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Deutsche Bank: Bulk carriers face further decline

Deutsche Bank expects a significant decline among dry bulk shares after a Scorpio Bulk announcement that the carrier plans to issue shares for the third time since the struggling carrier's IPO on the New York Stock Exchange.

Photo: Colourbox

Scorpio Bulkers plans to issue shares for the third time since its IPO in 2013 in an effort to raise USD 77 million in fresh capital, informed the struggling dry bulk carrier in a press release after the New York stock exchange closed Wednesday.

The carrier's management company Scorpio Services Holding Limited and other insiders have expressed an interest in buying up to USD 15 million in new shares. According to Deutsche Bank's shipping analyst in New York, Amit Mehrotra, the offering may be successful to the extent that it attracts new investors who see the potential of investing in the dry bulk cycle, but it could prove a difficult sell:

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