Bugbee buys more SALT

Robert Bugbee continues to put his money where his mouth is when it comes to shares in Scorpio Bulkers.

A disclosure to the US Securities and Exchange Commission (SEC) said Bugbee had bought 10,000 more shares in the US-listed bulker owner.

This is the third such acquisition by the president of Scorpio Bulkers in less than two months following buys in May and June.

While it is not stated how much Bugbee paid for his latest shares, they were worth $88,000 at the close of trading on Wednesday when the shares were worth $8.80 each.

Two weeks ago Bugbee bought 15,000 shares in the company for an amount thought to be around $135,600.

In mid-May he bought up around $1m worth of shares in the company. However, it is not clear exactly how many Scorpio Bulkers shares Bugbee controls.

Bugbee has long believed that shares in Scorpio Bulkers are undervalued and in a conference call in May he said the company was considering purchasing its own stock given the gap between the share price and managements’ view of its value.