Scorpio Bulkers Inc. Announces Agreements to Purchase Five Dry Bulk Vessels for an Aggregate of $306 Million and Time Charter-In Agreements for Seven Dry Bulk Vessels

Monaco - March 26, 2014

Scorpio Bulkers Inc. (NYSE: SALT) (OSLO-OTC: SALT) (the "Company") announced today that it 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. (also South Korea). 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.

About Scorpio Bulkers Inc.
Scorpio Bulkers Inc. is a provider of marine transportation of dry bulk commodities. Scorpio Bulkers Inc. has currently 17 time chartered-in dry bulk vessels (one Handymax, one Ultramax, three Supramax, four Panamax, six Kamsarmax and two Post-Panamax vessels) and has contracted and agreed to purchase 79 dry bulk vessels consisting of 28 Ultramax, 23 Kamsarmax and 28 Capesize vessels to be delivered starting from the second quarter of 2014 from shipyards in Japan, Korea, China and Romania. Upon final delivery of all of the vessels, the owned fleet is expected to have a total carrying capacity of approximately 8.7 million deadweight tonnes. 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