Dry bulk shipping company Scorpio Bulkers has determined not to proceed with its announced underwritten public offering of 10 million shares of common stock, just a day after announcing the move.

The decision was made due to the unsatisfactory price offered to the company, Scorpio Bulkers said.

Scorpio was targeting to sell 10 million shares of its common stock par value USD 0.01 per share.

The net proceeds of the sale were expected to be used for general corporate purposes, including fleet expansion, Scorpio Bulkers said earlier.

Following the completion of the recent acquisition of six Ultramax vessels, Scorpio Bulkers will own 52 bulkers, with a total carrying capacity of approximately 3.6 million deadweight tons. The company also time charters-in one Ultramax vessel.