Michael Weinstock-fronted Monarch has amassed a larger 11.5% stake in the emerging bulker giant, an SEC filing said.
Its increased holding of 20,664,991 shares is worth around $60m at the company’s present trading price.
Monarch was already a significant shareholder in Scorpio Bulkers prior to its latest play.
A filing from September showed Monarch held a 5.8% stake in the shipowner, which at that time comprised 8,341,000 shares.
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