ShippingWatch

Robert Bugbee sees Scorpio's abrupt dry bulk exit as the only right move

After CEO Robert Bugbee decided to get rid of Scorpio's large dry bulk fleet and invest billions in wind turbine installation vessels, bulk carriers have been swimming in large profits. Still, he maintains in an interview with ShippingWatch that the shift was the only right move.

Photo: Chris Prevolos/Marine Money

There's probably little doubt that Scorpio would have benefited from the extraordinary upswing seen in the dry bulk industry throughout 2021, which most expect to continue in the current year.

The Scorpio group was – besides a product tanker operator – a fully fledged dry bulk shipping company with a fleet of more than 50 ships, which probably wouldn't have exerted itself in reaping gains after the dry bulk index took a U-turn in November 2020 and has since then been at heights comfortable to carriers.

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