Lambros Papaeconomou
Research analyst, shipping industry, long/short equity, value

Scorpio Bulkers Inc. - Like A Bull In A China Shop

Scorpio Bulk Carriers Inc. (NYSE:SALT) announced earlier this month its largest new-building order in a series of orders placed by the start-up dry cargo company during the past six months: A contract to build 22 dry bulk carriers for almost $1.2 billion. The latest order raised the tally of the company's new-building program to 74 vessels at an aggregate contract price of approximately $2.8 billion.

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The latest order came on the heels of a fully subscribed initial public offering in New York, where Scorpio Bulkers raised just over $350 million in gross proceeds issuing 35,995,000 common shares at $9.75 per share. The company has so far raised $1.2 billion in gross proceeds in three...

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