Scorpio Bulkers Inc. Announces the Sale of a Kamsarmax Vessel

Monaco - Oct. 02, 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 Sousta, a 2016 built non-scrubber-fitted Kamsarmax vessel, for approximately $18.5 million.

Delivery of the vessel is expected to take place in the fourth quarter of 2020.

The sale is expected to generate additional liquidity of approximately $5.2 million.

In addition, the Company will save approximately $1.0 million in budgeted drydocking costs during the fourth quarter of 2020.

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.

Upon the completion of the announced sales of two vessels, Scorpio Bulkers Inc. will have an operating fleet of 52 vessels consisting of 47 wholly-owned or finance leased drybulk vessels (including 14 Kamsarmax vessels and 33 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 3.2 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