Scorpio Bulkers (SALT) has launched a bid to raise $35m through what is called a "baby bond" to support its massive 78-ship newbuilding programme.

The five-year notes will be sold in minimum denominations of $25 as is typical of the "baby" product, thus different from normal bonds that are sold in lots of $1,000. The product is designed to appeal to smaller retail investors.

Scorpio's