Scorpio Bulkers Inc. Announces the Sale of an Ultramax Vessel

Monaco - Dec. 24, 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 Phoebe, an Ultramax bulk carrier built in 2016, for approximately $17.65 million.

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

About Scorpio Bulkers Inc.
Scorpio Bulkers Inc., a provider of marine transportation of dry bulk commodities announced its intention to exit the dry bulk sector during 2021 and is investing in the next generation of wind turbine installation vessels.

The Company has recently sold eight vessels and has contracted to sell seventeen additional vessels, all of which are expected to close in the first half of 2021.

Scorpio Bulkers Inc. intends to sell its 24 remaining wholly-owned or finance leased drybulk vessels (including 7 Kamsarmax vessels and 17 Ultramax vessels) during 2021.

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.

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