The quality of dry cargo vessels for sale is expected to diminish in coming months due to insufficient maintenance by cash-strapped shipowners, according to Scorpio Bulkers president Robert Bugbee.
Speaking to analysts this morning during the company's third-quarter earnings call, he said "more buyers will emerge" with a continued stronger market, pushing prices upward.
"Then you're going to have a really interesting thing" as there are ships — including ones built after 2014 — that are "in a mess," Bugbee said.
