Scorpio Group does away with maligned fees

Management at the Scorpio group will no longer automatically collect one percent in fees for all vessels purchased or sold through Scorpio Bulkers and Scorpio Tankers. However, management can still collect fees through Bulkers if the share price exceeds USD 5.

Photo: Tomas Kristiansen

The Scorpio group will eliminate the much-maligned fees which management has been paying to itself in relation to the sale and purchase of vessels.

The two carriers Scorpio Bulkers and Scorpio Tankers informs in a press release on Thursday that the management team, headed by President Robert Bugbee and CEO Emanuele Lauro, will no longer be collecting one percent of all transactions related to the sale and purchase of vessels in the two listed companies.

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