Scorpio Bulkers Inc. Announces the Sale of Two Ultramax Vessels for $37.9 Million

Monaco - Sept. 23, 2019

Scorpio Bulkers Inc. (NYSE:SALT) (“Scorpio Bulkers,” or the “Company”) announced today that the Company has entered into agreements with an unaffiliated third party to sell the SBI Puma and SBI Cougar, 2014 and 2015 built Ultramax vessels, respectively, for approximately $37.9 million in aggregate, generating $16.0 million of additional liquidity.

As of June 30, 2019, these vessels were classified as held for sale, with delivery of the vessels to the buyer estimated to take place within October 2019.

The Company recorded a loss of approximately $4.9 million in the second quarter of 2019 and expects to write-off deferred financing costs of $0.2 million upon closing of the sale and repayment of $21.9 million of outstanding debt.

About Scorpio Bulkers Inc.
Scorpio Bulkers Inc. is a provider of marine transportation of dry bulk commodities.

Upon the completion of the sale of the two Ultramax vessels, Scorpio Bulkers Inc. will have an operating fleet of 57 vessels consisting of 52 wholly-owned or finance leased drybulk vessels (including 17 Kamsarmax vessels and 35 Ultramax vessels), and five time chartered-in vessels (including four Kamsarmax vessels and one Ultramax vessel).

The Company’s owned and finance leased fleet will have a total carrying capacity of approximately 3.6 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