Scorpio Bulkers' sales of two panamaxes shows the company is willing to use any lever available to increase shareholder value, Credit Suisse said in a report today. Now it's a question of where the New York-listed bulker owner puts the money.
As first reported in TradeWinds, the Emanuele Lauro-led company hived off two ships for a combined $45m. Credit Suisse analyst Gregory Lewis says Scorpio Bulkers appears to have made an opportunistic move into a strengthening market for dry bulk ships, where prices have risen 50% since the beginning of the year.
