 | $ 1,265,000 | $ 56,000 | |||||||||||||||
Amount due to related party | 321,000 | 0 | $ 321,000 | 0 | ||||||||||||||
Common Stock, Shares, Issued | shares | 5,250,000 | 5,000,000 | 833,333 | 333,333 | ||||||||||||||
Common Stock, Value, Issued | $ 16,000,000 | $ 15,000,000 | $ 15,000,000 | $ 15,000,000 | ||||||||||||||
Common stock to be issued for Newbuilding Program | shares | 12,946 | |||||||||||||||||
Vessel acquisition fee payable to SSH, per vessel acquired | $ 250,000 | |||||||||||||||||
Scorpio commercial management (SCM) | ||||||||||||||||||
Trading days used to measure commons shares issuable | 20 days | |||||||||||||||||
Number of months to exit the pool for vessels that do have provisions | 12 months | |||||||||||||||||
Termination fee per vessel | $ 500,000 | |||||||||||||||||
Due from related parties | 0 | 424,000 | $ 0 | 424,000 | ||||||||||||||
Vessel revenue-related party pools | 718,000 | 31,000 | ||||||||||||||||
Loss / write down on assets held for sale-related party | 500,000 | 12,465,000 | ||||||||||||||||
General and Administrative Expenses - related party | 43,000 | 258,000 | 0 | |||||||||||||||
Amount due to related party | 507,000 | 3,415,000 | 507,000 | 3,415,000 | ||||||||||||||
Construction Supervisory Services payable per vessel | $ 219,000 | |||||||||||||||||
Commission payable to SCM of gross revenues per charter | 1.75% | |||||||||||||||||
Commercial management fee payable to SCM (per vessel per day) | $ 300 | |||||||||||||||||
Commercial management commissions on gross revenue vessels outside of pool | 1.75% | |||||||||||||||||
Percent of estimated revenue generated by related party | 1.00% | |||||||||||||||||
Scorpio Ship Management SSM | ||||||||||||||||||
Amount of months notice that must be given by either party for termination of Management Agreements | 3 months | |||||||||||||||||
Loss / write down on assets held for sale-related party | $ 500,000 | 13,000,000 | 0 | |||||||||||||||
General and Administrative Expenses - related party | 0 | 0 | 51,000 | |||||||||||||||
Vessel operating costs-related party | 7,191,000 | 2,765,000 | 122,000 | |||||||||||||||
Amount due to related party | 209,000 | 4,274,000 | 209,000 | 4,274,000 | ||||||||||||||
Annual Fee per vessel to provide technical management service | 200,000 | 200,000 | ||||||||||||||||
Termination fee equal to a term for management fees | 3 months | |||||||||||||||||
SUK | ||||||||||||||||||
General and Administrative Expenses - related party | 862,000 | 486,000 | 717,000 | |||||||||||||||
Scorpio Commercial & Scorpio Ship Management [Member] | ||||||||||||||||||
Due to related party, balances included in assets held for sale | $ 0 | $ (7,065,000) | 0 | $ (7,065,000) | ||||||||||||||
Vessel Revenue Commissions [Member] | ||||||||||||||||||
Vessel revenue-related party pools | $ 856,000 | |||||||||||||||||
Vessel Revenue Commissions [Member] | Scorpio commercial management (SCM) | ||||||||||||||||||
Reduced commission payable to SCM of gross revenues per charter | 1.00% | |||||||||||||||||
Commission payable to SCM of gross revenues per charter | 1.75% | |||||||||||||||||
Common Stock, Par or Stated Value Per Share | $ / shares | $ 117 | |||||||||||||||||
Contract amendments [Member] | Scorpio commercial management (SCM) | ||||||||||||||||||
Reduced commission payable to SCM of gross revenues per charter | 1.00% | |||||||||||||||||
Commission payable to SCM of gross revenues per charter | 1.75% | |||||||||||||||||
Common Stock, Par or Stated Value Per Share | $ / shares | $ 5 | |||||||||||||||||
Contract Termination [Member] | Scorpio commercial management (SCM) | ||||||||||||||||||
Loss / write down on assets held for sale-related party | $ 0 | |||||||||||||||||
Contract Termination [Member] | Scorpio Ship Management SSM | ||||||||||||||||||
Construction Supervisory Services payable per vessel | $ 500,000 | |||||||||||||||||
Threshold period for annual frees | 2 years | |||||||||||||||||
Common Stock [Member] | ||||||||||||||||||
Stock Issued During Period, Shares, Issued for Services | shares | 51,679 | 111,725 | 4,366 | |||||||||||||||
Newbuilding Drybulk carriers | ||||||||||||||||||
Contracts to acquire New Vessels | 6 | 6 | ||||||||||||||||
Newbuilding Drybulk carriers | ||||||||||||||||||
Minimum carrying capicity of vessels | DWT | 30,000 | |||||||||||||||||
Maximum drybulk carrier that may be owned by SSH under Administrative Services Agreement | DWT | 30,000 | |||||||||||||||||
Minimum | Scorpio Ship Management SSM | ||||||||||||||||||
Construction Supervisory Services payable per vessel | $ 200,000 | |||||||||||||||||
Minimum | Contract Termination [Member] | Scorpio Ship Management SSM | ||||||||||||||||||
Annual Fee per vessel to provide technical management service | $ 200,000 | 200,000 | ||||||||||||||||
Maximum | Scorpio Ship Management SSM | ||||||||||||||||||
Construction Supervisory Services payable per vessel | 500,000 | |||||||||||||||||
Maximum | Contract Termination [Member] | Scorpio Ship Management SSM | ||||||||||||||||||
Annual Fee per vessel to provide technical management service | $ 400,000 | $ 400,000 |
Segments (Details)
Segments (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Revenues | $ 26,846,000 | $ 23,938,000 | $ 17,374,000 | $ 10,244,000 | $ 22,017,000 | $ 15,182,000 | $ 12,781,000 | $ 12,270,000 | $ 78,402,000 | $ 62,521,000 | $ 48,987,000 |
Voyage expenses | (45,000) | 787,000 | 3,727,000 | ||||||||
Vessel operating costs | (68,832,000) | (29,372,000) | (1,600,000) | ||||||||
Charterhire expense | (17,356,000) | (51,389,000) | (73,214,000) | ||||||||
Charterhire termination | 10,000,000 | 0 | 0 | ||||||||
Vessel depreciation | 36,562,000 | 14,263,000 | 686,000 | ||||||||
General and Administrative Expense | 33,995,000 | 35,382,000 | 31,761,000 | ||||||||
Loss / write down on assets held for sale | (12,433,000) | (261,793,000) | (324,000) | (119,604,000) | (31,752,000) | (11,433,000) | (397,472,000) | (55,487,000) | |||
Gain (Loss) on sale of assets | 12,433,000 | 422,937,000 | 55,487,000 | ||||||||
Interest income | 933,000 | 356,000 | 1,052,000 | ||||||||
Foreign exchange loss | 116,000 | 12,000 | (43,000) | ||||||||
Financial expense | (24,921,000) | (19,524,000) | (172,000) | ||||||||
Net Income (Loss) Attributable to Parent | $ (20,557,000) | $ (21,273,000) | $ (24,748,000) | $ (58,260,000) | $ (302,036,000) | $ (18,052,000) | $ (138,645,000) | $ (52,065,000) | (124,835,000) | (510,789,000) | (116,565,000) |
Capesize pool [Member] | |||||||||||
Revenues | 0 | 9,038,000 | 0 | ||||||||
Voyage expenses | 0 | 280,000 | |||||||||
Vessel operating costs | 0 | (5,089,000) | 0 | ||||||||
Charterhire expense | 0 | ||||||||||
Charterhire termination | 0 | ||||||||||
Vessel depreciation | 0 | 3,623,000 | 0 | ||||||||
General and Administrative Expense | 380,000 | 275,000 | 39,000 | ||||||||
Gain (Loss) on sale of assets | 1,006,000 | 408,318,000 | 52,553,000 | ||||||||
Interest income | 0 | 0 | 0 | ||||||||
Foreign exchange loss | 0 | 4,000 | 0 | ||||||||
Financial expense | 0 | 0 | 0 | ||||||||
Net Income (Loss) Attributable to Parent | (1,386,000) | (408,551,000) | (52,592,000) | ||||||||
Kamsarmax pool [Member] | |||||||||||
Revenues | 31,685,000 | 26,712,000 | 38,770,000 | ||||||||
Voyage expenses | (81,000) | 331,000 | 3,653,000 | ||||||||
Vessel operating costs | (27,083,000) | (9,986,000) | (1,600,000) | ||||||||
Charterhire expense | (12,323,000) | (29,509,000) | (57,909,000) | ||||||||
Charterhire termination | 2,500,000 | ||||||||||
Vessel depreciation | 14,522,000 | 4,536,000 | 686,000 | ||||||||
General and Administrative Expense | 1,718,000 | 498,000 | 103,000 | ||||||||
Gain (Loss) on sale of assets | 11,557,000 | 8,997,000 | 2,934,000 | ||||||||
Interest income | 0 | 0 | 0 | ||||||||
Foreign exchange loss | 0 | 10,000 | 0 | ||||||||
Financial expense | 0 | 0 | 0 | ||||||||
Net Income (Loss) Attributable to Parent | (37,937,000) | (27,155,000) | (28,115,000) | ||||||||
Scorpio Ultramax Pool | |||||||||||
Revenues | 46,717,000 | 26,771,000 | 10,217,000 | ||||||||
Voyage expenses | 36,000 | 176,000 | 74,000 | ||||||||
Vessel operating costs | (41,749,000) | (14,297,000) | 0 | ||||||||
Charterhire expense | (5,033,000) | (21,880,000) | (15,305,000) | ||||||||
Charterhire termination | 7,500,000 | ||||||||||
Vessel depreciation | 22,040,000 | 6,104,000 | 0 | ||||||||
General and Administrative Expense | 2,725,000 | 713,000 | 26,000 | ||||||||
Gain (Loss) on sale of assets | (130,000) | 5,622,000 | 0 | ||||||||
Interest income | 0 | 4,000 | 0 | ||||||||
Foreign exchange loss | 0 | 27,000 | 0 | ||||||||
Financial expense | 0 | 0 | 0 | ||||||||
Net Income (Loss) Attributable to Parent | (32,236,000) | (22,044,000) | (5,188,000) | ||||||||
Corporate Segment [Member] | |||||||||||
Revenues | 0 | 0 | 0 | ||||||||
Voyage expenses | 0 | ||||||||||
Vessel operating costs | 0 | 0 | 0 | ||||||||
Charterhire expense | 0 | ||||||||||
Charterhire termination | 0 | ||||||||||
Vessel depreciation | 0 | 0 | 0 | ||||||||
General and Administrative Expense | 29,172,000 | 33,896,000 | 31,593,000 | ||||||||
Gain (Loss) on sale of assets | 0 | 0 | 0 | ||||||||
Interest income | 933,000 | 352,000 | 1,052,000 | ||||||||
Foreign exchange loss | 116,000 | (29,000) | (43,000) | ||||||||
Financial expense | (24,921,000) | (19,524,000) | (172,000) | ||||||||
Net Income (Loss) Attributable to Parent | $ (53,276,000) | $ (53,039,000) | $ (30,670,000) |
Segments (Details 1)
Segments (Details 1) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Current Fiscal Year End Date | --12-31 | |||
Assets | $ 1,547,157 | $ 1,473,093 | ||
Cash and cash equivalents | 101,734 | 200,300 | $ 272,673 | $ 733,896 |
Other | 3,050 | 14,736 | ||
Capesize | ||||
Assets | 643 | 180,850 | ||
Kamsarmax | ||||
Assets | 600,578 | 468,875 | ||
Scorpio Ultramax Pool | ||||
Assets | 847,016 | 626,304 | ||
Corporate Segment [Member] | ||||
Cash and cash equivalents | 88,311 | 178,103 | ||
Other | $ 10,609 | $ 18,961 |
Segments (Details Textual)
Segments (Details Textual) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2016USD ($) | Dec. 31, 2016 | Dec. 31, 2016DWT | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |
Number of Reportable Segments | 2 | 3 | |||
DWT | 159,500 | 456,000 | |||
Gain (Loss) on Contract Termination | $ | $ (10,000) | $ 0 | $ 0 | ||
Kamsarmax pool [Member] | |||||
Gain (Loss) on Contract Termination | $ | (2,500) | ||||
Capesize pool [Member] | |||||
Gain (Loss) on Contract Termination | $ | $ 0 | ||||
Kamsarmax | |||||
DWT | 328,000 | ||||
Kamsarmax | Kamsarmax pool [Member] | Minimum | |||||
DWT | 77,500 | ||||
Kamsarmax | Kamsarmax pool [Member] | Maximum | |||||
DWT | 98,700 | ||||
Ultramax Vessels [Member] | |||||
DWT | 128,000 | ||||
Ultramax Vessels [Member] | Ultramax pool [Member] | Minimum | |||||
DWT | 60,200 | ||||
Ultramax Vessels [Member] | Ultramax pool [Member] | Maximum | |||||
DWT | 64,000 | ||||
Capesize | Capesize pool [Member] | |||||
DWT | 180,000 |
Unaudited Quarterly Results (De
Unaudited Quarterly Results (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Revenues | $ 26,846 | $ 23,938 | $ 17,374 | $ 10,244 | $ 22,017 | $ 15,182 | $ 12,781 | $ 12,270 | $ 78,402 | $ 62,521 | $ 48,987 |
Operating loss (1)(2) | (14,091) | (16,244) | (19,204) | (51,192) | (291,137) | (16,255) | (135,856) | (48,399) | (100,731) | (491,609) | (117,488) |
Net loss | $ (20,557) | $ (21,273) | $ (24,748) | $ (58,260) | $ (302,036) | $ (18,052) | $ (138,645) | $ (52,065) | $ (124,835) | $ (510,789) | $ (116,565) |
Basic loss per share | $ (0.29) | $ (0.30) | $ (0.48) | $ (1.96) | $ (11.02) | $ (0.66) | $ (8.50) | $ (3.60) | $ (2.22) | $ (23.86) | $ (10.17) |
Diluted loss per share | $ (0.29) | $ (0.30) | $ (0.48) | $ (1.96) | $ (11.02) | $ (0.66) | $ (8.50) | $ (3.60) | $ (2.22) | $ (23.86) | $ (10.17) |
Basic weighted average common shares outstanding | 71,672 | 71,575 | 51,305 | 29,794 | 27,399 | 27,277 | 16,303 | 14,455 | 56,174 | 21,410 | 11,466 |
Diluted weighted average common shares outstanding | 71,672 | 71,575 | 51,305 | 29,794 | 27,399 | 27,277 | 16,303 | 14,455 | 56,174 | 21,410 | 11,466 |
Unaudited Quarterly Results Tex
Unaudited Quarterly Results Textural (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||||||
Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Quarterly Financial Information Disclosure [Abstract] | ||||||||
Loss / write down on assets held for sale | $ 12,433,000 | $ 261,793,000 | $ 324,000 | $ 119,604,000 | $ 31,752,000 | $ 11,433,000 | $ 397,472,000 | $ 55,487,000 |
Subsequent Events (Details)
Subsequent Events (Details) - USD ($) $ in Thousands | Feb. 22, 2017 | Dec. 31, 2016 |
Secured Debt | ||
Debt Instrument, Unused Borrowing Capacity, Amount | $ 51,600 | |
$39.6 Million Credit facility | Secured Debt | ||
Debt Instrument, Unused Borrowing Capacity, Amount | 0 | |
$409 Million Credit Facility | Secured Debt | ||
Debt Instrument, Unused Borrowing Capacity, Amount | 13,200 | |
$330 Million Credit Facility | Secured Debt | ||
Debt Instrument, Unused Borrowing Capacity, Amount | 38,400 | |
$42 Million Credit Facility | Secured Debt | ||
Debt Instrument, Unused Borrowing Capacity, Amount | 0 | |
$67.5 Million Credit Facility | Secured Debt | ||
Debt Instrument, Unused Borrowing Capacity, Amount | 0 | |
$12.5 Million Credit Facility | Secured Debt | ||
Debt Instrument, Unused Borrowing Capacity, Amount | 0 | |
$27.3 Million Credit Facility | Secured Debt | ||
Debt Instrument, Unused Borrowing Capacity, Amount | $ 0 | |
Subsequent Event [Member] | ||
Long-term Debt | $ 559,303,000 | |
Debt Instrument, Unused Borrowing Capacity, Amount | 13,200 | |
Subsequent Event [Member] | $39.6 Million Credit facility | Secured Debt | ||
Long-term Debt | 20,144,097 | |
Debt Instrument, Unused Borrowing Capacity, Amount | 0 | |
Subsequent Event [Member] | $409 Million Credit Facility | Secured Debt | ||
Long-term Debt | 179,473,418 | |
Debt Instrument, Unused Borrowing Capacity, Amount | 0 | |
Subsequent Event [Member] | $330 Million Credit Facility | Secured Debt | ||
Long-term Debt | 250,959,375 | |
Debt Instrument, Unused Borrowing Capacity, Amount | 13,200 | |
Subsequent Event [Member] | $42 Million Credit Facility | Secured Debt | ||
Long-term Debt | 38,511,639 | |
Debt Instrument, Unused Borrowing Capacity, Amount | 0 | |
Subsequent Event [Member] | $67.5 Million Credit Facility | Secured Debt | ||
Long-term Debt | 40,461,210 | |
Debt Instrument, Unused Borrowing Capacity, Amount | 0 | |
Subsequent Event [Member] | $12.5 Million Credit Facility | Secured Debt | ||
Long-term Debt | 10,379,167 | |
Debt Instrument, Unused Borrowing Capacity, Amount | 0 | |
Subsequent Event [Member] | $27.3 Million Credit Facility | Secured Debt | ||
Long-term Debt | 19,375,000 | |
Debt Instrument, Unused Borrowing Capacity, Amount | $ 0 |
Subsequent Events (Details Text
Subsequent Events (Details Textual) - Subsequent Event [Member] $ in Thousands | 2 Months Ended |
Feb. 22, 2017USD ($) | |
Debt Instrument, Covenant Description | In January 2017, the Company reached an agreement with the lender that (i) allows us to defer 4 quarters of debt repayment to the balloon amount in exchange for a prepayment equal to 4 quarters of scheduled repayments, which was made in Q4 2016 and (ii) waives the interest coverage covenant for 2018, and amends the level to 1.0 to 1.0 for 1Q 2019 and 2Q 2019 (both calculated on a year to date basis), 2.5 to 1.0 for 3Q 2019 (calculated on a year to date basis) and 2.5 to 1.0 for 4Q 2019 and thereafter (calculated on a trailing four quarters basis). |
Number of vessels delivered | 5 |
Secured Debt | |
Proceeds from Lines of Credit | $ 38,400 |
Prepayments on Secured Credit Facilities | $ 1,543 |