CEO Rober Bugbee describes Scorpio Bulkers as the "Beast" while the tanker part of Scorpio is the "Beauty." And shareholders are still left standing at the sidelines with patience and trust in the management of the dry bulk carrier, which is still producing deficits.

In the second quarter 2014 Scorpio Bulkers suffered a USD 15 million deficit, resulting in a combined deficit of USD 26 million for the first half of the year.

There is still only a very small part of the carrier's expected total fleet active, quite simply because the remaining vessels are still under construction. The carrier has signed a series of new loan agreements recently, the latest one as recent as yesterday, aimed at financing the total of 52 newbuildings.

Here is the carrier that Bugbee fears the most

The combined newbuilding program stands at 80 ships for a total value of around USD 3 billion. This includes 29 Ultramax, 23 Kamsarmax and 28 Capesize vessels. Only two of these ships are expected to be delivered this year, the rest in 2015 and 2016.

When ShippingWatch interviewed Rober Bugbee this spring, he said the following about the difficult dry bulk market and Scorpio Bulkers's good luck of not having the same bad legacy as other established bulk carriers:

Do you want to stay up to date on the latest developments in International shipping? Subscribe to our newsletter – the first 40 days are free

"You are just hanging on. I prefer to think we are not stupid because only the lucky or the stupid can hit the bottom of the market. In terms of timing, we were lucky because it was Hell that was going on in the dry bulk market between April and June last year. We were lucky to get funding and to start to buy and to keep buying. How did we pitch this? And then we ask ourselves: How did all this established competition allow us to do this? We were lucky that we had no legacy, no nothing."

In the three-month period ahead of June 30th, the carrier achieved a TCE revenue of USD 13 million, or USD 8,867 per ship per day, affected by the generally poor dry bulk rates, just as the carrier had to spend more time and fuel on repositioning newly chartered vessels, says Scorpio Bulkers in the interim report.

Robert Bugbee: Now comes the execution

Scorpio Tankers: Big pressure on product tank rates

Robert Bugbee has few simple business rules

Oldendorff and Scorpio keep the yards busy