Scorpio Bulkers Inc. Announces the Sale of an Ultramax Vessel

Monaco - Dec. 16, 2020

Scorpio Bulkers Inc. (NYSE: SALT) (the “Company”) announced today that the Company has entered into an agreement with an unaffiliated third party to sell the SBI Aries, an Ultramax bulk carrier built in 2015, for approximately $16.5 million.

Delivery of the vessel is expected to take place in the first quarter of 2021.

About Scorpio Bulkers Inc.

Scorpio Bulkers Inc. is a provider of marine transportation of dry bulk commodities, and is investing in the next generation of wind turbine installation vessels. The Company has recently sold eight vessels and has contracted to sell sixteen additional vessels, all of which are expected to close in the first half of 2021.

Upon the completion of the announced vessel sales, Scorpio Bulkers Inc. will have an operating fleet of 30 vessels consisting of 25 wholly-owned or finance leased drybulk vessels (including 7 Kamsarmax vessels and 18 Ultramax vessels), and five time chartered-in Kamsarmax vessels.

In addition to its dry bulk fleet, the Company has signed a letter of intent to enter into a shipbuilding contract with Daewoo Shipbuilding and Marine Engineering Inc. to build a wind turbine installation vessel to be delivered in 2023, with options to build three further similar vessels.

The Company’s owned and finance leased fleet will have a total carrying capacity of approximately 1.7 million dwt and all of the Company’s owned and finance leased vessels will have carrying capacities of greater than 60,000 dwt. Additional information about the Company is available on the Company’s website www.scorpiobulkers.com, which is not a part of this press release.

Scorpio Bulkers Inc. press release