Scorpio Bulkers neared a 52-week low of $1.76

Shares of Scorpio Bulkers started to lose traction Wednesday after announcing plans to sell up to 6 newbuilding contracts to Scorpio Tankers.
Scorpio Bulkers’s New York-listed stock neared a 52-week low of $1.76 in the hours that followed the release, which suggests the revelation received a lukewarm reception.
Jonathan Chappell, an equity analyst at Evercore Partners said  “with all of its ships, including a large charter-in fleet, operating on the spot market, ongoing rate shortfalls could quickly chip away at this total. Thus, Scorpio Bulkers is likely to hold on to its new cash proceeds to ensure no more liquidity gaps arise if the dry bulk market remains weak.”
This prediction will likely come as a disappointment to investors who were hoping that the bulker operator would return cash to shareholders by way of buy-backs.