Scorpio Bulkers Inc. Announces the Sale of Kamsarmax Vessels

Monaco - Nov. 16, 2020

Scorpio Bulkers Inc. (NYSE: SALT) (the “Company”) announced today that the Company has entered into agreements with two unaffiliated third parties to sell the SBI Parapara, SBI Jive, SBI Swing and SBI Mazurka, Kamsarmax bulk carriers built in 2017, and SBI Reggae, a Kamsarmax bulk carrier built in 2016, for approximately $101.5 million in aggregate.

Delivery of the vessels is expected to take place in the first half of 2021.

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.

The Company has recently sold five vessels and has contracted to sell eight additional vessels, three of which are expected to close in the fourth quarter of 2020 and five of which are expected to close in the first half of 2021.

Upon the completion of the announced vessel sales, Scorpio Bulkers Inc. will have an operating fleet of 41 vessels consisting of 36 wholly-owned or finance leased drybulk vessels (including 8 Kamsarmax vessels and 28 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 2.7 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