Scorpio Bulkers on the attack with vessel sale proceeds

Scorpio Bulkers’ sale of two modern kamsarmaxes this week is not a defensive reaction to a Baltic Dry Index (BDI) that has soured in 2019 but rather an offensive tactic linked to asset valuations, a top executive has told TradeWinds.

Scorpio president Robert Bugbee dismissed any suggestion that Scorpio’s move to increase liquidity by an estimated $18.6m was a market call based on a BDI that has plunged nearly 50% in 2019.