Scorpio Bulkers Inc. Announces Sale and Leaseback Agreements for Two Dry Bulk Vessels

Monaco - April 08, 2019

Scorpio Bulkers Inc. (NYSE:SALT) (“Scorpio Bulkers,” or the “Company”) announced today that it has agreed to sell and leaseback two Ultramax vessels (SBI Libra and SBI Virgo) to an unaffiliated third party. Upon completion, which is estimated to take place in the second quarter of 2019, the Company’s liquidity is expected to increase by up to $17.0 million in aggregate, comprising $14.0 million upon closing after the repayment of outstanding debt and an additional tranche of up to $3.0 million for installation of exhaust gas cleaning systems (“scrubbers”) on both vessels.

As part of the agreements, the Company will bareboat charter-in the vessels for a period of eleven years and have purchase options beginning at the end of the fourth year of each agreement.

These lease financing arrangements are subject to customary conditions precedent and the execution of definitive documentation.

About Scorpio Bulkers Inc.
Scorpio Bulkers Inc. is a provider of marine transportation of dry bulk commodities. Upon the completion of the pending sale of two Kamsarmax vessels, Scorpio Bulkers Inc. will have an operating fleet of 55 vessels consisting of 54 wholly-owned or finance leased drybulk vessels (including 17 Kamsarmax vessels and 37 Ultramax vessels), and one time chartered-in Ultramax vessel. The Company’s owned and finance leased fleet will have a total carrying capacity of approximately 3.7 million dwt and all of the Company’s owned 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