The drive by mining giant Vale to add to its very large ore carrier (VLOC) fleet will help prevent capesizes from driving an eventual recovery in the pummelled bulker market, Scorpio Bulkers president Robert Bugbee said Monday.
The New York-listed owner's efforts to unload all of its capesize ships late last year was already rooted in this expectation, the executive said as he noted that the $2.55bn
