Scorpio Bulkers' $100m fall 2018 investment in Scorpio Tankers has lost half its value under the coronavirus overhang, months after making huge paper gains following stark criticism.
The Emanuele Lauro-led bulker owner in October 2018 scooped up one-third of a $300m equity sale by sister act Scorpio Tankers that offered 162.1m shares at $1.85 each.
Both companies' top brass, including president Robert Bugbee, found themselves defending the move before highly skeptical analysts, but it was then heralded last year for making a $114.7m
