Scorpio Sells Two Ultramax Bulkers

Maritime Activity Reports, Inc.

September 23, 2019

Scorpio Bulkers Inc. (NYSE:SALT) (“Scorpio Bulkers) has announced that the company has entered into agreements with an unaffiliated third party to sell the SBI Puma and SBI Cougar, 2014 and 2015 built Ultramax vessels, respectively, for approximately $37.9 million in aggregate, generating $16.0 million of additional liquidity.

As of June 30, 2019, these vessels were classified as held for sale, with delivery of the vessels to the buyer estimated to take place within October 2019. The company recorded a loss of approximately $4.9 million in the second quarter of 2019 and expects to write-off deferred financing costs of $0.2 million upon closing of the sale and repayment of $21.9 million of outstanding debt.

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