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Scorpio Bulkers reduces vessel price for two shipbuilds

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Dry Bulk,

With reference to the existing newbuilding orders, Scorpio Bulkers Inc. has reached agreements with a shipyard to reduce the price to be paid under the shipbuilding contracts of two kamsarmax vessels that are to be delivered between 1Q17 and 2Q17 by an aggregate of US$4.9 million.

The company also announced that its Board of Directors has authorided the repurchase of up to US$20 million of the company's outstanding 7.5% senior notes due in 2019 in open market or privately negotiated transactions. The specific timing and amounts of the repurchases, which will be funded by available cash, will be in the sole discretion of management and vary based on market conditions and other factors. This authorisation has no expiration date.

Scorpio Bulkers Inc. currently owns 42 vessels, consisting of 16 kamsarmax vessels and 26 ultramax vessels. The company also time charters-in two dry bulk vessels (consisting of one panamax and one kamsarmax vessel) and has contracted for six dry bulk vessels consisting of four kamsarmax and two ultramax), from shipyards in China. Upon final delivery of all of the vessels, the owned fleet is expected to have a total carrying capacity of approximately 3.4 million DWT.

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