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Scorpio Bulkers Inc. Announces Financial Results for the Fourth Quarter of 2013

Mar 4, 2014

MONACO — (Marketwired) — 03/04/14 — Scorpio Bulkers Inc. (NYSE: SALT) (OSLO-OTC: SALT) (“Scorpio Bulkers,” or the “Company”) today reported its results for the three months ended December 31, 2013 and for the period from March 20, 2013 (date of inception) to December 31, 2013.

Results for the three months ended December 31, 2013

For the three months ended December 31, 2013, the Company had a net loss of $3.6 million, or $0.04 basic and diluted loss per share.

For the three months ended December 31, 2013, the Company had no vessels in operation. As such, the Company had no revenues, voyage expenses or vessel related expenses. General and administrative expense was $4.8 million for the three months ended December 31, 2013, most of which relates to amortization of stock-based compensation and salaries of New York and Monaco based personnel, including officers. Amortization of stock-based compensation was $3.4 million for the three months ended December 31, 2013.

Results for the Period from March 20, 2013 (date of inception) to December 31, 2013

For the period from March 20, 2013 (date of inception) to December 31, 2013, the Company had a net loss of $6.3 million, or $0.16 basic and diluted loss per share.

For the period from March 20, 2013 (date of inception) to December 31, 2013, the Company had no vessels in operation. As such, the Company had no revenues, voyage expenses or vessel related expenses. General and administrative expense was $5.5 million for the period from March 20, 2013 (date of inception) to December 31, 2013, the majority of which relates to amortization of stock-based compensation and salaries of New York and Monaco based personnel, including officers. Amortization of stock-based compensation was $3.4 million for the period from March 20, 2013 (date of inception) to December 31, 2013.

Emanuele Lauro, Chairman of the Board and Chief Executive Officer, commented, “We have seen improvements in dry bulk rates over the past year, particularly in the fourth quarter of 2013. We believe rates will increase over the next few years, and our fleet of 74 newbuilding dry bulk vessels are poised to be delivered into favorable rate environments. Also, in anticipation of an increase in rates, we have time chartered-in ten modern dry bulk vessels at favorable rates.”

Recent Significant Events

Underwriters Exercise Option to Purchase Additional Shares

In January 2014, the underwriters in the Company’s initial public offering, which closed on December 17, 2013, exercised in full their option to purchase an additional 4,695,000 common shares at the public offering price of $9.75 per share. The sale of these common shares resulted in net proceeds to the Company of approximately $42.6 million, after deducting underwriters’ discounts and commissions.

Newbuilding vessel orders

In January 2014, the Company announced that it had entered into agreements for the purchase of 20 Capesize dry bulk vessels and two Kamsarmax dry bulk vessels. The total purchase price for these 22 vessels is approximately $1,171 million and the deliveries of the vessels are expected to occur between the first quarter of 2015 and the third quarter of 2016.

Time chartered-in vessels

In February 2014, the Company announced that that it has agreed to time charter-in ten dry bulk vessels. The terms of the time charter-in contracts are summarized as follows:

 

Time Chartered-In vessels

               Year
Vessel Type   Built    DWT     Where Built  Daily Base Rate  Earliest Expiry
Post-Panamax   2010   93,000      China         $13,250       28-Oct-14 (1)
Kamsarmax      2012   81,500   South Korea      $14,500       31-Dec-14 (2)
Kamsarmax      2011   81,500   South Korea      $15,000       31-Jan-16 (3)
Kamsarmax      2012   81,000   South Korea      $15,000       28-Feb-15 (4)
Kamsarmax      2012   79,500      China         $14,000        1-Jan-15 (5)
Panamax        2014   77,000      Japan         $16,000       31-Mar-15 (6)
Panamax        2009   76,500      Japan         $15,900       23-Jun-14 (7)
Ultramax       2010   61,000      Japan         $14,200        1-Apr-17 (8)
Supramax       2010   58,000      China         $14,250       31-Dec-16 (9)
Supramax       2015   55,000      Japan         $14,000       30-Jun-18 (10)
------------  -----  -------  ------------  ---------------  ---------------
Total TC DWT         744,000

(1) This vessel has been time chartered-in for eight to ten months at
Company's option at $13,250 per day. The vessel was delivered on February
23, 2014.

(2) This vessel has been time chartered-in for ten to twelve months at
Company's option at $14,500 per day. The vessel was delivered on February 7,
2014.

(3) This vessel has been time-chartered in for 23 to 28 months at the
Company's option at $15,000 per day. The Company has the option to extend
the charter for an additional 11 to 13 months at $16,000 per day. This
vessel was delivered on February 15, 2014.

(4) This vessel has been time chartered-in for twelve to fourteen months at
Company's option at $15,000 per day. The vessel was delivered on February
10, 2014.

(5) This vessel has been time-chartered in for 11 to 14 month at the
Company's option at $14,000 per day. The Company has the option to extend
the charter for an additional 11 to 14 months at $14,750 per day. This
vessel was delivered on February 23, 2014.

(6) This vessel has been time chartered-in for twelve to thirteen months at
Company's option at $16,000 per day. The vessel is expected to be delivered
by the end of March 2014.

(7) This vessel has been time chartered-in for five to seven months at
Company's option at $15,900 per day. The vessel was delivered on January 23,
2014.

(8) This vessel has been time-chartered in for three years at $14,200 per
day. The Company has options to extend the charter for up to three
consecutive one year periods at $15,200 per day, $16,200 per day and $17,200
per day, respectively. This vessel is expected to be delivered during April
2014.

(9) This vessel has been time-chartered in for 20 to 24 month at the
Company's option at $14,250 per day. The Company has the option to extend
the charter for an additional 10 to 12 months at $14,850 per day. This
vessel is expected to be delivered during the second quarter of 2014.

(10) This vessel has been time-chartered in for three years at $14,000 per
day. The Company has options to extend the charter for up to two consecutive
one year periods at $15,000 per day and $16,000 per day, respectively. This
vessel is expected to be delivered during the first half of 2015.

 

Completion of Exchange Offer

On February 12, 2014, the Company completed its offer to exchange an aggregate of 96,065,411 unregistered common shares issued in equity private placements between July and October 2013 for an equivalent number of registered common shares. Pursuant to the exchange offer, holders of 95,766,779 unregistered common shares tendered such shares in exchange for registered common shares representing participation of 99.7%. The Company expects to terminate the Oslo OTC listing of its common shares during the second quarter of 2014.

$67.5 million Loan Facility

On February 25, 2014, the Company received a commitment from a leading European financial institution for a Loan Facility (the Facility) of up to $67.5 million. The Facility will be used to finance up to 60% of the purchase price upon delivery of two Ultramax and two Kamsarmax vessels currently under construction. The Facility has a final maturity of seven years from the date of delivery of each vessel. The terms and conditions of this commitment are consistent with those of the Company’s existing credit commitments. The closing of the Facility remains subject to customary conditions precedent, including negotiation and execution of final documentation.

Conference Call

The Company will have a conference call on March 4, 2014 at 11:00 AM Eastern Standard Time and 5:00 PM Central European Time.

Participants should dial into the call 10 minutes before the scheduled time using the following numbers: 1(888) 259-8724 (U.S.) or 1(913) 312-1477 (International). The conference participant passcode is 5083888. The information provided on the teleconference is only accurate at the time of the conference call, and the Company will take no responsibility for providing updated information.

Audio Webcast:

There will also be a simultaneous live webcast over the internet, through the Scorpio Bulkers Inc. website www.scorpiobulkers.com. Participants to the live webcast should register on the website approximately 10 minutes prior to the start of the webcast.

Webcast URL:http://www.visualwebcaster.com/event.asp?id=98293

Current Liquidity

As of March 3, 2014, the Company had $668 million in cash and cash equivalents.

Newbuilding Program

The aggregate purchase price of our 74 vessels contracted to be constructed is approximately $2,765.5 million. As of March 3, 2014, we have paid a total of $476.4 million in installment payments due under our shipbuilding contracts for our Initial Fleet. The remaining $2,289.1 million is scheduled to be paid in installments through the delivery dates of each vessel. The Company currently has 28 Ultramax newbuildings, 23 Kamsarmax newbuildings and 23 Capesize newbuildings. The estimated future payment dates and amounts including the newbuilding contracts signed in 2014 are as follows*:

 


Installments by Quarter


Q1 2014    $     175.7 million **
Q2 2014          118.5 million
Q3 2014           50.5 million
Q4 2014           34.1 million
Q1 2015          179.6 million
Q2 2015          139.2 million
Q3 2015          471.1 million
Q4 2015          339.5 million
Q1 2016          315.3 million
Q2 2016          343.4 million
Q3 2016          122.2 million
           -----------

Total      $   2,289.1 million
           ===========

 

* These are estimates only and are subject to change as construction progresses.
** Relates to payments expected to be made from March 4, 2014 to March 31, 2014.

 

                   Scorpio Bulkers Inc. and Subsidiaries
                       (a development stage company)
                    Consolidated Statement of Operations
               (Dollars in Thousands, Except Per Share Data)
                                (unaudited)

                                                               Period from
                                                                March 20,
                                                Three months  2013 (date of
                                                   ended      inception) to
                                                December 31,   December 31,
                                                    2013           2013
Revenue:
Vessel revenue                                 $           -  $           -
                                               -------------  -------------

Operating expenses:
Voyage expenses                                            -              -
Vessel operating expenses                                  -              -
Depreciation and amortization                              -              -
General and administrative expenses                    4,829          5,505
                                               -------------  -------------
Total operating expenses                               4,829          5,505
                                               -------------  -------------

Operating loss                                        (4,829)        (5,505)
                                               -------------  -------------

Other income:
Interest income                                          322            341
Foreign exchange gain (loss)                             945         (1,135)
Other expense, net                                        (8)            (8)
                                               -------------  -------------
Total other income                                     1,259           (802)
                                               -------------  -------------

Net loss                                       $      (3,570)$      (6,307)
                                               =============  =============

Loss per common share- basic and diluted (1)   $       (0.04)$       (0.16)

Weighted-average shares outstanding- basic and
 diluted (1)                                      91,021,923     39,924,201

(1) Diluted weighted-average shares outstanding, which would include the
impact of restricted shares, for the three months ended December 31, 2013
and for the period from March 20, 2013 (date of inception) to December 31,
2013 would be anti-dilutive since the Company is in a net loss position. As
such, there is no difference between basic and diluted earnings per share
for these periods.



 

 

                   Scorpio Bulkers Inc. and Subsidiaries
                       (a development stage company)
                         Consolidated Balance Sheet
               (Dollars in Thousands, Except Per Share Data)
                                (unaudited)


Assets                                                    December 31, 2013
                                                          -----------------

Current assets
  Cash and cash equivalents                               $         733,896
  Prepaid expenses and other current assets                              61
                                                          -----------------
Total current assets                                                733,957
                                                          -----------------

Non-current assets
  Vessels under construction                                        371,692
  Other assets                                                           35
                                                          -----------------
Total non-current assets                                            371,727
                                                          -----------------

Total assets                                              $       1,105,684
                                                          =================

Liabilities and shareholders' equity

Current liabilities
  Accounts payable and accrued expenses                   $           1,472
                                                          -----------------
Total current liabilities                                             1,472
                                                          -----------------

Non-current liabilites                                                    -
                                                          -----------------

Total liabilities                                                     1,472
                                                          -----------------

Shareholders' equity
  Common stock, $0.01 par value per share; authorized
   450,000,000 shares; 133,402,431 shares issued and
   outstanding shares as of December 31, 2013                         1,334
  Paid-in capital                                                 1,109,185
  Deficit accumulated during the development stage                   (6,307)
                                                          -----------------
Total shareholders' equity                                        1,104,212
                                                          -----------------

Total liabilities and shareholders' equity                $       1,105,684
                                                          =================

See notes to consolidated financial statements.



                   Scorpio Bulkers Inc. and Subsidiaries
                       (a development stage company)
                    Consolidated Statement of Cash Flows
                           (Dollars in Thousands)
                                (unaudited)

                                                               Period from
                                                                March 20,
                                                Three Months  2013 (date of
                                                   Ended      inception) to
                                                December 31,   December 31,
                                                    2013           2013
Operating activities
Net loss                                       $      (3,570)$      (6,307)
Restricted stock amortization                          3,359          3,359
Increase in prepaid expenses and other current
 assets                                                  (57)           (61)
Increase in other assets                                 (35)           (35)
Increase in accounts payable and accrued
 expenses                                                172            807
                                               -------------  -------------
Net cash used in operating activities                   (131)        (2,237)
                                               -------------  -------------

Investing activities
Payments for vessels under construction             (301,639)      (371,692)
                                               -------------  -------------
Net cash used in investing activities               (301,639)      (371,692)
                                               -------------  -------------

Financing activities
Proceeds from issuance of common stock               862,623      1,107,825
                                               -------------  -------------
Net cash provided by financing activities            862,623      1,107,825
                                               -------------  -------------

Increase in cash and cash equivalents                560,853        733,896
Cash at cash equivalents, beginning of period        173,043              -
                                               -------------  -------------
Cash and cash equivalents, end of period       $     733,896$     733,896
                                               =============  =============



                       Fleet List as of March 3, 2014

Newbuilds Under Construction


   Capesize          Expected
   Vessel Name     Delivery (1)    DWT    Shipyard
                                          Shanghai Waigaoqiao Shipbuilding
 1 SBI Puro            Q1-15     180,000   Co., Ltd.
                                          Shanghai Waigaoqiao Shipbuilding
 2 SBI Valrico         Q2-15     180,000   Co., Ltd.
                                          Shanghai Waigaoqiao Shipbuilding
 3 SBI Maduro          Q3-15     180,000   Co., Ltd.
                                          Shanghai Waigaoqiao Shipbuilding
 4 SBI Belicoso        Q4-15     180,000   Co., Ltd.
                                          Shanghai Waigaoqiao Shipbuilding
 5 SBI Corona          Q1-16     180,000   Co., Ltd.
                                          Shanghai Waigaoqiao Shipbuilding
 6 SBI Diadema         Q2-16     180,000   Co., Ltd.
                                          Shanghai Waigaoqiao Shipbuilding
 7 SBI Estupendo       Q3-16     180,000   Co., Ltd.
                                          Sungdong Shipbuilding & Marine
 8 SBI Montesino       Q2-15     180,000   Engineering Co., Ltd.
                                          Sungdong Shipbuilding & Marine
 9 SBI Magnum          Q3-15     180,000   Engineering Co., Ltd.
                                          Sungdong Shipbuilding & Marine
10 SBI Montecristo     Q3-15     180,000   Engineering Co., Ltd.
                                          Sungdong Shipbuilding & Marine
11 SBI Aroma           Q3-15     180,000   Engineering Co., Ltd.
                                          Sungdong Shipbuilding & Marine
12 SBI Cohiba          Q4-15     180,000   Engineering Co., Ltd.
                                          Sungdong Shipbuilding & Marine
13 SBI Habano          Q4-15     180,000   Engineering Co., Ltd.
                                          Sungdong Shipbuilding & Marine
14 SBI Lonsdale        Q1-16     180,000   Engineering Co., Ltd.
                                          Sungdong Shipbuilding & Marine
15 SBI Partagas        Q1-16     180,000   Engineering Co., Ltd.
                                          Sungdong Shipbuilding & Marine
16 SBI Parejo          Q2-16     180,000   Engineering Co., Ltd.
                                          Sungdong Shipbuilding & Marine
17 SBI Toro            Q2-16     180,000   Engineering Co., Ltd.
                                          Sungdong Shipbuilding & Marine
18 SBI Tuscamina       Q2-16     180,000   Engineering Co., Ltd.
                                          Daewoo Mangalia Heavy Industries
19 SBI Churchill       Q4-15     180,000   S.A.
                                          Daewoo Mangalia Heavy Industries
20 SBI Perfecto        Q4-15     180,000   S.A.
                                          Daewoo Mangalia Heavy Industries
21 SBI Presidente      Q1-16     180,000   S.A.
                                          Daewoo Mangalia Heavy Industries
22 SBI Panatela        Q1-16     180,000   S.A.
                                          Daewoo Mangalia Heavy Industries
23 SBI Robusto         Q2-16     180,000   S.A.
   Capesize NB DWT              4,140,000

   Kamsarmax
                     Expected
   Vessel Name     Delivery (1)    DWT    Shipyard
                                          Shanghai Waigaoqiao Shipbuilding
 1 SBI Cakewalk        Q2-14      82,000   Co., Ltd.
                                          Shanghai Waigaoqiao Shipbuilding
 2 SBI Charleston      Q3-14      82,000   Co., Ltd.
 3 SBI Samba           Q1-15      84,000  Imabari Shipbuilding Co., Ltd.
 4 SBI Rumba           Q3-15      84,000  Imabari Shipbuilding Co., Ltd.
                                          Jiangsu Yangzijiang Shipbuilding
 5 SBI Electra         Q3-15      82,000   Co., Ltd.
                                          Jiangsu Yangzijiang Shipbuilding
 6 SBI Flamenco        Q3-15      82,000   Co., Ltd.
                                          Jiangsu Yangzijiang Shipbuilding
 7 SBI Rock            Q4-15      82,000   Co., Ltd.
                                          Jiangsu Yangzijiang Shipbuilding
 8 SBI Twist           Q1-16      82,000   Co., Ltd.
                                          Tsuneishi Group (Zhoushan)
 9 SBI Salsa           Q3-15      81,600   Shipbuilding Inc.
                                          Tsuneishi Group (Zhoushan)
10 SBI Merengue        Q1-16      81,600   Shipbuilding Inc.
11 SBI Capoeira        Q3-15      82,000  Hudong-Zhonghua (Group) Co., Ltd.
12 SBI Conga           Q3-15      82,000  Hudong-Zhonghua (Group) Co., Ltd.
13 SBI Bolero          Q3-15      82,000  Hudong-Zhonghua (Group) Co., Ltd.
14 SBI Carioca         Q4-15      82,000  Hudong-Zhonghua (Group) Co., Ltd.
15 SBI Sousta          Q4-15      82,000  Hudong-Zhonghua (Group) Co., Ltd.
16 SBI Reggae          Q1-16      82,000  Hudong-Zhonghua (Group) Co., Ltd.
17 SBI Lambada         Q1-16      82,000  Hudong-Zhonghua (Group) Co., Ltd.
18 SBI Zumba           Q1-16      82,000  Hudong-Zhonghua (Group) Co., Ltd.
19 SBI Macerena        Q2-16      82,000  Hudong-Zhonghua (Group) Co., Ltd.
20 SBI Swing           Q3-16      82,000  Hudong-Zhonghua (Group) Co., Ltd.
21 SBI Jive            Q3-16      82,000  Hudong-Zhonghua (Group) Co., Ltd.
22 SBI Parapara        Q1-16      82,000  Hudong-Zhonghua (Group) Co., Ltd.
23 SBI Mazurka         Q2-16      82,000  Hudong-Zhonghua (Group) Co., Ltd.
   Kamsarmax NB DWT             1,889,200

   Ultramax
                     Expected
   Vessel Name     Delivery (1)    DWT    Shipyard
 1 SBI Echo            Q2-15      61,000  Imabari Shipbuilding Co., Ltd.
 2 SBI Cronos          Q3-15      61,000  Imabari Shipbuilding Co., Ltd.
 3 SBI Tango           Q4-15      61,000  Imabari Shipbuilding Co., Ltd.
 4 SBI Hermes          Q1-16      61,000  Imabari Shipbuilding Co., Ltd.
                                          Mitsui Engineering & Shipbuilding
 5 SBI Hera            Q2-16      60,200   Co., Ltd.
                                          Mitsui Engineering & Shipbuilding
 6 SBI Zeus            Q2-16      60,200   Co., Ltd.
                                          Mitsui Engineering & Shipbuilding
 7 SBI Poseidon        Q3-16      60,200   Co., Ltd.
                                          Mitsui Engineering & Shipbuilding
 8 SBI Apollo          Q3-16      60,200   Co., Ltd.
                                          Nantong COSCO KHI Ship Engineering
 9 SBI Bravo           Q1-15      61,000   Co. Ltd.
                                          Nantong COSCO KHI Ship Engineering
10 SBI Antares         Q1-15      61,000   Co. Ltd.
                                          Nantong COSCO KHI Ship Engineering
11 SBI Maia            Q3-15      61,000   Co. Ltd.
                                          Nantong COSCO KHI Ship Engineering
12 SBI Hydra           Q3-15      61,000   Co. Ltd.
                                          Nantong COSCO KHI Ship Engineering
13 SBI Hyperion        Q2-16      61,000   Co. Ltd.
                                          Nantong COSCO KHI Ship Engineering
14 SBI Tethys          Q2-16      61,000   Co. Ltd.
                                          Dalian COSCO KHI Ship Engineering
15 SBI Leo             Q2-15      61,000   Co. Ltd.
                                          Dalian COSCO KHI Ship Engineering
16 SBI Lyra            Q3-15      61,000   Co. Ltd.
                                          Dalian COSCO KHI Ship Engineering
17 SBI Subaru          Q3-15      61,000   Co. Ltd.
                                          Dalian COSCO KHI Ship Engineering
18 SBI Ursa            Q4-15      61,000   Co. Ltd.
19 SBI Athena          Q1-15      64,000  Chengxi Shipyard Co. Ltd.
20 SBI Pegasus         Q3-15      64,000  Chengxi Shipyard Co. Ltd.
21 SBI Orion           Q4-15      64,000  Chengxi Shipyard Co. Ltd.
22 SBI Thalia          Q4-15      64,000  Chengxi Shipyard Co. Ltd.
23 SBI Hercules        Q1-16      64,000  Chengxi Shipyard Co. Ltd.
24 SBI Kratos          Q1-16      64,000  Chengxi Shipyard Co. Ltd.
25 SBI Perseus         Q2-16      64,000  Chengxi Shipyard Co. Ltd.
26 SBI Samson          Q2-16      64,000  Chengxi Shipyard Co. Ltd.
27 SBI Phoebe          Q2-16      64,000  Chengxi Shipyard Co. Ltd.
28 SBI Phoenix         Q3-16      64,000  Chengxi Shipyard Co. Ltd.
   Ultramax NB DWT              1,734,800

74 Total Newbuild DWT           7,764,000

(1) Expected delivery date relates to quarter during which each vessel is
currently expected to be delivered from the shipyard.

 

About Scorpio Bulkers Inc.

Scorpio Bulkers Inc. is a provider of marine transportation of dry bulk commodities. Scorpio Bulkers Inc. currently has ten time chartered-in dry bulk vessels (one Ultramax, two Supramax, two Panamax, four Kamsarmax and one Post-Panamax vessels) and has contracted and agreed to purchase 74 dry bulk vessels consisting of 28 Ultramax, 23 Kamsarmax and 23 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 eight 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.

Forward-Looking Statements

Matters discussed in this press release may constitute forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides safe harbor protections for forward-looking statements in order to encourage companies to provide prospective information about their business. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts. The Company desires to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and is including this cautionary statement in connection with this safe harbor legislation. The words “believe,” “anticipate,” “intends,” “estimate,” “forecast,” “project,” “plan,” “potential,” “may,” “should,” “expect,” “pending” and similar expressions identify forward-looking statements.

The forward-looking statements in this press release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, our management’s examination of historical operating trends, data contained in our records and other data available from third parties. Although we believe that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, we cannot assure you that we will achieve or accomplish these expectations, beliefs or projections.

In addition to these important factors, other important factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking statements include the failure of counterparties to fully perform their contracts with us, the strength of world economies and currencies, general market conditions, including fluctuations in charter rates and vessel values, changes in demand for dry bulk vessel capacity, changes in our operating expenses, including bunker prices, drydocking and insurance costs, the market for our vessels, availability of financing and refinancing, charter counterparty performance, ability to obtain financing and comply with covenants in such financing arrangements, changes in governmental rules and regulations or actions taken by regulatory authorities, potential liability from pending or future litigation, general domestic and international political conditions, potential disruption of shipping routes due to accidents or political events, vessels breakdowns and instances of off-hires and other factors. Please see our filings with the Securities and Exchange Commission for a more complete discussion of these and other risks and uncertainties.

Contact:
Scorpio Bulkers Inc.
+377-9798-5715 (Monaco)
+1-646-432-1675 (New York)

Source: Scorpio Bulkers Inc.