Scorpio Bulkers plans to sell $200m of its stock in a public offering, with the proceeds going towards newbuilding payments.

Underwriters will be granted a 30-day option to buy a further $30m of the New York-listed shares, while $15m of the main offering will be reserved for the company's executive officers and Scorpio Services Holidings.

Scorpio Bulkers contines to offload its newbuilding contracts as the dry bulk sector suffers from low freight rates.

Joint bookrunners are Deutsche Bank Securities and Clarksons Platou Securities, Evercore ISI and Stifel are acting as co-lead managers co-managers consist of ABN AMRO, Credit Agricole and Clarksons Platou Securities.