Scorpio Buys Five and Charters Seven Vessels

Scorpio Bulkers Inc. has entered into agreements to purchase four Capesize dry bulk vessels currently under construction at Daehan Shipbuilding Co., Ltd. in South Korea and to construct an additional Capesize dry bulk vessel at Sungdong Shipbuilding & Marine Engineering Co., Ltd.

The transaction concerning the four Daehan vessels remains subject to customary closing conditions. In addition, the company has agreed to time charter-in seven dry bulk vessels.

Newbuilding vessel purchases:

The details of the five Capesize newbuildings are listed below:

The total purchase price for the vessels is approximately $306 million.

Time charter-in agreements:

The terms of the time charter-in contracts are summarized as follows:

• A 2011 built Post-Panamax for approximately 7 to 10 months at Company’s option at $13,500 per day. The vessel was delivered on March 24, 2014.
• A 2009 built Kamsarmax for 11 to 13 months at Company’s option at $14,500 per day. The Company has the option to extend the charter for an additional 11 to 13 months at $15,500 per day. The vessel was delivered on March 8, 2014.
• A 2012 built Kamsarmax for 39 to 44 months at Company’s option at $15,500 per day. The Company has the option to extend the charter for an additional 11 to 13 months at $16,300 per day. The vessel is expected to be delivered by the end of April 2014.
• A 2004 built Panamax for a firm period of 32 to 38 months at $14,000 per day. The vessel is expected to be delivered by the end of June 2014.
• A 2007 built Panamax for 11 to 13 months at Company’s option at $13,750 per day. The Company has the option to extend the charter for an additional 11 to 13 months at $14,750 per day. The vessel was delivered on March 15, 2014.
• A 2011 built Supramax for 10 to 13 months at Company’s option at $13,750 per day. The vessel was delivered on March 18, 2014.
• A 2002 built Handymax for 34 to 37 months at Company’s option at $12,000 per day. In addition the Company has the option to extend the charter for up to three consecutive one year periods at $12,750 per day, $13,600 per day and $14,800 per day, respectively. The vessel is expected to be delivered by the end of April 2014.

Scorpio Bulkers, March 27, 2014