Norwegian investment bank Cleaves Securities has halted coverage of Scorpio Bulkers as the market assesses its rapid transformation from a bulker owner to a wind-farm ship player.
Last week, Cleaves raised shareholders' concerns about the slew of what it called "discounted" bulker sales carried out by the company to fund its wind turbine installation vessel (WTIV) order at Daewoo Shipbuilding & Marine Engineering in South Korea.
