According to Xinde Maritime News, Scorpio's CEO, Robert Bugbee, said that the recent sale of its dry bulk carriers is part of Scorpio's strategy to withdraw from the dry bulk market. The company will completely withdraw from the dry bulk industry in the next few months.The proceeds from the sale of ships will be used for new wind energy projects.
Robert Bugbee said: "We will completely withdraw from the dry bulk industry. I hope that the whole process will be over by the end of the first quarter of 2021." If it is true, Scorpio Bulkers will cease to exist in a few months.Later today, Bugbee will outline why he completely withdrew from this troubled dry bulk market.The shipping company headquartered in New York and Monaco has been operating in the dry bulk segment for the past ten years and has positioned Scorpio Bulkers as the world's major dry bulk shipowner.However, for many years, Scorpio Bulkers' financial statements have continued to disappoint, and returns to investors and shareholders have been minimal.Therefore, it is time for a complete transformation.