With a surprise $76m equity deal this week, Scorpio Bulkers has amassed a $200m liquidity war chest and essentially ensured that it will be a survivor of even an extended trough market in dry.
But after having diluted existing shareholders once again, has management forfeited any expectation that its shares will ever trade as high as net asset value (NAV)?
Equity analyst Ben Nolan of Stifel says yes.
