ShippingWatch

Bugbee: 2015 is already a tough year for bulk

In 2014 Scorpio Bulkers was the up and coming carrier with the "fleet everyone wanted to own." Now, the carrier is trying to reduce its orderbook as quickly as possible. ShippingWatch has interviewed CEO Robert Bugbee about what went wrong for "The Beast."

Photo: Presse

This was the carrier that wanted to build a fleet of the most energy efficient dry bulk vessels that its competitors could only dream of possessing. As one of two legs in the shipping industry´s most aggressive shipowning group, Scorpio Bulkers was quite simply supposed to enter the market with overwhelming power at a time when many of the traditional players had yet to completely leave the stagnant period following the financial crisis.

Part of this strategy was allegedly aimed at - alongside sister company Scorpio Tankers - booking so many slots at the Asian shipyards that competitors were quite simply unable to build ships for a period of many months.

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