Scorpio Bulkers Inc. has reached agreements with three yards in China to construct a minimum of 11 and up to 14 dry bulk carrier newbuildings. Scorpio Bulkers is a newly established company listed on the Norwegian OTC with offices in Monaco and New York. They have reached agreements with ChengXi Shipyard CO. Ltd. Dalian, COSCO KHI Ship Engineering Co. Ltd., and Nantong COSCO KHI Ship Engineering Co. Ltd. for the construction of the vessels for approximately $27 million each. The vessels are from 61,000 to 64,000 DWT designed for the carriage of dry bulk commodities.