Are you the publisher? Claim or contact us about this channel


Embed this content in your HTML

Search

Report adult content:

click to rate:

Account: (login)

More Channels


Showcase


Channel Catalog


Channel Description:

Visit One News Page for Marine news from around the world, aggregated from leading sources including newswires, newspapers and broadcast media. Search millions of archived news headlines. This feed provides the Marine news headlines.

older | 1 | .... | 1408 | 1409 | (Page 1410) | 1411 | 1412 | .... | 1489 | newer

    0 0

    Krabi's Mu Ko Phi Phi remains open to divers, day trippers and holidaymakers

    BANGKOK, Oct. 22, 2018 /PRNewswire/ -- The Tourism Authority of Thailand (TAT) would like to clarify that while the world famous Maya Beach is closed, stunning views of the Bay can still be enjoyed.

    The clarification is based on this week's trip, from 19 to 20 October, by a TAT delegation led by TAT Governor Mr. Yuthasak Supasorn to obtain a first-hand view of the reality on the ground.

    The TAT delegation learned that Phi Phi Leh Island, where Maya Bay is located, is still open to tourists. Maya Beach itself is off limits, but visitors can still enjoy the stunning views of Maya Bay -- without people -- from a boat. They can also enjoy snorkelling in the front of the Bay.

    Diving and snorkelling trips around Mu Ko Phi Phi are also running as usual.

    Holidaymakers can also stay overnight on Phi Phi Don Island and enjoy many other beautiful beaches and bays of Krabi's Hat Noppharat Thara-Mu Ko Phi Phi National Park.

    Phi Phi Don Island's main pier is at Tonsai Bay, which is the busiest with a host of accommodation, restaurants and tourist shops. For visitors seeking to relax and stay away from the crowd, they may want to stay on one of the other beaches such as Laem Tong Beach.

    Laem Tong Beach is situated at the northern end of Phi Phi Don Island and is only accessible by a 45-minute boat ride from the main pier. It is home to a beautiful and secluded beach as well as a handful of four- to five-star accommodation. These resorts are known for their sustainable operations adhering to strict guidelines to reduce their impact on the environment.

    From Phi Phi Don Island, local long-tail boats can be hired for a day cruise to view Maya Bay, visit Pileh Lagoon and Bamboo Island as well as enjoy snorkelling and swimming.

    Day trips can also be made from Krabi and Phuket to enjoy the beautiful nature of the Hat Noppharat Thara-Mu Ko Phi Phi National Park.

    Mr. Yuthasak Supasorn, TAT Governor, said: "For many years, the local community at Mu Ko Phi Phi has been undergoing a regular beach and underwater clean-up aimed at helping to preserve the marine ecosystem as well as the coral reef system, which are the reasons why tourists and divers return to the area year after year."

    "TAT is ready to support all stakeholders to work together to achieve common goals towards socially and environmentally sustainable tourism."

    For photographs relating to this press release, please contact the TAT Newsroom team at mailtous@tatnews.org.

    Related Links :

    http://www.tatnews.org Reported by PR Newswire Asia 8 hours ago.

    0 0

    A P&O cruise ship spilt 27,000 litres of waste and greywater into the Great Barrier Reef Marine Park in August, a Senate estimates hearing has heard. Reported by SBS 7 hours ago.

    0 0

    A P&O cruise ship spilt 27,000 litres of waste and greywater into the Great Barrier Reef Marine Park in August, a Senate estimates hearing has heard. Reported by SBS 6 hours ago.

    0 0

    HKTDC Deputy Executive Director Raymond Yip (centre) unveils details of the eighth Asian Logistics and Maritime Conference at today's press briefing, joined by Frankie Yick (L), Legislative Councillor of Hong Kong for the Transport Constituency and Chairman of the HKTDC Logistics Services Advisory Committee; and Simon Wong (R), Chief Executive Officer of The Hong Kong R&D Centre for Logistics and Supply Chain Management Enabling Technologies.Asian Connectivity, New Retail Revolution, Logistics Technology in Focus

    HONG KONG, Oct 22, 2018 - (ACN Newswire) - The eighth Asian Logistics and Maritime Conference (ALMC), the industries' annual signature event jointly organised by the Hong Kong Trade Development Council (HKTDC) and the Government of the Hong Kong Special Administrative Region (HKSAR), will be held on 20-21 Nov at the Hong Kong Convention and Exhibition Centre (HKCEC). This year's ALMC will focus on three key areas - Asian connectivity, new retail revolution and its implications to logistics, and logistics technology - and examine their respective impacts on the industry. About 70 luminaries from the logistics and maritime sectors will share their insights at the conference, which is expected to attract over 2,000 industry players from more than 30 countries and regions.

    "Asian countries and regions are now pushing forward various trade agreements and regional development strategies, including the Hong Kong-ASEAN [Association of Southeast Asian Nations] Free Trade Agreement signed last year, the Guangdong-Hong Kong-Macao Greater Bay Area development plan, and the China-Singapore Initiative on Strategic Connectivity," said HKTDC Deputy Executive Director Raymond Yip. "Under the Belt and Road Initiative, many major infrastructure projects, including new road transport systems and port developments, have been kick-started, with a number of them already completed. Such projects foster the development of trade and logistics in Asia, driving better connectivity within the regional supply chain."

    According to the World Trade Organization's recently published World Trade Report 2018, global trade is expected to grow by 1.8-2% annually between 2016 and 2030, with developing countries' share of global trade increasing from 46% in 2015 to 57% by 2030. According to Mr Yip, this shows that emerging markets, spearheaded by the Chinese mainland, the Asia-Pacific region and countries in the ASEAN bloc, will be a major driving force behind global trade growth, spurring continued expansion of the region's logistics sector. In addition, the rapid growth of e-commerce and new logistics technologies will create enormous opportunities for the logistics and maritime industries.

    Industry Experts Examine a New Era for Logistics

    Some 70 highly respected industry experts will speak at the ALMC, with Dato Lim Jock Hoi, Secretary-General, Association of Southeast Asian Nations (ASEAN), delivering the keynote address at the opening session. Among the highlights will be the two plenary sessions. On 20 Nov, "Boosting Asian Connectivity for a New Regional Economic Order" will explore how the integration of railroad, road, maritime and air freight capabilities in Asia will impact on the region's logistics and maritime industry. Karen Reddington, President, Asia-Pacific Division, FedEx Express will be among the panel speakers at the first plenary session.

    In the age of e-commerce, the mode of delivery in the logistics supply chain has been undergoing rapid change. The second plenary session, "Online Shopping Revolutionising Logistics & Supply Chain Management" on 21 Nov, will look at how innovative technologies are offering advantages for the logistics industry and helping companies capture the latest online-to-offline (O2O) opportunities. Chaired by Fox Chu, Partner, McKinsey & Company, the panel will feature speakers including Yang Haifeng, General Manager, Value Supply Chain Department, JD Logistics, and Cissy Chan, Executive Director, Commercial, Airport Authority Hong Kong.

    Exploring the Latest Industry Issues

    Alongside the plenary sessions, other forums will cover topical issues relating to supply-chain management and logistics, as well as the air freight and maritime industries. Topics to be covered include cold-chain logistics, e-commerce, the International Civil Aviation Organization's (ICAO) new air cargo security requirements and logistics technology in the Guangdong-Hong Kong-Macao Greater Bay Area. Exhibitions and networking receptions will be staged alongside the conference to provide participants with a more complete picture of the latest market intelligence and business opportunities.

    Insights into Regional Cooperation

    This year's ALMC sees various regional forums being organised to present the latest developments in regional logistics and economic cooperation. The city of Zhuhai will focus on logistics and trading opportunities brought about by the development of the Greater Bay Area and the opening of the Hong Kong-Zhuhai-Macao Bridge. A forum jointly organised by the cities of Chongqing, Guangxi, Guizhou, Gansu, Qinghai and Xinjiang will assess the implications of an intermodal logistics network connecting the hinterland of the Chinese mainland and Southeast Asia, under the China-Singapore Initiative on Strategic Connectivity. A first-time organiser of a regional forum, E'Zhou will discuss its vision to work as an air freight hub for China and Eurasia, while CN (Canadian National Railway) will for the third time organise a regional forum at ALMC, showcasing its latest global refrigerated service and the seamless cooperation between its railway network and North American ports.

    New Tech Dialogue and Tech Demo Session

    A new session, Tech Dialogue, launches this year, featuring Dean Croke, Chief Analytics Officer, Blockchain in Transport Alliance, and Sebastien Gendron, co-founder and CEO, TransPod. They will share the latest developments in blockchain technology and hyperloop transportation, respectively. A new feature at the ALMC exhibition is the Tech Demo Session, through which home-grown start-ups can introduce their innovative solutions for the industry.

    This year's exhibition will feature more than 100 exhibitors showcasing supply-chain management and logistics, maritime and related services, and providing professional services and solutions. To drive more business cooperation, more than 150 one-on-one business-matching sessions are being arranged to help exhibitors and participants foster business collaborations during the event.

    The forums will gather a range of noted speakers, including (in alphabetical order):

    - Cissy Chan, Executive Director, Commercial, Airport Authority Hong Kong
    - Dean Croke, Chief Analytics Officer, Blockchain in Transport Alliance
    - William Fairclough, Director, Wah Kwong Maritime Transport Holdings Limited
    - Giovanni Gavarone, Managing Director, Penfield Marine (UK) Limited
    - Sebastien Gendron, Co-Founder and CEO, TransPod
    - Tim Huxley, Chairman, Mandarin Shipping Limited
    - Graeme Murray, Managing Director, Snape Shipping Limited
    - Henriette Van Niekerk, Director & Global Head of Dry Bulk Freight Analysis, Clarksons Platou
    - John Michael Radziwill, CEO, C Transport Maritime S.A.M.
    - Keith Reardon, Senior Vice-President, Consumer Product Supply Chain Growth, CN (Canadian National Railway)
    - Karen Reddington, President, Asia-Pacific Division, FedEx Express
    - Martin Stopford, President, Clarkson Research Services Limited
    - Roger Su, Executive General Manager, Cainiao Global
    - Suken Xiao, Vice President, Overseas Region, SF Express
    - Yang Haifeng, General Manager, Value Supply Chain Department, JD Logistics
    - Nissim Yochai, VP Trans Pacific Trade, ZIM Integrated Shipping Services

    Flagship Event for Hong Kong Maritime Week

    ALMC is a flagship event of the Hong Kong Maritime Week, organised by the Hong Kong Maritime and Port Board. The ALMC is supported by the Hong Kong Logistics Development Council and Hong Kong Maritime and Port Board. HKTDC invited 18 global leaders in the logistics and shipping industries and representatives of internationally renowned companies to serve as honorary advisors to provide advice on the agenda and content of the ALMC.

    Members of the media wishing to interview speakers can email it to sunny.sl.ng@hktdc.org or christine.kam@hktdc.org by 12 Nov. For the latest programme and speakers list, please visit: www.almc.hk.

    Photo download: https://bit.ly/2OD07DU

    About HKTDC

    The Hong Kong Trade Development Council (HKTDC) is the dedicated to creating opportunities for Hong Kong's businesses. With more than 40 offices globally, including 13 on the Chinese mainland, HKTDC promotes Hong Kong as a platform for doing business with China, Asia and the world. HKTDC organises international exhibitions, conferences and business missions to provide companies, particularly SMEs, with business opportunities on the mainland and in international markets, while providing business insights and information via trade publications, research reports and digital channels including the media room. Please visit www.hktdc.com/aboutus or follow us on Google+, Twitter@hktdc, LinkedIn.
    Contact:
    Sunny Ng, Tel: +852 2584 4357, Email: sunny.sl.ng@hktdc.org
    Christine Kam, Tel: +852 2584 4514, Email: christine.kam@hktdc.orgCopyright 2018 ACN Newswire. All rights reserved. www.acnnewswire.com Reported by ACN Newswire 2 hours ago.

    0 0

    Marseilles, October 22, 2018

                * *

                *Bourbon Subsea Services wins a turnkey contract for the installation *

                *of the 25 MW WindFloat Atlantic floating offshore windfarm*

    Bourbon Subsea Services has been selected by Windplus to install 3 floating wind turbines of 8.3 MW, 20 km off Viana do Castelo, Portuguese coast. These turbines, with a total capacity of 25 MW, are the most powerful in the floating offshore wind industry. The project includes project management, engineering and the procurement of the complete mooring system (supplied by Vryhof).

    The mooring systems with three sets of three mooring lines will be pre-laid in the first phase. The wind turbines will be then towed to the offshore site and hooked up in a second phase, which will also include the installation and hook up of the inter-array electrical cables. BOURBON will provide a variety of marine assets required for the different phases of the operations, including AHTS, tugs and ROVs.

    With strong experience in mooring installation of floating wind turbines, the Bourbon Subsea Services project team will work closely with WindPlus, Vryhof and Principle Power, designer of the floating foundations, to ensure the successful delivery of this project.

    "After having installed the prototype in 2011, we are very pleased to have now been chosen to support this significant European commercial floating wind farm project. The opportunity permits BOURBON to reaffirm its commitment to contributing to the growth of the Renewable Energy industry and demonstrate its unique expert capability in delivering technologically innovative turnkey services to demanding clients" commented *Patrick Belenfant, **Bourbon Subsea Services' **CEO*.

    Photos available upon request

    *About BOURBON*

    Among the market leaders in marine services for offshore oil & gas, BOURBON offers the most demanding oil & gas companies a wide range of marine services, both surface and sub-surface, for offshore oil & gas fields and wind farms. These extensive services rely on a broad range of the latest-generation vessels and the expertise of almost 8,400 skilled employees. Through its 29 operating subsidiaries the group provides local services as close as possible to customers and their operations throughout the world, of the highest standards of service and safety.

    BOURBON provides three operating activities (Marine & Logistics, Mobility and Subsea Services) and also protects the French coastline for the French Navy.

    In 2017, BOURBON'S revenue came to €860.6 million and the company operated a fleet of 508 vessels.

    Placed by ICB (Industry Classification Benchmark) in the "Oil Services" sector, BOURBON is listed on the Euronext Paris, Compartment B.

    *Contacts*

    *BOURBON* *Media relations agency*
    *Publicis Consultants*
    *Investor Relations, analysts, shareholders  * Vilizara Lazarova
    +33 140 138 607 +33 144 824 634
    investor-relations@bourbon-online.com vilizara.lazarova@consultants.publicis.fr
       
    *Corporate Communication *  
    Christelle Loisel  
    +33 491 136 732  
    christelle.loisel@bourbon-online.com  

    *Attachment*

    · PDF version.pdf Reported by GlobeNewswire 6 hours ago.

    0 0

    Polarcus Limited ("Polarcus" or the "Company") (OSE: PLCS) will be releasing its third quarter 2018 report on Thursday, 01 November 2018 at 7:00am CET (10:00 UAE).

    The Company will host a webcast and conference call commencing at 08:00 CET (11:00 UAE).

    Access details are included below:


    Webcast*

    The presentation and Q&A session will be webcast at www.polarcus.com. The webcast will comprise of a synchronized presentation and audio from the below conference call.

    A replay of the webcast will be available after the event at www.polarcus.com under Investor Relations.
     

    Conference Call

    *Please use the following numbers and Confirmation Code to dial-in to the conference call and to participate in the Q&A:

    Participant Confirmation Code: 8153651

    Participant Telephone Numbers:

    Norway +47 2100 2610
    UK +44 (0)330 336 9127
    USA +1 929-477-0448A replay of the conference call will also be available after the event until 07 November 2018.
     
    Replay Access Code: 8153651
     
    Participant Telephone Numbers:

    Norway +47 2350 0077
    UK +44 (0) 207 660 0134
    USA +1 719 457 0820

     

    *Contacts*

    Hans-Peter Burlid, CFO
    +971 50 559 8175
    hp.burlid@polarcus.com

     

    *About Polarcus*

    Polarcus (OSE: PLCS) is an innovative marine geophysical company with a pioneering environmental agenda, delivering high-end towed streamer data acquisition and imaging services from Pole to Pole. Polarcus operates a fleet of high performance 3D seismic vessels incorporating leading-edge maritime technologies for improved safety and efficiency. Polarcus offers contract seismic surveys and multi-client projects with advanced onboard processing solutions and employs approximately 350 professionals worldwide. The Company's principal office is in Dubai, United Arab Emirates. For more information, visit www.polarcus.com

     This information is subject to the disclosure requirements pursuant to section 5 -12 of the Norwegian Securities Trading Act. Reported by GlobeNewswire 6 hours ago.

    0 0

    TOKYO (AP) — Japanese-born Marine biologist Osamu Shimomura, who won the Nobel Prize in chemistry, has died. He was 90. His alma mater Nagasaki University said Monday that Shimomura died Friday of natural causes. Shimomura and two American scientists shared the 2008 Nobel prize for the discovery and development of a jellyfish protein that contributed to cancer studies. Shimomura was born in Kyoto in 1928 and studied in Nagasaki, where he survived the Aug. 9, 1945, U.S. atomic bombing. After earning chemistry degree in 1951, he moved to Princeton University, where he found the protein from 10,000 jellyfish samples on America's West Coast. Reported by SeattlePI.com 5 hours ago.

    0 0

    Polarcus Limited ("Polarcus" or the "Company") (OSE: PLCS) has received an award for a 3D marine seismic acquisition project in South East Asia. The project duration is approximately 4 months and is scheduled to commence in Q4, 2018.

    Following this award, the Polarcus fleet is 100% booked for Q4 2018.

     

    *Contacts*

    Hans-Peter Burlid, CFO
    +971 50 559 8175
    hp.burlid@polarcus.com

    John Scott, VP Sales & Marketing
    +971 56 993 9978
    john.scott@polarcus.com 

     

    *About Polarcus*

    Polarcus (OSE: PLCS) is an innovative marine geophysical company with a pioneering environmental agenda, delivering high-end towed streamer data acquisition and imaging services from Pole to Pole. Polarcus operates a fleet of high performance 3D seismic vessels incorporating leading-edge maritime technologies for improved safety and efficiency. Polarcus offers contract seismic surveys and multi-client projects with advanced onboard processing solutions and employs approximately 350 professionals worldwide. The Company's principal office is in Dubai, United Arab Emirates. For more information, visit www.polarcus.com

     This information is subject to the disclosure requirements pursuant to section 5 -12 of the Norwegian Securities Trading Act. Reported by GlobeNewswire 5 hours ago.

    0 0

    LONDON, Oct. 22, 2018 (GLOBE NEWSWIRE) -- End investors, ILS funds, and buyers – the three groups active in ILS – have predominantly weathered 2017 loss activity with a view that reinsurance products backed by ‘alternative’ capital have become mainstream, according to a new Global ILS Market Survey by Willis Towers Watson (NASDAQ: WLTW), the global advisory, broking and solutions company.The unique survey of all three constituents of the ILS market was conducted more than six months after the major 2017 losses. Responses are therefore informed by the crystallisation of ILS funds’ performance^1.

    Cedants and funds share the view that ILS will continue to grow, partly through increased usage, and partly by covering risks outside property catastrophe, such as property per-risk, cyber, and marine. Investors and cedants alike continue to show appetite for such transactions.

    End investors confirm they see reinsurance as an established asset class. The survey therefore is counter to some observations that rising asset yields would deter new capital inflows to ILS. The survey found:

    · 58% of responding cedants use some ILS capacity, with one in four deriving more than 30% of their capacity from ILS.
    · Over half of non-users would consider adopting ILS capacity over the next three years.
    · Close to half of ILS buyers surveyed have recovered claims under their contracts. Almost all reported the collections as a positive experience.
    · Over half would consider using ILS for non-property cat risks, either as part of a multiline cover or on a standalone basis. 13% have already done so.
    · 2017 catastrophe losses have not deterred end investors. 80% agreed that 2017 ILS funds’ performance was in line with expectations.
    · End investors perceive diversification (96%) and non-correlation with financial asset classes as key drivers. Relative yield ranked only fourth.
    · More than half of end investors have strategic allocations between 2% and 5% of total assets; two-thirds expect to maintain or increase their allocation.
    · Post 2017 losses, almost half of end investors (48%) tactically increased their ILS allocation. Another 16% allocated capital to rebalance ILS to its long-term strategic weight.
    · Only 20% of end investors made reductions; post-loss redemptions were few.
    · ILS funds anticipate further growth over the next five years, with the vast majority expecting this to grow more than 10%.
    · Only a third of ILS funds appoint independent third-party valuation agents for illiquid (Level 3) assets.

    The comprehensive report on the survey findings is available for download here.

    James Kent, Global Chief Executive Officer, Willis Re commented: “The industry has widely reported the growth in the ILS market and this comprehensive survey further supports the development of ILS as an asset class despite the challenges of the catastrophe events in 2017. From a Willis Re perspective we see a divergence in the intent of (re)insurers to utilise ILS capacity largely driven by client type.  For growth to continue, ILS investors will need to demonstrate the ability to innovate and provide optimal solutions to meet clients’ evolving needs. Furthermore the trust language, where used, will need to reflect a closer alignment with clients’ expectations. The ILS investors with longstanding and successful track records, supported by consistent and well-regarded management teams, are the ones best equipped for future success.”

    Carl Hess, Head of Investment, Risk and Reinsurance at Willis Towers Watson, said: “This collaborative project mirrors our approach to the risk business. We cooperated across the components of Willis Towers Watson’s Investment, Risk and Reinsurance (IRR) segment – comprising Investments, Insurance Consulting & Technology, and Willis Re & Securities – to gain access to all the relevant market participants. That allowed us to execute the most comprehensive survey yet of the ILS market. It’s the same connected, integrated approach we use daily to develop and deliver ILS advice and solutions for our clients.”

    *About Willis Towers Watson*

    Willis Towers Watson (NASDAQ:WLTW) is a leading global advisory, broking and solutions company that helps clients around the world turn risk into a path for growth. With roots dating to 1828, Willis Towers Watson has over 40,000 employees serving more than 140 countries. We design and deliver solutions that manage risk, optimize benefits, cultivate talent, and expand the power of capital to protect and strengthen institutions and individuals. Our unique perspective allows us to see the critical intersections between talent, assets and ideas – the dynamic formula that drives business performance. Together, we unlock potential. Learn more at willistowerswatson.com

    *About Willis Re*

    One of the world's leading reinsurance brokers, Willis Re is known for its world-class analytics capabilities, which it combines with its reinsurance expertise in a seamless, integrated offering that can help clients increase the value of their businesses. Willis Re serves the risk management and risk transfer needs of a diverse, global client base that includes all of the world's top insurance and reinsurance carriers as well as national catastrophe schemes in many countries around the world. The broker's global team of experts offers services and advice that can help clients make better reinsurance decisions and negotiate optimum terms. For more information, visit willisre.com.

    *About Insurance Consulting and Technology*

    Willis Towers Watson’s Insurance Consulting and Technology business has over 1,200 colleagues operating in 35 markets worldwide. It is a leading provider of advice, solutions and software – primarily to the insurance industry. Its consulting services help clients manage risk and capital, improve business performance and create competitive advantage – by focusing on financial and regulatory reporting, enterprise risk and capital management, M&A and corporate restructuring, products, pricing, business management and strategy.

    *About Willis Towers Watson Investments*

    Willis Towers Watson’s Investments business is focused on creating financial value for institutional investors through its expertise in risk assessment, strategic asset allocation, fiduciary management and investment manager selection. It has over 900 colleagues worldwide, assets under advisory of over $2.3 trillion and over $107 billion of assets under management.

    *Contacts:*

    *Media*

    Annie Roberts: +44 20 3124 7080 | Annie.Roberts@willistowerswatson.com

    *Investors*

    Rich Keefe: +1 215 246 3961 | Rich.Keefe@willistowerswatson.com

    ^1 The 2018 Global ILS Market Survey was conducted before isolated incidents of collateral being released ahead of loss development was more broadly known Reported by GlobeNewswire 3 hours ago.

    0 0

    *Paris, 22 October 2018 -* Atos, a global leader in digital transformation, announces that its new generation of electromagnetic speed log, the LMN6, has been chosen by the French Navy to equip its ships and provide an even more accurate and secure way to measure their speed.

    The new features of the LMN6 make it possible to support the digital transition of combat ships while remaining compatible with previous versions.

    *LMN6, a new generation of electromagnetic speed log*

    · *With up to two speed sensors* (single or double axis), to ensure *extremely accurate measurements* the LMN6 not only measures longitudinal and transversal speeds but also allows for speed and distance information to be transmitted. Multiple sensors ensure continuity - in the case that one of the sensors fails, another will take over.
    · A *color touchscreen* *makes it easy to use* and *read*,
    · A *semi-automatic calibration by GPS* enables *faster installation* of the log in the vessel,
    · A *programmable console* mounted directly on the device *speeds up the installation and verification processes*,
    · An *Ethernet connection* provides *access to information* from anywhere on the ship and *securely* thanks to access authorization management. The LMN6 complies with the Information Systems Security (ISS) standards.

    The LMN6 will be installed at the end of the year on various-sized ships and used for different missions, such as La Fayette class frigates, Horizon-class frigates, surveillance frigates, Avisos and mine hunters.

    The French Navy has been working for almost 50 years with Atos' BEN Marine navigation instruments. Their robustness and reliability are a sign of confidence for the French Navy. Thus, the LMN6, the new generation of electromagnetic speed log, reflects this continuity, to meet the operational maintenance needs of the French Navy.

     

    *BEN Marine, Atos' range of navigation instruments*

    As the heir to Julien's navigation instruments workshop in Marseille (Bianchetti brand since 1822), BEN Marine was founded in 1962 to develop electromagnetic logs and flow meters. Today, BEN Marine is a robust and secure range of navigation solutions dedicated to maritime forces and merchant fleets, as part of Atos' portfolio of offerings. BEN Marine solutions are present in over 40 countries and via 50 distributors. To learn more about the BEN Marine range, click here.

    *The LMN6 and the BEN Marine range of solutions will be showcased at *Euronaval* in Paris Le Bourget [Hall 2, stand G38], 23-26 October 2018.*

    ****

    *About Atos*

    Atos is a global leader in digital transformation with 120,000 employees in 73 countries and annual revenue of € 13 billion. European number one in Cloud, Cybersecurity and High-Performance Computing, the Group provides end-to-end Orchestrated Hybrid Cloud, Big Data, Business Applications and Digital Workplace solutions through its Digital Transformation Factory, as well as transactional services through Worldline, the European leader in the payment industry. With its cutting-edge technologies and industry knowledge, Atos supports the digital transformation of its clients across all business sectors. The Group is the Worldwide Information Technology Partner for the Olympic & Paralympic Games and operates under the brands Atos, Atos Syntel, Unify and Worldline. Atos is listed on the CAC40 Paris stock index.

    *Press contact:*

    Sylvie Raybaud - sylvie.raybaud@atos.net - +33 6 95 91 96 71 - @Sylvie_Raybaud

    *Attachment*

    · Click here for the pdf version.pdf Reported by GlobeNewswire 3 hours ago.

    0 0

    S.Africa divers risk all to poach marine delicacies for China diners Cape Town (AFP) Oct 19, 2018

    One Saturday night in August, Deurick van Blerk, 26, climbed into his small boat off the coast of Cape Town on another of his illegal fishing expeditions. He never returned. Investigators are looking into allegations by fellow divers and his family that he was murdered, shot by a special task force during an anti-poaching operation in an increasingly violent battle between South African auth Reported by Terra Daily 34 minutes ago.

    0 0

    Oyster populations at risk as climate change transforms ocean ecosystems Washington (UPI) Oct18, 2018

    Oyster populations are likely to suffer, accelerating mortality rates as the effects of climate change progress, according to a new study. The research, published Tuesday in the journal Environmental Research Letters, suggests climate change - and its effects on regional climate variability, including an uptick in wet, warm winters - are likely to disrupt marine ecosystems and negativ Reported by Terra Daily 34 minutes ago.

    0 0

    Events Including Veterans Day Parade, Forgotten Heroes Appreciation Breakfast, Salute to Service Football Game

    PHOENIX (PRWEB) October 22, 2018

    The HeroZona Foundation’s week-long engagement for America’s veterans, including Arizona’s 640,000 veterans and 2,000 veteran owned companies, is excited to announce the invitation-only 7th annual HeroZona Foundation Forgotten Heroes Appreciation Breakfast, hosted by the Sons of the American Legion and spearheaded by Post 65 S.A.L. Commander, Dennis E. Prince Sr. The breakfast will occur on Saturday, November 10 at the Travis L. Williams American Legion Post 65 in Phoenix. Doors will open at 8:30 a.m. and will run from 9 a.m. to 10 a.m.

    “The HeroZona Foundation is excited to honor those who have served our country and their family members. We hope to empower and celebrate Arizona’s veterans at the breakfast,” says HeroZona Foundation founder and U.S. Army Desert Storm Veteran, Alan “AP” Powell.

    Special guests will include Arizona U.S. Congressman from the 7th District, Ruben Gallego; Director of the Arizona Department of Veterans’ Services and U.S. Air Force Colonel, Wanda A. Wright (R); President and CEO of the HeroZona Foundation and U.S. Air Force Veteran, Ronnie R. Willliams; State of Arizona District 27 Representative, Reginald Bolding Jr.; and National Legislative Director of the American Legion, U.S. Army Veteran and Scottsdale Native, Matthew J. Shuman. Shuman will also be a VIP guest at this year’s Phoenix Veterans Day Parade.

    District 27 Representative Reginald Bolding Jr. will also be busing in forgotten heroes from across the Valley for the breakfast. Bolding recently passed the House Bill 2575, which allows any veteran in Arizona to receive a free ID. IDs normally cost $25.

    “Our veterans spent their lives serving the people in this country and it is incumbent upon us to now serve our veterans. The driver’s license bill is one way to do that,” says Bolding.

    The breakfast will also have care packages donated by Diana Gregory Outreach Services, the Veggies for Veterans Program will be donating 100 packages of fresh vegetables. Additionally, United Healthcare will be donating 100 clothing bundles and Shoebox Ministry will donate 100 toiletry packages.

    “Travis L. Williams American Legion Post 65’s participation in the Veteran's Day Parade perpetuates the thanks we give to veterans. Hosting the HeroZona Foundation Forgotten Heroes Appreciation Breakfast is an honor for the Post,” Says American Legion Post 65 Commander, Jarvis Reddick.

    Following the HeroZona Foundation’s Forgotten Heroes Breakfast on Saturday, November 10, the ASU VS. UCLA Salute to Service Football Game will honor eight APS HeroPreneur Community Heroes for their exceptional support of U.S. veterans. On-field recognition will be given to these exceptional Arizonans by Arizona Public Service, the HeroZona Foundation and the Department of Veterans Services.

    “With 20% of our 6300 employees being military veterans, APS understands the clear value veterans bring to the workforce,” says retired U.S. Navy rear admiral Hal Pittman, APS Director of External Communications. “We’re pleased to be able to recognize these individuals and their superb efforts in supporting all veterans across Arizona, just as we’re pleased to again partner with Herozona in supporting our vets during this year’s Heropreneur summit.”    

    Individuals to be honored at the game include Joe Foss Institute Chairwoman, Karrin Taylor Robson; T he American Legion’s National Legislative Director and U.S. Army Veteran, Matthew J. Shuman; Arizona’s 27th District State Representative, Reginald Bolding Jr.;United Services Automobile Association’s AVP of HR Operations for the Regional Offices, Gay Meyer; President of the Veterans Medical Leadership Council and Col. U.S. Air Force (R), Sam Young; Southwest Veterans Foundation & Chamber of Commerce’s Executive Director and Col. U.S. Marine Corps (R), Tom Sheets; U.S. Vets Phoenix Executive Director, Michelle Jameson; and Stara Technologies Corporation’s Financial Analysis Director, Mark Rome.

    The Honoring Arizona’s Veterans Phoenix Veterans Day Parade will be another opportunity to show support to Arizona’s veterans for the 100th Anniversary of Veterans Day. The Phoenix Veterans Day Parade is the 4th largest Veterans Parade in attendance in the United States. Out of respect to local church services, the 2018 Phoenix Veterans Day Parade will be held the day after Veterans Day, on Monday, November 12 at 11 a.m. The parade starts at Montebello and Central Avenues running southbound and then will turn east onto Camelback Road, South on Seventh Street and will de-stage at Indian School Road.

    “To me, the importance of the event is way it helps our veterans. There’s something special about the honor and recognition they receive from the parade that helps them heal and that helps them transition back to their civilian life, which is really important to our community,” says Phoenix Veterans Day Parade Coordinator, Paula Pedene.

    The HeroZona Foundation’s HeroPreneur three day summit will then return to Phoenix from November 14 through November 16 to empower veterans through entrepreneurship, education, and careers. It is spearheaded by HeroZona and Arizona Department of Veterans’ Services, in conjunction with State of Arizona, City of Phoenix and Arizona Corporate Council, and Arizona Public Service will be a presenting sponsor. l. The U.S. Department of Veterans Affairs will also attend the HeroPreneur summit, hosting workshops for large companies, small veteran owned businesses and veterans interested in contracting government and earning certification.

    For more information about the HeroZona Foundation, visit hnvbs.com and herozona.org.

    About HeroZona Foundation
    The HeroZona Foundation has a strong focus on veteran initiatives and honoring those who have served our country and their family members. The nonprofit’s name reflects that messaging to focus on empowering and celebrating America’s veterans. Their upcoming event, HeroPreneur is a week-long Veterans Day engagement that has three pillars which empower Arizona’s veterans through entrepreneurship, education and employment. HeroZona‘s Annual Heropreneur National Veteran Business Summit has created a multi-day networking experience to improve America’s support of veteran companies through workshops, networking, entrepreneurial connections, and seminars; culminated by various entertainment events including the Phoenix Veterans Day Parade, HeroZona Honor Walk, Phoenix Sun’s NBA basketball game and other entertainment activities. For more information visit hnvbs.com, heropreneur.com or herozona.org. Reported by PRWeb 39 minutes ago.

    0 0

    MediBeacon’s Breakthrough Device is Intended to Measure GFR in
    Patients with Impaired or Normal Kidney Function

    NEW YORK, Oct. 22, 2018 (GLOBE NEWSWIRE) -- HC2 Holdings, Inc. (“HC2”) (NYSE:HCHC), a diversified holding company, announced today that the U.S. Food and Drug Administration (“FDA”) has granted Breakthrough Device designation to MediBeacon Inc., a portfolio company within HC2’s Pansend Life Sciences subsidiary, for the company’s Transdermal GFR Measurement System (“TGFR”).  The device is intended to measure Glomerular Filtration Rate (“GFR”) in patients with impaired or normal renal function.^1

    MediBeacon’s TGFR, which is designated by the FDA to be a combination product includes an optical skin sensor, monitor and MB-102, which is a proprietary fluorescent tracer agent that glows in the presence of light.  The TGFR is designed to provide clinicians continuous real-time measurement of GFR at the point of care with no need for blood sampling or urine collection.

    The ability to measure GFR is of high clinical interest especially in patients with or at risk of kidney disease. Kidney disease is a hidden epidemic, affecting more than 850 million people worldwide.  This is twice the number of people who have diabetes and more than 20 times the number of people with cancer.^2

    Under the Breakthrough Devices program, a provision of the 21st Century Cures Act, the FDA works with companies to expedite regulatory review in order to give patients more timely access to diagnostic and therapeutic technologies.  According to the FDA, a “Breakthrough Device” like the TGFR is a product that has the potential to be more effective at diagnosing a life-threatening or irreversibly debilitating disease or condition compared to the current standard of care.^3

    “We are extremely excited about MediBeacon’s breakthrough real-time kidney function measurement system,” said Philip Falcone, HC2’s Chairman, Chief Executive Officer and President.  “HC2 is committed to continued support of this remarkable innovation which has the potential to help millions of people around the world.”

    “We are delighted that the FDA has recognized the Transdermal GFR Measurement System meets the requirements for this designation,” said Steve Hanley, MediBeacon Chief Executive Officer.  “We look forward to continued close collaboration with the FDA as we begin our pivotal multicenter clinical study in the United States and Europe.”

    MediBeacon tracer agents and devices, including the TGFR, are not approved or cleared for human use by any regulatory agency.

    *About HC2*

    HC2 Holdings, Inc. is a publicly traded (NYSE:HCHC) diversified holding company, which seeks opportunities to acquire and grow businesses that can generate long-term sustainable free cash flow and attractive returns in order to maximize value for all stakeholders.  HC2 has a diverse array of operating subsidiaries across eight reportable segments, including Construction, Marine Services, Energy, Telecommunications, Life Sciences, Broadcasting, Insurance and Other.  HC2’s largest operating subsidiaries include DBM Global Inc., a family of companies providing fully integrated structural and steel construction services, and Global Marine Systems Limited, a leading provider of engineering and underwater services on submarine cables. Founded in 1994, HC2 is headquartered in New York, New York.  Learn more about HC2 and its portfolio companies at www.hc2.com.

    *About MediBeacon Inc.*

    MediBeacon’s mission is to commercialize biocompatible optical diagnostic agents for physiological monitoring, surgical guidance, and imaging of pathological disease in the human population. Several product concepts in these arenas are contained in the MediBeacon Intellectual Property estate. MediBeacon’s portfolio includes a renal function system that uses an optical skin sensor combined with a proprietary fluorescent tracer agent that glows in the presence of light. This system, currently in human trials, is designed to enable clinically practical point of care measurement of a patient’s kidney function.  Learn more about MediBeacon at www.medibeacon.com.

    *Cautionary Statement Regarding Forward-Looking Statements*

    Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: This release contains, and certain oral statements made by HC2’s representatives from time to time may contain, forward-looking statements. Generally, forward-looking statements include information describing actions, events, results, strategies and expectations and are generally identifiable by use of the words “believes,” “expects,” “intends,” “anticipates,” “plans,” “seeks,” “estimates,” “projects,” “may,” “will,” “could,” “might,” or “continues” or similar expressions. The forward-looking statements in this press release include, without limitation, statements regarding HC2’s expectation regarding building shareholder value and future cash and invested assets.  Such statements are based on the beliefs and assumptions of HC2’s management and the management of HC2’s subsidiaries and portfolio companies. HC2 believes these judgments are reasonable, but you should understand that these statements are not guarantees of performance or results, and HC2’s actual results could differ materially from those expressed or implied in the forward-looking statements due to a variety of important factors, both positive and negative, that may be revised or supplemented in subsequent reports on Forms 10-K, 10-Q and 8-K. Such important factors include, without limitation, issues related to the restatement of HC2’s financial statements; the fact that HC2 has historically identified material weaknesses in its internal control over financial reporting, and any inability to remediate future material weaknesses; capital market conditions; the ability of HC2's subsidiaries and portfolio companies to generate sufficient net income and cash flows to make upstream cash distributions; volatility in the trading price of HC2 common stock; the ability of HC2 and its subsidiaries and portfolio companies to identify any suitable future acquisition opportunities; HC2’s ability to realize efficiencies, cost savings, income and margin improvements, growth, economies of scale and other anticipated benefits of strategic transactions; difficulties related to the integration of financial reporting of acquired or target businesses; difficulties completing pending and future acquisitions and dispositions; effects of litigation, indemnification claims, and other contingent liabilities; changes in regulations and tax laws; and risks that may affect the performance of the operating subsidiaries and portfolio companies of HC2. Although HC2 believes its expectations and assumptions regarding its future operating performance are reasonable, there can be no assurance that the expectations reflected herein will be achieved. These risks and other important factors discussed under the caption “Risk Factors” in HC2’s most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission (“SEC”), and HC2’s other reports filed with the SEC could cause actual results to differ materially from those indicated by the forward-looking statements made in this press release.

    You should not place undue reliance on forward-looking statements. All forward-looking statements attributable to HC2 or persons acting on its behalf are expressly qualified in their entirety by the foregoing cautionary statements. All such statements speak only as of the date made, and unless legally required, HC2 undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise.

    For information on HC2 Holdings, Inc., please contact:

    Andrew G. Backman
    Managing Director
    Investor Relations & Public Relations
    abackman@hc2.com
    212-339-5836

    ___________________________

    1 Data on file. MediBeacon Inc., St. Louis, MO.
    2 Joint Press Release, June 27, 2018 “The hidden epidemic: Worldwide, over 850 million people suffer from kidney diseases”, American Society of Nephrology – ASN (https://www.asn-online.org ), ERA-EDTA (http://web.era-edta.org ) and ISN (https://www.theisn.org).
    3 U.S. Food and Drug Administration. https://www.fda.gov/downloads/MedicalDevices/DeviceRegulationandGuidance/GuidanceDocuments/UCM581664.pdf Reported by GlobeNewswire 17 minutes ago.

    0 0

    *Deutsche Bank and ABN AMRO Engaged as Joint Advisors*NEW YORK, Oct. 22, 2018 (GLOBE NEWSWIRE) -- HC2 Holdings, Inc. (“HC2”) (NYSE:HCHC), a diversified holding company, announced today that it is exploring strategic alternatives, including a potential sale, for its Global Marine subsidiary.

    As part of this process, Global Marine Holdings, LLC (d/b/a Global Marine Group) (“Global Marine”), a leading provider of offshore engineering services to the telecommunications, renewables and oil & gas industries through its operating subsidiary Global Marine Systems Limited, has engaged Deutsche Bank Securities Inc. (“Deutsche Bank”) and ABN AMRO Bank N.V. (“ABN AMRO”) as joint advisors to explore strategic alternatives for the business. 

    “Since our acquisition four years ago, the management team at Global Marine has repositioned and strengthened itself by securing and maintaining leadership positions in various key growth markets, a testament to the strength of this business and the quality and focus of the team,” said Philip Falcone, HC2’s Chairman, Chief Executive Officer and President. “They’ve renewed the fleet of marine assets through strategic acquisitions and re-organized the business to pursue attractive growth opportunities, all while substantially reducing debt that was assumed during the acquisition. We believe exploring strategic options now will clearly position the next buyer to strategically capitalize on the next phase of growth of the Global Marine business, while allowing current investors an opportunity to realize substantial value creation since the acquisition in 2014. Reducing HC2’s debt cost of capital has been a top priority of ours, and we believe monetizing this asset will get us above and beyond that important goal.” 

    Mr. Falcone continued, “We’ve been delighted to be part of the Global Marine journey and having reviewed what we believe are incredible prospects for this business, we believe that now is the right time to explore strategic alternatives to support the growth trajectory of the business set by Executive Chairman Dick Fagerstal and long-term Chief Executive Officer Ian Douglas.”

    Since the acquisition of Global Marine by HC2, Global Marine has realized significant success across its business, including the following key initiatives and accomplishments:

    · Successfully renewed all three of its critical, long-term telecom maintenance agreements, representing approximately half of the world’s contracted telecom maintenance zones
    · Installed numerous telecom cables for key customers, including its various joint venture partners
    · Replaced two marine installation vessels with newer assets (Global Symphony and C.S. Recorder)
    · Re-entered the offshore power market through the acquisition of CWind in 2016, creating a platform to address compelling growth opportunities in the global market for offshore power construction and operations, installation, repair and maintenance services
    · Subsequently secured a number of long-term offshore power contracts with major utility and development companies
    · Created CWind Taiwan, a joint venture with IOVTEC, to pursue significant offshore wind opportunities in the Asia Pacific region
    · Following the acquisition of Fugro’s trenching and cable laying business in exchange for an equity stake in Global Marine by Fugro N.V in 2017, won and delivered several offshore power cable installation projects and currently building a significant pipeline of work in this growth market  
    · Recently formed a new business group, Global Offshore, to pursue installation and maintenance opportunities in the rebounding oil and gas markets
    · Continue to maintain solid backlog, including backlog from Global Marine’s Huawei Marine joint venture

    “We very much welcome this decision from HC2 to explore strategic options to support the continued growth of the Global Marine Group platform,” said Ian Douglas, Chief Executive Officer of Global Marine. “Together, we have strengthened the business and grown across our target markets, and we believe we have a great opportunity to accelerate our growth with our experienced and proven management team, strong balance sheet, enhanced and upgraded portfolio of marine assets and a solid pipeline of secured and potential project opportunities.”

    There can be no assurance that the exploration of any strategic alternative, including a potential sale, will result in a consummated transaction or other alternative.  Neither HC2 nor Global Marine has set a timetable for completion of the process, and neither intends to comment further regarding the process unless a specific transaction or other alternative is approved by their respective Boards of Directors, the process is concluded or it is otherwise determined that further disclosure is appropriate or required by law.

    *About HC2*

    HC2 Holdings, Inc. is a publicly traded (NYSE:HCHC) diversified holding company, which seeks opportunities to acquire and grow businesses that can generate long-term sustainable free cash flow and attractive returns in order to maximize value for all stakeholders.  HC2 has a diverse array of operating subsidiaries across eight reportable segments, including Construction, Marine Services, Energy, Telecommunications, Life Sciences, Broadcasting, Insurance and Other.  HC2’s largest operating subsidiaries include DBM Global Inc., a family of companies providing fully integrated structural and steel construction services, and Global Marine Systems Limited, a leading provider of engineering and underwater services on submarine cables. Founded in 1994, HC2 is headquartered in New York, New York.  Learn more about HC2 and its portfolio companies at www.hc2.com.

    *About Global Marine Group*

    The Global Marine Group (GMG) is part of Global Marine Systems Limited, which is an operating subsidiary of HC2 Holdings, Inc. (NYSE: HCHC).  GMG is a market leader in offshore engineering and is recognized as a high quality, independent strategic partner across multiple sectors.  GMG consists of three business units; Global Marine, providing subsea fiber optic cable solutions to the telecommunications industry, CWind, delivering power cable and asset management services topside and subsea to the offshore renewables and utilities markets, and Global Offshore, delivering the trenching and power cable laying services to the oil & gas sector.

    GMG has two joint ventures in China with S.B. Submarine Systems (SBSS) and Huawei Marine Networks (HMN), demonstrating its true global reach and integrated operations. The combined experience and knowledge has led to significant embedded intellectual property and an enviable track record of quality operations.

    GMG has an outstanding record in health & safety and proudly hold the RoSPA Order of Distinction, following 19 consecutive years of receiving their Gold Standard in recognition of outstanding occupational health & safety standards.

    GMG is in a unique position, owning the world’s largest independent marine contracting fleet including four specialist cable installation and repair vessels, four maintenance vessels and 21 CTVs. With a workforce that has an impressive total of over 6,300 years of service, and an average service length of approximately 12 years.

    GMG boasts a number of industry achievements, from installing the first subsea cable in 1850, being part of the consortium that invented the universal joint, and right through to today, finding solutions for client challenges such as blade repair for offshore wind turbines. GMG aspires to achieve its vision ‘Engineering a clean and connected future.’

    For more information about the Global Marine Group, Global Marine, CWind and Global Offshore, please visit our websites at www.globalmarine.group, www.globalmarine.co.uk, www.cwind.global and www.globaloffshore.co.uk.

    *Cautionary Statement Regarding Forward-Looking Statements*

    Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: This release contains, and certain oral statements made by HC2’s representatives from time to time may contain, forward-looking statements. Generally, forward-looking statements include information describing actions, events, results, strategies and expectations and are generally identifiable by use of the words “believes,” “expects,” “intends,” “anticipates,” “plans,” “seeks,” “estimates,” “projects,” “may,” “will,” “could,” “might,” or “continues” or similar expressions. The forward-looking statements in this press release include, without limitation, statements regarding HC2’s expectation regarding building shareholder value and future cash and invested assets.  Such statements are based on the beliefs and assumptions of HC2’s management and the management of HC2’s subsidiaries and portfolio companies. HC2 believes these judgments are reasonable, but you should understand that these statements are not guarantees of performance or results, and HC2’s actual results could differ materially from those expressed or implied in the forward-looking statements due to a variety of important factors, both positive and negative, that may be revised or supplemented in subsequent reports on Forms 10-K, 10-Q and 8-K. Such important factors include, without limitation, issues related to the restatement of HC2’s financial statements; the fact that HC2 has historically identified material weaknesses in its internal control over financial reporting, and any inability to remediate future material weaknesses; capital market conditions; the ability of HC2's subsidiaries and portfolio companies to generate sufficient net income and cash flows to make upstream cash distributions; volatility in the trading price of HC2 common stock; the ability of HC2 and its subsidiaries and portfolio companies to identify any suitable future acquisition opportunities; HC2’s ability to realize efficiencies, cost savings, income and margin improvements, growth, economies of scale and other anticipated benefits of strategic transactions; difficulties related to the integration of financial reporting of acquired or target businesses; difficulties completing pending and future acquisitions and dispositions; effects of litigation, indemnification claims, and other contingent liabilities; changes in regulations and tax laws; and risks that may affect the performance of the operating subsidiaries and portfolio companies of HC2. Although HC2 believes its expectations and assumptions regarding its future operating performance are reasonable, there can be no assurance that the expectations reflected herein will be achieved. These risks and other important factors discussed under the caption “Risk Factors” in HC2’s most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission (“SEC”) and HC2’s other reports filed with the SEC could cause actual results to differ materially from those indicated by the forward-looking statements made in this press release.

    You should not place undue reliance on forward-looking statements. All forward-looking statements attributable to HC2 or persons acting on its behalf are expressly qualified in their entirety by the foregoing cautionary statements. All such statements speak only as of the date made, and unless legally required, HC2 undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise.

    For information on HC2 Holdings, Inc., please contact:

    Andrew G. Backman
    Managing Director
    Investor Relations & Public Relations
    abackman@hc2.com
    212-339-5836  Reported by GlobeNewswire 8 minutes ago.

    0 0

    On 27 October 2016 the IMO agreed to implement a 0.50% mass by mass (m/m) sulphur cap on all marine fuel by 2020, from the current 3.50% m/m Reported by Mondaq 1 day ago.

    0 0

    Dusseldorf, Germany, Oct. 22, 2018 (GLOBE NEWSWIRE) -- Research Frontiers Inc. (Nasdaq: REFR) and Gauzy Ltd., a world-leading vendor of material science and light control technologies, announced today that Gauzy will be exhibiting SPD-Smart light control film at this week’s Glasstec 2018 Exhibition. Glasstec is the industry's leading international glass exhibition, highlighting the most innovative developments in glass technology, processing, and production. The four-day exhibition will take place in Dusseldorf, Germany, on October 23 – 26 at the Dusseldorf Fair Grounds.Gauzy will be exhibiting in Hall 11, booth number A41 in their largest booth ever at Glasstec. With over ten team members present, including the CEO, CTO, VP of Sales, and global sales managers, the company will be showcasing Gauzy SPD for architectural and automotive applications. Gauzy’s first-class, outdoor grade SPD technology allows dynamic light and energy control in transparent substrates. The company will also be presenting its Liquid Crystal based technologies, and offering special show only promotions on all products, for new and existing partners. All glass professionals, automotive OEMs, architects, interior designers, and industry professionals are invited to visit Gauzy’s booth (11A41).

    Gauzy Ltd. is a licensee of Research Frontiers, the inventor of patented SPD-SmartGlass technology. The company is licensed to develop and manufacture SPD-Smart light control emulsion and film, as well as make SPD-Smart end products for various industries. Last month, Gauzy led a group that invested $2 million in Research Frontiers. Earlier this month, RFI and Gauzy announced the inauguration of their SPD film production line at a ribbon cutting ceremony at their factory in Tel Aviv-Yafo. This production line has the capacity to produce over 365 thousand square meters of SPD light-control film per year per shift. Gauzy plans to introduce SPD film this year in 1.2 meter widths which will be the widest SPD film offered in the industry. Gauzy’s plans call for the introduction of SPD film 1.5 meters wide next year and 1.8 meters wide the following year. Gauzy currently produces PDLC film in 1.8 meter wide rolls.

    The markets for SPD-Smart film are already well-established. Research Frontiers has licensed over 40 chemical, film, and glass companies which are selling products for the automotive, aircraft, marine, train, museum and consumer electronics industries. Gauzy’s established and growing network of over 55 glass fabricators worldwide brings additional synergies, infrastructure, and growth opportunities to the smart glass industry.

    Research Frontiers patented SPD-SmartGlass technology is the same best-selling smart window technology that can be found on various car models from Daimler. The MAGIC SKY CONTROL feature, which is now in use on tens of thousands of Mercedes-Benz SLs, SLC/SLKs, Maybach and S-Class models around the world, uses patented SPD-SmartGlass technology developed by Research Frontiers to turn the roof transparent by electrically aligning tiny particles in a thin film within the glass. With the touch of a button, drivers and passengers can instantly change the tint of their roof to help keep out harsh sunlight and heat, and create an open-air feeling even when the sunroof is closed. Glass or plastic using Research Frontiers’ patented SPD-SmartGlass technology effectively blocks UV and infrared rays in both clear and darkly tinted modes, helping keep the cabin cooler, and protecting passengers and interiors while also enhancing security inside the vehicle. These benefits become even more important when a car uses large surface areas of glass, especially in warm climates.

    Some of the other benefits of SPD-SmartGlass include significant heat reduction inside the vehicle (by up to 18ºF/10ºC), UV protection, glare control, reduced noise and reduced fuel consumption. Independent calculations also show that use of SPD-SmartGlass can reduce CO2 emissions by four grams per kilometer, and increase the driving range of electric vehicles by approximately 5.5 percent.

    *About Gauzy Ltd.*

    Gauzy is a world leader and vendor of material science, focused on the research, development, manufacturing, and marketing of technologies which are embedded into and onto raw materials. Amongst Gauzy’s core areas of expertise are Liquid Crystals And SPD, which is used to produce LCG® (Light Controlled Glass). The company is headquartered in Tel Aviv Israel, with additional offices in Stuttgart, Germany, Guangzhou China and Los Angeles, California. Learn more at www.gauzy.com

    Along with a best of breed R&D team, Gauzy also has an on-site production line with custom machinery for high quality products with on time delivery. Gauzy’s technology is featured in notable projects worldwide, including automotive collaborations with leading OEMs and Tier 1 suppliers, hotels, corporate offices, luxury residences, retail chains and consumer electronics.

    *About Research Frontiers Inc. *

    Research Frontiers is a publicly traded technology company and the developer of patented SPD-Smart light-control film technology which allows users to instantly, precisely and uniformly control the shading of glass or plastic products, either manually or automatically. Research Frontiers has licensed its smart glass technology to over 40 companies that include well known chemical, material science and glass companies. Products using Research Frontiers’ smart glass technology are being used in tens of thousands of cars, aircraft, yachts, trains, homes, offices, museums and other buildings. For more information, please visit our website at www.SmartGlass.com, and on Facebook, Twitter, LinkedIn and YouTube.

    Note: From time to time Research Frontiers may issue forward-looking statements which involve risks and uncertainties. This press release contains forward-looking statements. Actual results, especially those reliant on activities by third parties, could differ and are not guaranteed. Any forward-looking statements should be considered accordingly. "SPD-Smart" and “SPD-SmartGlass” are trademarks of Research Frontiers Inc.

    CONTACT: For further information, please contact:

    Eyal Peso
    Founder and CEO
    Gauzy Ltd.
    +972-72-2500385
    info@gauzy.com

    Brittany Kleiman Swisa
    Media & Marketing Contact
    Gauzy Ltd.
    +972-72-2500385
    brittany@gauzy.com

    Joseph M. Harary
    President and CEO
    Research Frontiers Inc.
    +1-516-364-1902
    Info@SmartGlass.com Reported by GlobeNewswire 23 hours ago.

    0 0

    Australis Oil & Gas has spudded the first of at least six wells it plans to drill in the Tuscaloosa Marine Shale across south -More-  Reported by SmartBrief 22 hours ago.

    0 0

    MONACO, Oct. 22, 2018 (GLOBE NEWSWIRE) -- Scorpio Bulkers Inc. (NYSE: SALT) (“Scorpio Bulkers”, or the “Company”), today reported its results for the three and nine months ended September 30, 2018.

    The Company also announced today that on October 19, 2018, its Board of Directors declared a quarterly cash dividend of $0.02 per share on the Company’s common shares.

    *Results for the Three and Nine Months Ended September 30, 2018 and 2017*

    For the third quarter of 2018, the Company’s GAAP net loss was $0.4 million, or $0.01 loss per diluted share. These results include the write off of deferred financing costs of $2.0 million, or $0.03 per diluted share, related to the refinancing of existing debt (see discussion below, “Debt”). For the same period in 2017, the Company’s GAAP net loss was $10.7 million, or $0.15 loss per diluted share. Total vessel revenues for the third quarter of 2018 were $62.5 million, compared to $38.6 million for the same period in 2017. Earnings before interest, taxes, depreciation and amortization (“EBITDA”) for the third quarters of 2018 and 2017 were $28.8 million and $12.4 million, respectively (see Non-GAAP Financial Measures below).

    For the nine months ended September 30, 2018, the Company’s GAAP net loss was $5.3 million or $0.07 loss per diluted share. For the same period in 2017, the Company’s GAAP net loss was $58.7 million, or $0.82 loss per diluted share. Total vessel revenues for the first nine months of 2018 were $177.3 million, compared to $111.1 million for the same period in 2017. EBITDA for the nine months ended September 30, 2018 and 2017 were $77.2 million and $12.3 million, respectively (see Non-GAAP Financial Measures below).

    While the first nine months of 2018 did not include any non-GAAP adjustments to net income, the Company’s first nine months of 2017 GAAP net loss included a loss/write-off of vessels and assets held for sale of $17.7 million and the write-off of deferred financing costs on the credit facility related to those specific vessels of $0.5 million. Excluding these items, the Company’s adjusted net loss for the first nine months of 2017 was $40.5 million, or $0.56 adjusted loss per diluted share. Adjusted EBITDA for the first nine months of 2017 was $30.0 million (see Non-GAAP Financial Measures below).

    *TCE Revenue*

    TCE Revenue Earned during the Third Quarter of 2018

    · Our Kamsarmax fleet earned $13,649 per day
    · Our Ultramax fleet earned $11,342 per day

    Voyages Fixed thus far for the Fourth Quarter of 2018

    · Kamsarmax fleet: approximately $14,382 per day for 49% of the days
    · Ultramax fleet: approximately $13,388 per day for 47% of the days

    *Cash and Cash Equivalents*

    As of October 19, 2018, the Company had approximately $58.0 million in cash and cash equivalents.

    *Recent Significant Events*

    *Share Repurchase Program*

    During the third quarter of 2018, the Company repurchased approximately 1.5 million shares of the Company’s common shares, at an average cost of $6.84 per share. The Company subsequently repurchased approximately 0.3 million shares of the Company’s common shares at an average cost of $6.60 per share from October 1, 2018 through October 12, 2018. These repurchases, totaling $11.9 million, were made under the Board of Directors authorized share repurchase program (the “Share Repurchase Program”) and funded from available cash resources. As of October 19, 2018, the Company had $18.4 million authorized remaining available under the Share Repurchase Program.

    On October 19, 2018, the Company’s Board of Directors authorized a new share repurchase program to purchase up to an aggregate of $50.0 million of our common shares (the “New Share Repurchase Program”). This New Share Repurchase Program replaced our Share Repurchase Program that was previously authorized in September 2017 and that was terminated in conjunction with the New Share Repurchase Program. The specific timing and amounts of the repurchases will be in the sole discretion of management and may vary based on market conditions and other factors. The Company is not obligated under the terms of the program to repurchase any of its common shares. The authorization has no expiration date.

    *Dividend*

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

    On October 19, 2018, the Company’s Board of Directors declared a quarterly cash dividend of $0.02 per share, payable on or about December 14, 2018, to all shareholders of record as of November 14, 2018. As of October 19, 2018, 75,397,899 shares were outstanding.

    *Investment in Scorpio Tankers Inc.*

    On October 12, 2018, the Company invested $100.0 million in a related party, Scorpio Tankers Inc. (NYSE:STNG) ("Scorpio Tankers") for approximately 54.1 million, or 10.9%, of Scorpio Tankers’ issued and outstanding common shares. The investment was part of a larger $300.0 million equity raise through a public offering of common shares by Scorpio Tankers.

    *IMO 2020*

    The Company has agreed letters of intent, which are subject to the execution of definitive documentation, with suppliers, engineering firms, and ship repair facilities to cover the purchase and installation of Exhaust Gas Cleaning Systems (“Scrubbers”) on substantially all of its owned and finance leased Kamsarmax and Ultramax vessels between the second quarter of 2019 and the third quarter of 2020. The Scrubbers and their installation will cost between $1.5 - $2.2 million per vessel, and the Company anticipates that between 60-70% of these costs will be financed.

    *Charter Employment Fixed*

    The Company has entered into time charter-out agreements, for which certain information is summarized below.

                                               
    *Vessel*   *Type*   *Earliest Redelivery Date*   *Rate Per Day**
    *                              
    SBI Jaguar   Ultramax   April 2019   $16,000                              
    SBI Ursa   Ultramax   June 2019   15,000                              
    SBI Tango   Ultramax   March 2019   14,500                              
    SBI Cougar   Ultramax   March 2019   16,500                              
    SBI Echo   Ultramax   February 2019   15,000                              
    SBI Thalia   Ultramax   April 2019   16,500                              
    SBI Lyra   Ultramax   April 2019   16,500                              
    SBI Bolero   Kamsarmax   May 2019   14,500                              
    SBI Macarena   Kamsarmax   February 2019   16,000                              
    SBI Mazurka   Kamsarmax   May 2019   16,000                              
    SBI Samba   Kamsarmax   April 2019   15,500                              
                                               

    *Debt*

    *$19.0 Million Lease Financing - SBI Echo*

    On July 18, 2018, the Company closed a financing transaction with an unaffiliated third party involving the sale and leaseback of the SBI Echo, a 2015 Japanese built Ultramax vessel, for consideration of $19.0 million. As part of the transaction, the Company will make payments of $5,400 per day under a five-year bareboat charter agreement with the buyer. If converted to floating interest rates, based on the expected weighted average life of the transaction, the equivalent cost of financing at the then prevailing swap rates would have been LIBOR plus 1.97% per annum.

    The transaction also provides the Company with options to repurchase the vessel beginning on the third anniversary of the sale until the end of the bareboat charter agreement. This transaction is being treated as a financial lease for accounting purposes.

    *$19.0 Million Lease Financing - SBI Tango*

    On July 18, 2018, the Company closed a financing transaction with an unaffiliated third party involving the sale and leaseback of the SBI Tango, a 2015 Japanese built Ultramax vessel, for consideration of $19.0 million. As part of the transaction, the Company will make payments of $5,400 per day under a five-year bareboat charter agreement with the buyer. If converted to floating interest rates, based on the expected weighted average life of the transaction, the equivalent cost of financing at the then prevailing swap rates would have been LIBOR plus 1.65% per annum.

    The transaction also provides the Company with options to repurchase the vessel beginning on the third anniversary of the sale until the end of the bareboat charter agreement. This transaction is being treated as a financial lease for accounting purposes.

    *$42.0 Million Credit Facility*

    During the third quarter of 2018, the Company repaid approximately $8.2 million of this loan as the SBI Tango is now financed under the $19.0 Million Lease Financing - SBI Tango.

    *$30.0 Million Credit Facility*

    On September 13, 2018, the Company entered into a senior secured credit facility for up to $30.0 million with ING Bank N.V. to refinance two of our Kamsarmax bulk carriers (SBI Zumba and SBI Parapara). The facility has a final maturity date of five years from drawdown date and bears interest at LIBOR plus a margin of 2.20% per annum. This facility is secured by, among other things, a first preferred mortgage on the two Kamsarmax vessels and guaranteed by each of the vessel owning subsidiaries.

    *$60.0 Million Credit Facility*

    On September 11, 2018, the Company entered into a senior secured credit facility for up to $60.0 million. The loan facility will be used to finance up to 60% of the fair market value of two Ultramax dry bulk vessels (SBI Perseus and SBI Phoebe) and two Kamsarmax dry bulk vessels (SBI Electra and SBI Flamenco). The facility has a final maturity date of five years from drawdown date and bears interest at LIBOR plus a margin of 2.25% per annum. This facility is secured by, among other things, a first preferred mortgage on the four vessels and guaranteed by each of the vessel owning subsidiaries.

    *$67.5 Million Credit Facility*

    During the third quarter of 2018, the Company fully repaid this loan and terminated the credit facility. The four vessels previously financed by this loan are now financed under the $60.0 Million Credit Facility.

    *$184.0 Million Credit Facility*

    On September 21, 2018, the Company entered into a senior secured credit facility for up to $184.0 million with Nordea Bank AB (publ), acting through its New York branch, and Skandinaviska Enskilda Banken AB (publ) to refinance up to 60% of the fair market value of six Ultramax dry bulk vessels (SBI Athena, SBI Thalia, SBI Zeus, SBI Hera, SBI Poseidon and SBI Apollo) and six Kamsarmax dry bulk vessels (SBI Conga, SBI Bolero, SBI Sousta, SBI Rock, SBI Reggae and SBI Mazurka). The facility, which is comprised of a term loan of up to $104.0 million and a revolver of up to $80.0 million, has a final maturity date of five years from signing date and bears interest at LIBOR plus a margin of 2.40% per annum. This facility is secured by, among other things, a first preferred mortgage on the twelve vessels and guaranteed by each of the vessel owning subsidiaries.

    *$409.0 Million Credit Facility*

    During the third quarter of 2018, the Company fully repaid this loan and terminated the credit facility. Two of the Kamsarmax vessels previously financed by this loan are now financed under the $30.0 Million Credit Facility, twelve vessels previously financed by this loan are now financed under the $184.0 Million Credit Facility and the SBI Echo is now financed under the $19.0 Million Lease Financing - SBI Echo.

    *$34.0 Million Credit Facility*

    On October 3, 2018, the Company entered into a senior secured credit facility for up to $34.0 million with a leading European financial institution to refinance up to 62.5% of the fair market value of two Kamsarmax bulk vessels (SBI Jive and SBI Swing). The loan facility, which is comprised of a term loan up to $17.0 million and a revolver up to $17.0 million, has a final maturity date of seven years from signing date and bears interest at LIBOR plus a margin of 2.35% per annum. This facility is secured by, among other things, a first preferred mortgage on the two vessels and guaranteed by each of the vessel owning subsidiaries. On October 5, 2018, the Company drew down the entire $34.0 million available on this facility.

    *$330.0 Million Credit Facility*

    During October of 2018, the Company repaid approximately $23.1 million of this loan as two of the Kamsarmax vessels previously financed by this loan are now financed under the $34.0 Million Credit Facility.

    An additional $61.7 million is expected to be repaid under this credit facility upon the closing of the $90.0 Million Credit Facility.

    The drawdowns and repayments on our credit facilities between the third quarter of 2018 and October 19, 2018 related to the debt refinancing transactions described above are as follows:

                             
    *Credit Facility*   *Drawdown (Repayment) Amount*
    *($ thousands)*                    
    $19.0 Million Lease Financing - SBI Tango   $ 19,000                     
    $42.0 Million Credit Facility   (8,248)                    
    $19.0 Million Lease Financing - SBI Echo   19,000                     
    $30.0 Million Credit Facility   29,975                     
    $60.0 Million Credit Facility   60,000                     
    $67.5 Million Credit Facility   (37,454)                    
    $184.0 Million Credit Facility   184,000                     
    $409.0 Million Credit Facility   (169,248)                    
    $34.0 Million Credit Facility   34,000                     
    $330.0 Million Credit Facility   (23,100)                    
                             

    *$90.0 Million Credit Facility*

    On October 3, 2018, the Company received a commitment from Nordea Bank Abp, acting through its New York branch, and DVB Bank SE for a loan facility of up to $90.0 million. The loan facility will be used to finance up to 60% of the fair market value of six Ultramax dry bulk vessels (SBI Orion, SBI Hyperion, SBI Tethys, SBI Hercules, SBI Samson and SBI Phoenix).

    The loan facility has a final maturity date of five years from signing date and bears interest at LIBOR plus a margin of 2.35% per annum. This loan facility, which is expected to close during the fourth quarter of 2018, would increase the Company’s liquidity by approximately $28.0 million after repayment of the vessels’ existing debt. The terms and conditions are similar to those set forth in the Company's existing credit facilities and the loan facility is subject to customary conditions precedent and the execution of definitive documentation.

    The Company expects to accelerate the amortization of between $1.5 million and $2.0 million of existing deferred financing costs upon the repayment the existing debt.

    *$20.5 Million Lease Financing - SBI Hermes*

    On September 27, 2018, the Company entered into a financing transaction with an unaffiliated third party involving the sale and leaseback of the SBI Hermes, a 2016 Japanese built Ultramax vessel, for consideration of $20.5 million. As part of the transaction, the Company will make payments of $5,850 per day under a five-year bareboat charter agreement with the buyer. If converted to floating interest rates, based on the expected weighted average life of the transaction, the equivalent cost of financing at the then prevailing swap rates would have been LIBOR plus a margin of 1.39% per annum.

    The transaction also provides the Company with options to repurchase the vessel beginning on the third anniversary of the sale until the end of the bareboat charter agreement. This transaction, which is expected to close in the fourth quarter of 2018, will be treated as a financial lease for accounting purposes and increases the Company’s liquidity by approximately $11.3 million after repayment of the vessel’s existing loan.

    *Debt Overview*

    The Company’s outstanding debt balances, gross of unamortized deferred financing costs as of September 30, 2018 and October 19, 2018, are as follows (dollars in thousands):

             
        *As of September 30, 2018*   *As of October 19, 2018*
    *Credit Facility*   *Amount Outstanding*   *Amount Outstanding*   *Amount Committed **
    Senior Notes   $ 73,625     $ 73,625     $ —  
    $409 Million Credit Facility   —     —     —  
    $330 Million Credit Facility ^(1)(2)   229,488     206,388     —  
    $42 Million Credit Facility   14,105     14,105     —  
    $67.5 Million Credit Facility   —     —     —  
    $12.5 Million Credit Facility   9,596     9,596     —  
    $27.3 Million Credit Facility^ (3)   17,825     17,825     —  
    $85.5 Million Credit Facility   80,604     80,604     —  
    $38.7 Million Credit Facility   36,000     36,000      
    $19.6 Million Lease Financing - SBI Rumba   18,396     18,396     —  
    $12.8 Million Credit Facility   12,750     12,750     —  
    $19.0 Million Lease Financing - SBI Tango   18,727     18,636     —  
    $19.0 Million Lease Financing - SBI Echo   18,742     18,656      
    $30.0 Million Credit Facility   29,975     29,975      
    $60.0 Million Credit Facility   60,000     60,000     —  
    $184.0 Million Credit Facility   184,000     184,000      
    $34.0 Million Credit Facility   —     34,000      
    $90.0 Million Credit Facility   —     —     90,000  
    $20.5 Million Lease Financing - SBI Hermes   —     —     20,500  
    Total   $ 803,833     $ 814,556     $ 110,500  
                             

    (1)     $23.1 million repaid upon the drawdown of the $34.0 Million Credit Facility in the fourth quarter of 2018.
    (2)     $61.7 million expected to be repaid upon the drawdown of the $90.0 Million Credit Facility in the fourth quarter of 2018.
    (3)     $8.8 million expected to be repaid upon the drawdown of the $20.5 Million Lease Financing - SBI Hermes in the fourth quarter of 2018.
    *     Reflects the maximum loan amount available on undrawn facility.
           

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

                 
        *Principal on Bank Loans and Senior Notes*   *Finance Lease*   *Total*
    Q4 2018 ^(1)     83,210       1,506       84,716  
    Q1 2019     14,847       2,012       16,859  
    Q2 2019     15,617       2,012       17,629  
    Q3 2019 ^(2)     88,817       2,012       90,829  
    Q4 2019     15,813       2,012       17,825  
    Total   $218,304     $9,554     $227,858  
                       

    (1)     Relates to payments expected to be made from October 20, 2018 to December 31, 2018 including $61.7 million and $8.8 million to be repaid upon the respective drawdowns of the $90.0 Million Credit Facility and the $20.5 Million Lease Financing - SBI Hermes.
    (2)     Includes $73.6 million repayment of Senior Notes due at maturity.
           

    *Financial Results for the Three Months Ended September 30, 2018 Compared to the Three Months Ended September 30, 2017*

    For the third quarter of 2018, the Company’s GAAP net loss was $0.4 million, or $0.01 loss per diluted share compared to a GAAP net loss of $10.7 million, or $0.15 loss per diluted share in the same period in 2017. GAAP results for the third quarter of 2018 include the write off of deferred financing costs of $2.0 million, or $0.03 per diluted share, related to the refinancing of existing debt. EBITDA for the third quarters of 2018 and 2017 were $28.8 million and $12.4 million, respectively (see Non-GAAP Financial Measures).

    Total vessel revenues for the third quarter of 2018 were $62.5 million, an increase of $23.9 million from $38.6 million in the third quarter of 2017. Our TCE revenue (see Non-GAAP Financial Measures) for the third quarter of 2018 was $62.4 million, an increase of $23.8 million from the prior year period. Total vessel revenues benefited from strong grain activity from the East Coast South America market due to tariffs and potential trade wars, as well as increased demand for coal in China and India.

    Total operating expenses for the third quarter of 2018 were $49.5 million compared to $41.2 million in the third quarter of 2017. The increase from the prior year period relates primarily to increases in vessel operating expenses and depreciation due principally to the growth of our fleet.

     
    *Ultramax Operations**
    *
               
      *Three Months Ended
    September 30,*        
    Dollars in thousands *2018*   *2017*   *Change*   *% Change*
    *TCE Revenue:*              
    Vessel revenue $ 39,722     $ 23,069     $ 16,653     72  
    Voyage expenses 80     16     64     400  
    *TCE Revenue* $ 39,642     $ 23,053     $ 16,589     72  
    *Operating expenses:*              
    Vessel operating costs 18,178     12,773     5,405     42  
    Charterhire expense 936     29     907     NA  
    Vessel depreciation 9,399     7,518     1,881     25  
    General and administrative expense 1,109     837     272     32  
    *Total operating expenses* $ 29,622     $ 21,157     $ 8,465     40  
    *Operating income* $ 10,020     $ 1,896     $ 8,124     428  
                                 

    Vessel revenue for our Ultramax Operations increased to $39.7 million for the third quarter of 2018 from $23.1 million in the prior year period due to strong South Atlantic grain activity, as U.S. tariffs caused Chinese buyers to continue buying large quantities of soybeans from the East Coast South America market extending the usual second quarter grain activity. In addition, strong coal demand from China benefited rates.

    TCE revenue (see Non-GAAP Financial Measures) for our Ultramax Operations was $39.6 million for the third quarter of 2018 and was associated with a day-weighted average of 37 vessels owned and one time chartered-in vessel, compared to $23.1 million for the prior year period, associated with a day-weighted average of 28 vessels owned. TCE revenue per day was $11,342 and $8,949 for the third quarters of 2018 and 2017, respectively.

               
    Dollars in thousands *Three Months Ended
    September 30,*        
    *Ultramax Operations:* *2018*   *2017*   *Change*   *% Change*
    TCE Revenue $ 39,642     $ 23,053     $ 16,589     72  
    TCE Revenue / Day $ 11,342     $ 8,949     $ 2,393     27  
    Revenue Days 3,495     2,576     919     36  
                           

    Our Ultramax Operations vessel operating costs were $18.2 million for the third quarter of 2018, relating to the 37 vessels owned on average during the period, and included approximately $1.1 million of takeover costs and contingency expenses. Vessel operating costs for the prior year period were $12.8 million and related to the 28 vessels owned on average during the period. Daily operating costs excluding takeover costs and contingency expenses for the third quarters of 2018 and 2017 were $5,037 and $4,927, respectively. The increase versus the prior year period is due primarily to purchases of spares and stores, as well as repairs and maintenance. Sequentially, daily operating costs increased from $5,003 in the second quarter of 2018. The increase versus the trailing quarter is due primarily to the timing of repairs and maintenance, including certain annual class and certification costs.

    Charterhire expense for our Ultramax Operations was approximately $0.9 million for the third quarter of 2018 and relates to the vessel time chartered-in at $10,125 per day since the end of the third quarter of 2017.

    Ultramax Operations depreciation increased to $9.4 million in the third quarter of 2018 from $7.5 million in the prior year period, reflecting the increase in our weighted average vessels owned to 37 from 28.

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

               
    *Kamsarmax Operations*          
               
      *Three Months Ended
    September 30,*        
    Dollars in thousands *2018*   *2017*   *Change*   *% Change*
    *TCE Revenue:*              
    Vessel revenue $ 22,743     $ 15,539     $ 7,204     46  
    Voyage expenses 4     37     (33 )   (89 )
    *TCE Revenue* $ 22,739     $ 15,502     $ 7,237     47  
    *Operating expenses:*              
    Vessel operating costs 8,833     8,223     610     7  
    Charterhire expense 108     769     (661 )   (86 )
    Vessel depreciation 4,899     4,553     346     8  
    General and administrative expense 542     515     27     5  
    *Total operating expenses* $ 14,382     $ 14,060     $ 322     2  
    *Operating income* $ 8,357     $ 1,442     $ 6,915     480  
                                 

    Vessel revenue for our Kamsarmax Operations increased to $22.7 million in the third quarter of 2018 from $15.5 million in the prior year period due to a sustained grain import program from China. With trade war narratives escalating this summer, Chinese mills were making sure they purchased as much grain as they could from other origins notably the East Coast South America market. This coincided with the increase in Indian demand for coal from all origins, especially South Africa.

    TCE revenue (see Non-GAAP Financial Measures) for our Kamsarmax Operations was $22.7 million for the third quarter of 2018 associated with a day-weighted average of 19 vessels owned, compared to $15.5 million for the prior year period associated with a day-weighted average of 18 vessels owned and one vessel time chartered-in. TCE revenue per day was $13,649 and $9,211 for the third quarters of 2018 and 2017, respectively.

               
    Dollars in thousands *Three Months Ended
    September 30,*        
    *Kamsarmax Operations:* *2018*   *2017*   *Change*   *% Change*
    TCE Revenue $ 22,739     $ 15,502     $ 7,237     47  
    TCE Revenue / Day $ 13,649     $ 9,211     $ 4,438     48  
    Revenue Days 1,666     1,683     (17 )   (1 )
                           

    Kamsarmax Operations vessel operating costs were $8.8 million for the third quarter of 2018 relating to the 19 vessels owned on average during the period and included $0.4 million of takeover costs and contingency expenses. This compares to the prior year period of $8.2 million relating to 18 vessels owned on average during the period. Daily operating costs excluding takeover costs and contingency expenses for the third quarters of 2018 and 2017 were $4,931 and $4,989, respectively. Sequentially, daily operating costs increased from $4,801 in the second quarter of 2018, due primarily to an increase in spare and store purchases.

    While we do not currently time charter-in any Kamsarmax vessels, we have a profit and loss sharing agreement with a third party related to one Kamsarmax vessel. During the third quarter of 2018, our share of the loss on that vessel was $0.1 million. Our share of the loss in the prior year period was $0.3 million. During the prior year period, a Kamsarmax vessel was time chartered-in through August 2017 at a cost of $0.5 million.

    Kamsarmax Operations depreciation increased slightly to $4.9 million in the third quarter 2018 from $4.6 million in the prior year period. Our weighted average vessels owned were 19 in both the third quarters of 2018 and 2017.

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

    *Corporate*

    Certain general and administrative expenses we incur and all of our financial expenses are not attributable to a specific segment. Accordingly, these costs are not allocated to our segments. These general and administrative expenses, including compensation, audit, legal and other professional fees, as well as the costs of being a public company, such as director fees, were $5.4 million and $5.9 million in the third quarters of 2018 and 2017, respectively. The quarter over quarter decline is due primarily to reductions in restricted share amortization and legal fees.

    Financial expenses, net increased to $13.3 million in the third quarter of 2018 from $8.0 million in the prior year period due to an increase in the LIBOR rate and higher levels of debt related to the increase in overall fleet size, as well as the write off of $2.0 million of deferred financing costs related to the refinancing of our debt. Between $1.5 million and $2.0 million of deferred financing costs are expected to be written off in the fourth quarter of 2018, related to the continued refinancing of certain debt.

    *Financial Results for the Nine Months Ended September 30, 2018 Compared to the Nine Months Ended September 30, 2017*

    For the first nine months of 2018, the Company’s GAAP net loss was $5.3 million or $0.07 loss per diluted share compared to a GAAP net loss of $58.7 million, or $0.82 loss per diluted share in the same period last year. GAAP results for the first nine months of 2018 include the write off of deferred financing costs of $2.0 million, or $0.03 per diluted share, related to the refinancing of existing debt. EBITDA for the first nine months of 2018 and 2017 were $77.2 million and $12.3 million, respectively (see Non-GAAP Financial Measures). Excluding the loss/write-off of vessels and assets held for sale of $17.7 million and the write-off of deferred financing costs on the credit facility related to those specific vessels of $0.5 million, the Company’s adjusted net loss for the first nine months of 2017 was $40.5 million, or $0.56 adjusted loss per diluted share (see Non-GAAP Financial Measures below). There were no such non-GAAP adjustments to the Company’s first nine months of 2018 net income. Adjusted EBITDA for the first nine months of 2017 was $30.0 million (see Non-GAAP Financial Measures below).

    Total vessel revenues for the first nine months of 2018 were $177.3 million, an increase of $66.2 million from $111.1 million in the first nine months of 2017. Our TCE revenue (see Non-GAAP Financial Measures) for the first nine months of 2018 was $177.0 million, an increase of $66.3 million from the prior year period. Despite the negative macroeconomic noise, such as trade wars and sanctions, Ultramax Operations and Kamsarmax Operations have remained resilient in the steadily rising markets and both were able to take advantage of premiums in the Atlantic driven by the strength of the fronthaul market from East Coast South America and the Black Sea to China and South East Asia, respectively, as well as the tightening of supply.

    Total operating expenses for the first nine months of 2018 were $147.8 million compared to $144.5 million in the first nine months of 2017. The year over year increase relates to increases in vessel operating costs and depreciation resulting from the increase in the size of our fleet, offset in part to the loss/write-off of vessels and assets held for sale of $17.7 million recorded in the first nine months of 2017.

               
    *Ultramax Operations*
               
      *Nine Months Ended
    September 30,*        
    Dollars in thousands *2018*   *2017*   *Change*   *% Change*
    *TCE Revenue:*              
    Vessel revenue $ 112,778     $ 64,113     $ 48,665     76  
    Voyage expenses 264     82     182     222  
    *TCE Revenue* $ 112,514     $ 64,031     $ 48,483     76  
    *Operating expenses:*              
    Vessel operating costs 53,430     37,246     16,184     43  
    Charterhire expense 2,773     39     2,734     NA  
    Vessel depreciation 27,887     21,978     5,909     27  
    General and administrative expense 3,255     2,502     753     30  
    *Total operating expenses* $ 87,345     $ 61,765     $ 25,580     41  
    *Operating income* $ 25,169     $ 2,266     $ 22,903     NA  
                                 

    Vessel revenue for our Ultramax Operations increased to $112.8 million for the first nine months of 2018 from $64.1 million in the prior year period. We were able to take advantage of premiums in the Atlantic driven by the strength of the fronthaul market from East Coast South America and the Black Sea to China and South East Asia, respectively, as well as the tightening of supply.

    TCE revenue (see Non-GAAP Financial Measures) for our Ultramax Operations was $112.5 million for the first nine months of 2018 associated with a day-weighted average of 37 vessels owned and one time chartered-in vessel, compared to $64.0 million for the prior year period, associated with a day-weighted average of 28 vessels owned. TCE revenue per day was $10,895 and $8,519 for the nine months ended September 30, 2018 and 2017, respectively.

               
    Dollars in thousands *Nine Months Ended September 30,*        
    *Ultramax Operations:* *2018*   *2017*   *Change*   *% Change*
    TCE Revenue $ 112,514     $ 64,031     $ 48,483     76  
    TCE Revenue / Day $ 10,895     $ 8,519     $ 2,376     28  
    Revenue Days 10,327     7,516     2,811     37  
                           

    Our Ultramax Operations vessel operating costs were $53.4 million for the first nine months of 2018, relating to the 37 vessels owned on average during the period and included approximately $3.1 million of takeover costs and contingency expenses. Vessel operating costs for the prior year period were $37.2 million and related to the 28 vessels owned on average during the period. Daily operating costs excluding takeover costs, contingency expenses and other non-operating expenses for the first nine months of 2018 and 2017 were $4,983 and $4,875, respectively. The increase is due to an increase of purchases of spares and stores, as well as freight and forwarding expense.

    Charterhire expense for our Ultramax Operations was approximately $2.8 million for the first nine months of 2018, and relates to the vessel we have time chartered-in at $10,125 per day since the end of the third quarter of 2017.

    Ultramax Operations depreciation increased to $27.9 million in the first nine months of 2018 from $22.0 million in the prior year period reflecting the increase in our weighted average vessels owned to 37 from 28.

    General and administrative expense for our Ultramax Operations was $3.3 million for the first nine months of 2018 and $2.5 million in the prior year period. General and administrative expenses consist primarily of administrative service fees, which are incurred on a per vessel per day basis, and bank charges, which are incurred based on the number of transactions. The increase versus the prior year period reflects the growth of our fleet.

               
    *Kamsarmax Operations*
               
      *Nine Months Ended September 30,*        
    Dollars in thousands *2018*   *2017*   *Change*   *% Change*
    *TCE Revenue:*              
    Vessel revenue $ 64,552     $ 46,965     $ 17,587     37  
    Voyage expenses 107     250     (143 )   (57 )
    *TCE Revenue* $ 64,445     $ 46,715     $ 17,730     38  
    *Operating expenses:*              
    Vessel operating costs 25,458     26,617     (1,159 )   (4 )
    Charterhire expense 318     4,406     (4,088 )   (93 )
    Vessel depreciation 14,306     13,692     614     4  
    General and administrative expense 1,515     1,592     (77 )   (5 )
    Loss / write down on assets held for sale —     17,701     (17,701 )   (100 )
    *Total operating expenses* $ 41,597     $ 64,008     $ (22,411 )   (35 )
    *Operating income (loss)* $ 22,848     $ (17,293 )   $ 40,141     232  
                                 

    Vessel revenue for our Kamsarmax Operations increased to $64.6 million in the first nine months of 2018 from $47.0 million in the prior year period. We were able to take advantage of premiums in the Atlantic driven by the strength of the fronthaul market from East Coast South America and the Black Sea to China and South East Asia, respectively, as well as the tightening of supply.

    TCE revenue (see Non-GAAP Financial Measures) for our Kamsarmax Operations was $64.4 million for the first nine months of 2018 associated with a day-weighted average of 18 vessels owned, compared to $46.7 million for prior year period, associated with a day-weighted average of 18 vessels owned and one vessel time chartered-in. TCE revenue per day was $13,123 and $9,218 for the first nine months of 2018 and 2017, respectively.

               
    Dollars in thousands *Nine Months Ended September 30,*        
    *Kamsarmax Operations:* *2018*   *2017*   *Change*   *% Change*
    TCE Revenue $ 64,445     $ 46,715     $ 17,730     38  
    TCE Revenue / Day $ 13,123     $ 9,218     $ 3,905     42  
    Revenue Days 4,911     5,068     (157 )   (3 )
                           

    Kamsarmax Operations vessel operating costs were $25.5 million for the first nine months of 2018, which related to the 18 vessels owned on average during the period and included approximately $0.8 million of takeover costs and contingency expenses. Vessel operating costs for the prior year period were $26.6 million, and related to the 18 vessels owned on average during the period. Daily operating costs excluding takeover costs, contingency expenses and other non-operating expenses for the first nine months of 2018 and 2017 were $4,970 and $5,057, respectively.

    While we do not time charter-in any Kamsarmax vessels, we have a profit and loss sharing agreement relating to one Kamsarmax vessel with a third party and during the first nine months of 2018, our share of the loss on that vessel was $0.3 million compared to $0.8 million in the prior year period. During the prior year period, a Kamsarmax vessel was time chartered-in through August 2017 at a cost of $3.6 million.

    Kamsarmax Operations depreciation increased to $14.3 million in the first nine months of 2018 from $13.7 million in the prior year period. Our weighted average vessels owned was 18 in both the first nine months of 2018 and 2017.

    General and administrative expense for our Kamsarmax Operations was $1.5 million and $1.6 million for the first nine months of 2018 and 2017, respectively. The expense consists primarily of administrative services fees, which are incurred on a per vessel per day basis, and bank charges, which are incurred based on the number of transactions.

    During the first nine months of 2017, we recorded a write-down on assets held for sale of $17.7 million related to the sale of two Kamsarmax vessels to an unaffiliated third party.

    *Corporate*

    Certain general and administrative expenses we incur and all of our financial expenses are not attributable to a specific segment. Accordingly, these costs are not allocated to our segments. These general and administrative expenses, including compensation, audit, legal and other professional fees, as well as the costs of being a public company, such as director fees, remained relatively flat year over year totaling $18.5 million and $18.4 million in the first nine months of 2018 and 2017, respectively.

    Financial expenses, net increased to $34.8 million in the first nine months of 2018 from $24.9 million in the prior year period due to an increase in the LIBOR rate and higher levels of debt related to the increase in overall fleet size, as well as the write off of $2.0 million of deferred financing costs related to the refinancing of our debt in 2018. Between $1.5 million and $2.0 million of deferred financing costs are expected to be written off in the fourth quarter of 2018, related to the continued refinancing of certain debt.

     
    *Scorpio Bulkers Inc. and Subsidiaries*
    *Consolidated Statements of Operations*
    *(Amounts in thousands, except per share data)*
         
        *Unaudited*
        *Three Months Ended
    September 30,*   *Nine Months Ended
    September 30,*
        *2018*   *2017*   *2018*   *2017*
    *Revenue:*                
    Vessel revenue   $ 62,465     $ 38,608     $ 177,331     $ 111,078  
    *Operating expenses:*                
    Voyage expenses   84     53     372     332  
    Vessel operating costs   27,011     20,996     78,888     63,863  
    Charterhire expense   1,044     798     3,091     4,445  
    Vessel depreciation   14,298     12,071     42,193     35,670  
    General and administrative expenses   7,043     7,245     23,283     22,530  
    Loss / write down on assets held for sale   —     —     —     17,701  
    *Total operating expenses*   49,480     41,163     147,827     144,541  
    *Operating income (loss)*   12,985     (2,555 )   29,504     (33,463 )
    *Other income (expense):*                
    Interest income   327     289     756     903  
    Foreign exchange loss   (31 )   (91 )   (73 )   (277 )
    Financial expense, net   (13,635 )   (8,317 )   (35,512 )   (25,821 )
    *Total other expense*   (13,339 )   (8,119 )   (34,829 )   (25,195 )
    *Net loss*   $ (354 )   $ (10,674 )   $ (5,325 )   $ (58,658 )
                     
    Loss per share:                
    Basic   $ (0.01 )   $ (0.15 )   $ (0.07 )   $ (0.82 )
    Diluted   $ (0.01 )   $ (0.15 )   $ (0.07 )   $ (0.82 )
                     
    Basic weighted average number of common shares outstanding   72,749     71,936     72,649     71,826  
    Diluted weighted average number of common shares outstanding   72,749     71,936     72,649     71,826  
                             

             
    *Scorpio Bulkers Inc. and Subsidiaries*
    *Consolidated Balance Sheets*
    *(Dollars in thousands)*
             
        *Unaudited*    
        *September 30, 2018*   *December 31, 2017*
    Assets        
    Current assets        
    Cash and cash equivalents   $ 142,809     $ 68,535  
    Accounts receivable   8,678     7,933  
    Prepaid expenses and other current assets   8,084     6,087  
    Total current assets   159,571     82,555  
    Non-current assets        
    Vessels, net   1,520,721     1,534,782  
    Vessels under construction   —     6,710  
    Deferred financing costs, net   3,214     3,068  
    Other assets   15,821     16,295  
    Total non-current assets   1,539,756     1,560,855  
    *Total assets*   $ 1,699,327     $ 1,643,410  
             
    Liabilities and shareholders’ equity        
    Current liabilities        
    Bank loans, net   $ 57,849     $ 46,993  
    Capital lease obligations   3,336     1,144  
    Senior Notes, net   73,120     —  
    Accounts payable and accrued expenses   14,546     10,453  
    Total current liabilities   148,851     58,590  
    Non-current liabilities        
    Bank loans, net   604,747     576,967  
    Capital lease obligations   51,338     17,747  
    Senior Notes, net   —     72,726  
    Total non-current liabilities   656,085     667,440  
    Total liabilities   804,936     726,030  
    Shareholders’ equity        
    Preferred shares, $0.01 par value; 50,000,000 shares authorized; no shares issued or outstanding   —     —  
    Common shares, $0.01 par value per share; authorized 212,500,000 shares; issued and outstanding 75,678,177 and 74,902,364 shares as of September 30, 2018 and December 31, 2017, respectively   797     762  
    Paid-in capital   1,746,856     1,745,844  
    Common shares held in treasury, at cost; 4,106,927 and 1,465,448 shares at September 30, 2018 and December 31, 2017, respectively   (29,715 )   (11,004 )
    Accumulated deficit   (823,547 )   (818,222 )
    Total shareholders’ equity   894,391     917,380  
    *Total liabilities and shareholders’ equity*   $ 1,699,327     $ 1,643,410  
                     

         
    *Scorpio Bulkers Inc. and Subsidiaries*
    *Statements of Cash Flows (unaudited)*
    *(Amounts in thousands)*
         
        *Nine Months Ended September 30,*
        *2018*   *2017*
    *Operating activities*        
    Net loss   $ (5,325 )   $ (58,658 )
    *Adjustment to reconcile net loss to net cash used by*        
    *operating activities:*        
    Restricted share amortization   5,625     10,418  
    Vessel depreciation   42,193     35,670  
    Amortization of deferred financing costs   6,483     4,249  
    Write-off of deferred financing costs   —     470  
    Loss / write-down on assets held for sale   —     16,471  
    *Changes in operating assets and liabilities:*        
    Decrease in accounts receivable   (745 )   (1,760 )
    Increase (decrease) in prepaid expenses and other assets   (1,519 )   (1,007 )
    Increase in accounts payable and accrued expenses   4,093     250  
    *Net cash provided by operating activities*   50,805     6,103  
    *Investing activities*        
    Proceeds from sale of assets held for sale   —     44,340  
    Payments for vessels and vessels under construction   (21,423 )   (23,285 )
    *Net cash (used in) provided by investing activities*   (21,423 )   21,055  
    *Financing activities*        
    Proceeds from issuance of long-term debt   324,725     51,600  
    Repayments of long-term debt   (251,515 )   (118,097 )
    Common shares repurchased   (18,710 )   —  
    Dividend paid   (4,579 )   —  
    Debt issue costs paid   (5,029 )   —  
    *Net cash provided by (used in) financing activities*   44,892     (66,497 )
    Increase (decrease) in cash and cash equivalents   74,274     (39,339 )
    Cash at cash equivalents, beginning of period   68,535     101,734  
    *Cash and cash equivalents, end of period*   $ 142,809     $ 62,395  
                     

             
    *Scorpio Bulkers Inc. and Subsidiaries*
    *Other Operating Data (unaudited)*
             
        *Three Months Ended
    September 30,*   *Nine Months Ended
    September 30,*
        *2018*   *2017*   *2018*   *2017*
    Time charter equivalent revenue ($000’s) ^(1):                
    Vessel revenue   $ 62,465     $ 38,608     $ 177,331     $ 111,078  
    Voyage expenses   (84 )   (53 )   (372 )   (332 )
    Time charter equivalent revenue   $ 62,381     $ 38,555     $ 176,959     $ 110,746  
    Time charter equivalent revenue attributable to:                
    Kamsarmax   $ 22,739     $ 15,502     $ 64,445     $ 46,715  
    Ultramax   39,642     23,053     112,514     64,031  
        $ 62,381     $ 38,555     $ 176,959     $ 110,746  
    Revenue days:                
    Kamsarmax   1,666     1,683     4,911     5,068  
    Ultramax   3,495     2,576     10,327     7,516  
    Combined   5,161     4,259     15,238     12,584  
    TCE per revenue day ^(1):                
    Kamsarmax   $ 13,649     $ 9,211     $ 13,123     $ 9,218  
    Ultramax   $ 11,342     $ 8,949     $ 10,895     $ 8,519  
    Combined   $ 12,087     $ 9,053     $ 11,613     $ 8,801  
                                     

    (1)

        We define Time Charter Equivalent (TCE) revenue as vessel revenues less voyage expenses. Such TCE revenue, divided by the number of our available days during the period, or revenue days, is TCE per revenue day, which is consistent with industry standards. TCE per revenue day is a common shipping industry performance measure used primarily to compare daily earnings generated by vessels on time charters with daily earnings generated by vessels on voyage charters, because charter hire rates for vessels on voyage charters are generally not expressed in per-day amounts while charter hire rates for vessels on time charters generally are expressed in such amounts.

    We report TCE revenue, a non-GAAP financial measure, because (i) we believe it provides additional meaningful information in conjunction with vessel revenues and voyage expenses, the most directly comparable U.S.-GAAP measure, (ii) it assists our management in making decisions regarding the deployment and use of our vessels and in evaluating their financial performance, (iii) it is a standard shipping industry performance measure used primarily to compare period-to-period changes in a shipping company’s performance irrespective of changes in the mix of charter types (i.e., spot charters, time charters and bareboat charters) under which the vessels may be employed between the periods, and (iv) we believe that it presents useful information to investors. See Non-GAAP Financial Measures.

                 
    *Fleet List as of October 19, 2018*
                 
    *Vessel Name*   *Year Built*   * DWT*   * Vessel Type*
    SBI Samba   2015   84,000     Kamsarmax
    SBI Rumba   2015   84,000     Kamsarmax
    SBI Capoeira   2015   82,000     Kamsarmax
    SBI Electra   2015   82,000     Kamsarmax
    SBI Carioca   2015   82,000     Kamsarmax
    SBI Conga   2015   82,000     Kamsarmax
    SBI Flamenco   2015   82,000     Kamsarmax
    SBI Bolero   2015   82,000     Kamsarmax
    SBI Sousta   2016   82,000     Kamsarmax
    SBI Rock   2016   82,000     Kamsarmax
    SBI Lambada   2016   82,000     Kamsarmax
    SBI Reggae   2016   82,000     Kamsarmax
    SBI Zumba   2016   82,000     Kamsarmax
    SBI Macarena   2016   82,000     Kamsarmax
    SBI Parapara   2017   82,000     Kamsarmax
    SBI Mazurka   2017   82,000     Kamsarmax
    SBI Swing   2017   82,000     Kamsarmax
    SBI Jive   2017   82,000     Kamsarmax
    SBI Lynx   2018   82,000     Kamsarmax
    *Total Kamsarmax*       *1,562,000*      
                 
    SBI Antares   2015   61,000     Ultramax
    SBI Athena   2015   64,000     Ultramax
    SBI Bravo   2015   61,000     Ultramax
    SBI Leo   2015   61,000     Ultramax
    SBI Echo   2015   61,000     Ultramax
    SBI Lyra   2015   61,000     Ultramax
    SBI Tango   2015   61,000     Ultramax
    SBI Maia   2015   61,000     Ultramax
    SBI Hydra   2015   61,000     Ultramax
    SBI Subaru   2015   61,000     Ultramax
    SBI Pegasus   2015   64,000     Ultramax
    SBI Ursa   2015   61,000     Ultramax
    SBI Thalia   2015   64,000     Ultramax
    SBI Cronos   2015   61,000     Ultramax
    SBI Orion   2015   64,000     Ultramax
    SBI Achilles   2016   61,000     Ultramax
    SBI Hercules   2016   64,000     Ultramax
    SBI Perseus   2016   64,000     Ultramax
    SBI Hermes   2016   61,000     Ultramax
    SBI Zeus   2016   60,200     Ultramax
    SBI Hera   2016   60,200     Ultramax
    SBI Hyperion   2016   61,000     Ultramax
    SBI Tethys   2016   61,000     Ultramax
    SBI Phoebe   2016   64,000     Ultramax
    SBI Poseidon   2016   60,200     Ultramax
    SBI Apollo   2016   60,200     Ultramax
    SBI Samson   2017   64,000     Ultramax
    SBI Phoenix   2017   64,000     Ultramax
    SBI Gemini   2015   64,000     Ultramax
    SBI Libra   2017   64,000     Ultramax
    SBI Puma   2014   64,000     Ultramax
    SBI Jaguar   2014   64,000     Ultramax
    SBI Cougar   2015   64,000     Ultramax
    SBI Aries   2015   64,000     Ultramax
    SBI Taurus   2015   64,000     Ultramax
    SBI Pisces   2016   64,000     Ultramax
    SBI Virgo   2017   64,000     Ultramax
    *Total Ultramax*       *2,307,800*      
    *Total Owned or Finance Leased Vessels DWT*   *3,869,800*      
               

    Time chartered-in vessels

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

                         
    *Vessel Type*   *Year Built*   *DWT*   *Country of Build*   *Daily Base Rate*   *Earliest Expiry*
    Ultramax   2017   62,100     Japan   $ 10,125     30-Sep-19   ^(1)
    *Total TC DWT*       *62,100*                  
     

    (1)     This vessel is time chartered-in for 22 to 24 months at the Company’s option at $10,125 per day. The Company has the option to extend this time charter for one year at $10,885 per day. The vessel was delivered to the Company in September 2017.   
           

    *Conference Call on Results:*

    A conference call to discuss the Company’s results will be held today, October 22, 2018, at 9:00 AM Eastern Daylight Time / 3:00 PM Central European Summer Time. Those wishing to listen to the call should dial 1 (866) 219-5268 (U.S.) or 1 (703) 736-7424 (International) at least 10 minutes prior to the start of the call to ensure connection. The conference participant passcode is 4664187.

    There will also be a simultaneous live webcast over the internet, through the Scorpio Bulkers Inc. website www.scorpiobulkers.com. Participants to the live webcast should register on the website approximately 10 minutes prior to the start of the webcast.

    Webcast URL: https://edge.media-server.com/m6/p/9a9q3tnx

    *About Scorpio Bulkers Inc.*

    Scorpio Bulkers Inc. is a provider of marine transportation of dry bulk commodities. Scorpio Bulkers Inc. has an operating fleet of 57 vessels consisting of 56 wholly-owned or finance leased dry bulk vessels (including 19 Kamsarmax vessels and 37 Ultramax vessels), and one time chartered-in Ultramax vessel. The Company’s owned and finance leased fleet has a total carrying capacity of approximately 3.9 million dwt and all of the Company’s owned vessels have carrying capacities of greater than 60,000 dwt. Additional information about the Company is available on the Company’s website www.scorpiobulkers.com, which is not a part of this press release.

    *Non-GAAP Financial Measures*

    To supplement our financial information presented in accordance with accounting principles generally accepted in the U.S., (“GAAP”), management uses certain “non-GAAP financial measures” as such term is defined in Regulation G promulgated by the SEC. Generally, a non-GAAP financial measure is a numerical measure of a company’s operating performance, financial position or cash flows that excludes or includes amounts that are included in, or excluded from, the most directly comparable measure calculated and presented in accordance with GAAP. Management believes the presentation of these measures provides investors with greater transparency and supplemental data relating to our financial condition and results of operations, and therefore a more complete understanding of factors affecting our business than GAAP measures alone. In addition, management believes the presentation of these matters is useful to investors for period-to-period comparison of results as the items may reflect certain unique and/or non-operating items such as asset sales, write-offs, contract termination costs or items outside of management’s control.

    Earnings before interest, taxes, depreciation and amortization (“EBITDA”), adjusted net loss and related per share amounts, as well as adjusted EBITDA and TCE Revenue are non-GAAP performance measures that we believe provide investors with a means of evaluating and understanding how the Company’s management evaluates the Company’s operating performance. These non-GAAP financial measures should not be considered in isolation from, as substitutes for, nor superior to financial measures prepared in accordance with GAAP. Please see below for reconciliations of EBITDA, adjusted net loss and related per share amounts, and adjusted EBITDA. Please see “Other Operating Data” for a reconciliation of TCE revenue.

           
    *EBITDA (unaudited)**
    **
    *
           
      *Three Months Ended
    September 30,*   *Nine Months Ended
    September 30,*
    In thousands *2018*   *2017*   *2018*   *2017*
    Net loss $ (354 )   (10,674 )   $ (5,325 )   $ (58,658 )
    Add Back:              
    Net interest expense 9,791     6,546     28,273     20,199  
    Depreciation and amortization ^(1) 19,378     16,499     54,301     50,807  
    *EBITDA* $ 28,815     12,371     $ 77,249     $ 12,348  
                                 
    ^(1)  Includes depreciation, amortization of deferred financing costs and restricted share amortization.

         
    *Adjusted net loss (unaudited)*    
         
        *Nine Months Ended
    September 30,*
    In thousands, except per share data   *2017*
        *Amount*   *Per share*
    Net loss   $ (58,658 )   $ (0.82 )
    Adjustments:        
    Loss / write down on assets held for sale   17,701     0.25  
    Write down of deferred financing cost   470     0.01  
    Total adjustments   $ 18,171     $ 0.26  
    *Adjusted net loss*   $ (40,487 )   $ (0.56 )
                     

         
    *Adjusted EBITDA (unaudited)*    
        *Nine Months Ended *
    *September 30, *
    In thousands   *2017*
    Net loss   $ (58,658 )
    Impact of adjustments   18,171  
    *Adjusted net loss*   (40,487 )
    Add Back:    
    Net interest expense   20,199  
    Depreciation and amortization ^(1)   50,337  
    *Adjusted EBITDA*   $ 30,049  
             
    ^(1)  Includes depreciation, amortization of deferred financing costs and restricted share amortization.
     

    *Forward-Looking Statements*

    Matters discussed in this press release may constitute forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides safe harbor protections for forward-looking statements in order to encourage companies to provide prospective information about their business. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts. The Company desires to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and is including this cautionary statement in connection with this safe harbor legislation. The words “believe,” “anticipate,” “intend,” “estimate,” “forecast,” “project,” “plan,” “potential,” “may,” “should,” “expect,” “pending” and similar expressions identify forward-looking statements.

    The forward-looking statements in this press release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, our management’s examination of historical operating trends, data contained in our records and other data available from third parties. Although we believe that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, we cannot assure you that we will achieve or accomplish these expectations, beliefs or projections.

    In addition to these important factors, other important factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking statements include the failure of counterparties to fully perform their contracts with us, the strength of world economies and currencies, general market conditions, including fluctuations in charter rates and vessel values, changes in demand for dry bulk vessel capacity, changes in our operating expenses, including bunker prices, drydocking and insurance costs, the market for our vessels, availability of financing and refinancing, charter counterparty performance, ability to obtain financing and comply with covenants in such financing arrangements, changes in governmental rules and regulations or actions taken by regulatory authorities, potential liability from pending or future litigation, general domestic and international political conditions, potential disruption of shipping routes due to accidents or political events, vessels breakdowns and instances of off-hires and other factors. Please see our filings with the Securities and Exchange Commission for a more complete discussion of these and other risks and uncertainties.

    CONTACT: Contact:

    Scorpio Bulkers Inc.
    +377-9798-5715 (Monaco)
    +1-646-432-1675 (New York) Reported by GlobeNewswire 22 hours ago.

    0 0

    Reported by SeekingAlpha 22 hours ago.

older | 1 | .... | 1408 | 1409 | (Page 1410) | 1411 | 1412 | .... | 1489 | newer