Scorpio Bulkers Inc. Announces the Sale of Two Ultramax Vessels and One Kamsarmax Vessel for $53.5 Million and Provides an Update on Dry Bulk Rates for the First Quarter of 2020

Monaco - March 10, 2020

Scorpio Bulkers Inc. (NYSE:SALT) (“Scorpio Bulkers,” or the “Company”) announced today that the Company has entered into agreements with unaffiliated third parties to sell the SBI Jaguar and SBI Taurus, 2014 and 2015 built Ultramax vessels, respectively, and the SBI Bolero, a 2015 built Kamsarmax vessel, for approximately $53.5 million in aggregate. None of the three vessels have been fitted with scrubbers.

Delivery of the vessels is expected to take place between March and May of 2020. It is estimated that the Company’s liquidity will increase by approximately $18.3 million after the repayment of outstanding debt.

Update on the First Quarter of 2020 Dry Bulk Rates (as of March 10, 2020):

• Kamsarmax fleet: approximately $10,000 per day on average for 80% of days

• Ultramax fleet: approximately $9,000 per day on average for 90% of days

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 three vessels, Scorpio Bulkers Inc. will have an operating fleet of 55 vessels consisting of 49 wholly-owned or finance leased drybulk vessels (including 16 Kamsarmax vessels and 33 Ultramax vessels), and six time chartered-in vessels (including five Kamsarmax vessels and one Ultramax vessel).

The Company’s owned and finance leased fleet will have a total carrying capacity of approximately 3.4 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