Scorpio Bulkers Inc. Announces Agreements to Sell Seven Newbuildings for $290M and the Financing of an Ultramax Newbuilding for $17M

Scorpio Bulkers Inc.

(the "Company") announced today that it has entered into agreements to sell three Capesize newbuilding dry bulk vessels, a Kamsarmax newbuilding dry bulk vessel and three LR1 newbuilding product tankers for approximately $290 million in aggregate, and received financing on an Ultramax newbuilding dry bulk vessel for an amount of up to $17 million. The Capesize vessels are currently being constructed in Romania, and have expected delivery dates between the fourth quarter of 2015 and the second quarter of 2016. The Kamsarmax vessel is currently being constructed in China and has an expected delivery date in the first quarter of 2016. The LR1 product tankers are currently being constructed in South Korea, two of which are scheduled for delivery during the second quarter of 2017 and one during the third quarter of 2017. Under the terms of the existing $409.0 Million Facility, the Company has secured financing on an Ultramax newbuilding vessel due to the substitution capability created by the removal of the financing on one of the three above-mentioned Capesize vessels that the Company has agreed to sell. The Ultramax vessel is currently being constructed in Japan, and has an expected delivery date in the third quarter of 2015.