Scorpio Provides Update on Newbuild Programme

Scorpio Bulkers Inc. has entered into various agreements for the purchase of eleven Ultramax dry bulk vessels of 60,000 DWT to 64,000 DWT and four Kamsarmax dry bulk vessels of 81,000 DWT to 84,000 DWT from yards in Japan and China, as listed below:

Yard – DWT – Delivery

1. Mitsui Engineering & Shipbuilding Co., LTD – 60,200 – Q2-16
2. Mitsui Engineering & Shipbuilding Co., LTD – 60,200 – Q2-16
3. Imabari Shipbuilding Co., Ltd – 61,000 – Q2-15
4. Imabari Shipbuilding Co., Ltd – 61,000 – Q3-15
5. Imabari Shipbuilding Co., Ltd – 61,000 – Q4-15
6. Imabari Shipbuilding Co., Ltd – 61,000 – Q1-16
7. Nantong COSCO KHI Ship Engineering Co. Ltd – 61,000 – Q2-16
8. Nantong COSCO KHI Ship Engineering Co. Ltd – 61,000 – Q2-16
9. Chengxi Shipyard Co. Ltd – 64,000 – Q2-16
10. Chengxi Shipyard Co. Ltd – 64,000 – Q2-16
11. Chengxi Shipyard Co. Ltd – 64,000 – Q3-16
12. Tsuneishi Group (Zhoushan) Shipbuilding Inc. – 81,600 – Q3-15
13. Tsuneishi Group (Zhoushan) Shipbuilding Inc. – 81,600 – Q1-16
14. Imabari Shipbuilding Co., Ltd – 84,000 – Q1-15
15. Imabari Shipbuilding Co., Ltd – 84,000 – Q3-15

The total purchase price for the announced agreements is around $455 million.

Scorpio Bulkers Inc. is a provider of marine transportation of dry bulk commodities. The company has contracted 22 “Ultramax”-size newbuilding vessels and has agreed to purchase 4 “Kamsarmax”- size vessels to be delivered starting from the first quarter of 2015 from shipyards in Japan and China.

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Press Release, October 10, 2013