Scorpio Bulkers’ latest trip to Wall Street has given the company a runway until the end of next year and removed any need for further equity issues, analysts say.
New York-listed Scorpio raised $63m from a follow-on offering yesterday in what was the first major equity issue for shipping in the US capital markets this year.
Doug Mavrinac of Jefferies says the move has raised the owner’s cash balance to $174m at a time when its newbuildings are fully financed.
