Robert Bugbee has apparently taken note of dry bulk shipping's positive momentum as of late.
The bulker player's president has bought 125,000 shares at an average price of $4.58 for a latest investment of $572,500, according to an SEC filing.
Bugbee as of 15 March held 1.4 million shares as 10% owner of Scorpio Holdings.
Scorpio Bulkers' shares gained 3% today to close at $5.23, bringing the value of his total stake to $7.96m.
Bugbee's latest purchase in the company he co-founded comes at a time when the dry bulk sector is making a recovery from a lackluster, troubled first half of 2019.
On the rebound
The Baltic Dry Index bottomed out at 595 in mid-February after the 25 January Vale dam disaster replaced 93 million annual tonnes of iron ore with negative market sentiment.
The index has rebounded to 1446 today as Vale's Brucutu mine reopens, resulting in the return of 30 million tonnes of iron ore, and US-China trade tensions show signs of easing.
US president Donald Trump and China president Xi Jinping on Saturday agreed to stop raising tariffs on each other's countries, signaling good news for shipments of soy beans and other grains.
Meanwhile, the Brucutu mine news, announced last month, has driven capesize spot rates to $21,760 per day today from $3,460 on 2 April.
