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Monaco - April 21, 2015 Scorpio Bulkers Inc. (NYSE: SALT) (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. About Scorpio Bulkers Inc. Scorpio Bulkers Inc. is a provider of marine transportation of dry bulk commodities. Scorpio Bulkers Inc. currently owns eight vessels, consisting of one Capesize, three Kamsarmax vessels and four Ultramax vessels. The Company also time charters-in 13 dry bulk vessels (one Handymax, one Ultramax, three Supramax, two Panamax, three Kamsarmax and three Post-Panamax vessels) and, after giving effect to the sale of the seven newbuilding contracts described above, has contracted for 59 dry bulk vessels consisting of 25 Ultramax, 19 Kamsarmax (including one vessel held for sale), and 15 Capesize vessels, from shipyards in Japan, South Korea, and China. The Company has also contracted for six LR2 product tankers that are currently classified as held for sale, from shipyards in South Korea and Romania. Upon final delivery of all of the vessels the owned fleet is expected to have a total carrying capacity of approximately 6.4 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 |
