1

January 2017

Company Presentation

2

Scorpio Bulkers Inc. (“Scorpio” or the “Company”) is a NYSE-listed Marshall Islands

corporation, founded in March 2013 by the senior management team of the Scorpio

Group

Company currently owns 48 dry bulk ‘Eco’ vessels

• 28 Ultramax and 19 Kamsarmax delivered to date

• 1 Kamsarmax delivering in 2Q-2017

Scorpio’s strategy is to:

• Own and operate the latest generation of fuel efficient drybulk vessels

purchased from quality shipyards

• Operate vessels in the spot market through the Scorpio Ultramax and Scorpio

Kamsarmax pools under short term or long term time charters

• Maintain a strong balance sheet in the current difficult operating environment

Scorpio has access to Scorpio Group’s customer and supplier relationships as well as

technical, commercial and managerial expertise

About Scorpio Bulkers

3

Experienced Management Team

Years in industry Prior experience

Emanuele A. LauroFounder, Chairman, Director

& Chief Executive Officer

Robert BugbeeFounder, President and

Director

Cameron MackeyChief Operating Officer

Hugh BakerChief Financial Officer

13 years

30 years

22 years

24 years

Member of the Lolli-Ghetti family, involved in shipping since the 1950s

Joined Scorpio Group in 2003, part of senior management since 2004

Founder of several tanker pools including: Scorpio Aframax Tanker Pool, Panamax Tanker Pool and Handymax tanker pool

Degree in International Business from the European Business School in London

Mr. Bugbee, Co-Founder of Scorpio Bulkers, has served as President since July 2013, he also serves as President and Director of Scorpio Tankers since its IPO in April 2010

Joined Scorpio Group in February 2009. Prior to joining Scorpio Group, Mr. Bugbee was a partner at Ospraie Management LLP, and held President, Executive Vice President, Chief Operating Officer positions in OMI Corporation

Holds an MBA from the Norwegian School of Economics (NHH)

Mr. Mackey has served as Chief Operating Officer of Scorpio Bulkers since July 2013, also serves as Chief Operating Officer of Scorpio Tankers since its IPO in April 2010

Previous experience includes equity and commodity analyst at Ospraie Management LLC, Senior Vice President and in Business Development at OMI Corporation

M.B.A. from the Sloan School of Management at MIT, a B.S. from the Massachusetts Maritime Academy, B.A. from Princeton University and Master Mariner

Joined Scorpio in July 2012, initially focusing on business development in Scorpio Tankers before taking on role as CFO in Scorpio Bulkers in July 2013

Previous experience as Managing Director of Evercore Partners in New York, Head of Shipping at HSH Nordbank in New York and Managing Director of ING Bank in London

Mr. Baker has a BA from the London School of Economics and a MSc in Shipping, Trade & Finance from Cass Business School

Mr. Baker is a Fellow of the Institute of Chartered Shipbrokers

Filippo A. LauroVice President

6 years

Member of the Lolli-Ghetti family, involved in shipping since the 1950s

Joined Scorpio Group in 2010 as part of senior management

Founder of and held senior executive roles in several private companies both in his native Italy and abroad

4

SALT’s Market Cap & Liquidity

Source: Fearnleys: January 16, 2017

SALT’s daily traded volume makes it the most liquid/traded

listed dry bulk stock

$531

$451$405

$318 $290 $306

$129

$39 $-

$1

$2

$3

$4

$5

$6

$-

$100

$200

$300

$400

$500

$600

Golden OceanGroup

Scorpio Bulkers Star Bulk Carriers Diana Shipping Eagle Bulk Genco Safe Bulkers SeanergyMaritime

(Mill

ion

s $

USD

)

Liqu

idity

($m

pd

)

5

Scorpio Pools Have Outperformed Market Indices

* 95% of the Clarksons Average of the 6/TC Routes for Baltic Supramax Index & 4/T/C Routes for Baltic Panamax Index

$2,000

$3,000

$4,000

$5,000

$6,000

$7,000

$8,000

$9,000

$10,000

$11,000

$12,000

Q1-14 Q2-14 Q3-14 Q4-14 Q1-15 Q2-15 Q3-15 Q4-15 Q1-16 Q2-16 Q3-16

Scorpio Kamsarmax Pool Performance Baltic Panamax Index*

$2,000

$4,000

$6,000

$8,000

$10,000

$12,000

$14,000

Q1-14 Q2-14 Q3-14 Q4-14 Q1-15 Q2-15 Q3-15 Q4-15 Q1-16 Q2-16 Q3-16

Scorpio Ultramax Pool Performance Baltic Supramax Index*

6

Dec-2014Sold 1

Kamsarmax NB for ~ $31m

2H 14

Nov-2014$150m equity

private placement

offering

Dec-2014

Modified 6 Capesize NBs for LR2 NBs.

Agreed to sell 4 LR2 to Scorpio Tankers

Inc for $204m

Feb-2015Modified 3 existing

Capesize NB contracts for

construction of 3 LR1 product tankers

Apr-2015Sold 1 Kamsarmax

and 3 Capesize NBs as well as 3

LR1 NBs for ~$290m

Apr-2015Sold 2 Capesize NBs and 1 Ultramax NB

for ~ $111m

Sep-2014Raised $65m 7.5%

Sr. Unsecured Notes due 2019

Oct-2014

UW option exercised, raised

add. $8.6m 7.5% Sr. Unsecured Notes

Jun-2015Sold 3 Capesize NBs and 2 LR2 product

tankers for ~ $236m

Jun-2015$200m public offering of common shares +

$30m greenshoe exercise a week later

Capital raises OtherVessel sales

Company Timeline: Raise and Preserve Liquidity (1/2)

Sep-2015/Oct-2015Interest Coverage

Ratio covenant waived/amended through 4Q 2017

Nov-2015Sold 2 Capesize and 4 Capesize

NBs for ~$227m

1H 15 2H 15

Dec-2015Sold 5 Capesize

for ~$167m

Dec-2015Executed a one-for-twelve reverse stock

split to facilitate further equity issuance and

ensure NYSE compliance

7

Company Timeline: Raise and Preserve Liquidity (2/2)

Capital raises OtherVessel sales

2H 16

Feb-2016Agreement

reached to defer delivery of 8

newbuildings by ca. 6 months per

vessel

Feb-2016Termination of 4 TC-In

contracts for $10 million

Mar-2016

$63m public offering of

common shares

Apr-2016Agreement to cancel a

Kamsarmax newbuilding

1H 16

Feb-2016Reached agreement with

lenders to: (i) prepay $41.2m in exchange for deferment of principal

payments of $67.9m and (ii) reduce minimum

liquidity clause to >$25m and $700k per vessel

May-2016Reached agreement with lenders to: (i) amend the "interest coverage ratio"

covenant under the relevant credit facilities, and (ii)

reduce the "value-to-loan ratio" covenant under all of

its credit facilities

Jun-2016

$70m public offering of

common shares

Sep-Dec 2016Reached agreements to: (i) receive a reduction in delivery price on 8 vessels by $18m in aggregate, (ii)

defer delivery of 6 newbuildings by ca. 2-3 months per vessel, and (iii)

eliminate management fees payable upon any future vessel purchases/disposals and reduce

notice period upon vessel disposal

Oct-2016Reached agreement with

lenders to: (i) prepay $24.4m in exchange for deferment of principal payments of $48.8m and (ii) amend the "interest

coverage ratio" covenant under the relevant credit

facilities

8

Vessel TypeDuration (Months) Daily Rate

SBI Bravo Ultramax 4 – 7 $7,500

SBI Zeus Ultramax 7 – 9 $7,300

MV Geneva Queen Kamsarmax 7 – 10 $6,500

SBI Bolero Kamsarmax 5 – 8 $8,000

SBI Electra Kamsarmax 5 – 8 $8,000

SBI Lyra Ultramax 5 – 8 $9,500

SBI Poseidon Ultramax 5 – 7 $8,750

SBI Antares Ultramax 5 – 7 $8,900

SBI Cronos Ultramax 5 $9,000

SBI Capoeira Kamsarmax 5 – 7 $9,350

SBI Thalia Ultramax 5 – 8 $7,350

SBI Reggae Kamsarmax 5 – 8 $9,500

SBI Athena Ultramax 4 – 6 $10,000

SBI Echo Ultramax 4 – 6 $10,000

SBI Leo Ultramax 5 – 7 $9,000

SBI Cakewalk Kamsarmax 5 – 8 $9,000

SBI Achilles Ultramax 6 – 8 $11,000

Recent Charter Employment

9

Remaining Capex & Delivery Obligations

• Includes recent agreement to reduce price / defer deliveries of recent newbuildings

Vessel Type Country Built Delivery

DateQ2-17

Total Installments

Extra Costs*

Total Remaining Capex

SBI Jive * Kamsarmax China Q2-17 16.6 16.6 0.1 16.7

* Extra costs refer to equipment and other technical upgrades

Installments 16.6

Extra Costs* 0.1

Total CapEx $16.7

10

Projected Quarterly Principal Repayment Schedule 2017 – 2019

($ in

mill

ion

s)

$1.0

$2.7

$6.1 $6.1 $6.1 $6.1 $6.1 $6.3 $6.3 $6.3 $6.3 $6.3

$-

$5.0

$10.0

$15.0

$20.0

Q1 17 Q2 17 Q3 17 Q4 17 Q1 18 Q2 18 Q3 18 Q4 18 Q1 19 Q2 19 Q3 19 Q4 19

Year Principal Repayments

2017 $16.0m

2018 $24.7m

2019 $25.3m

Total $66.0m

11

• We are currently in compliance with all Value-to-Loan covenants

Collateral Maintenance Ratio – VTL Analysis

Secured Credit Facilities # of delivered

vesselsVTL Compliance (1)

VTL Ratio VTL Test Compliance

20 165% 140% PASS

15 180% 140% PASS

4 203% 115% PASS

3 182% 140% PASS

2 237% 140% PASS

2 194% 140% PASS

1 212% 140% PASS

Total 47

(1) Includes the three recent drawdowns in January 2017, and based on loan amount outstanding as of December 31, 2016 and vessel values from Arrow as of December 31, 2016

12

Coal/iron ore

Iron ore/coal

Iron ore/coal

Handysize 10,000 – 40,000

40,000 – 60,000

60,000 – 80,000

Steel/fertilizers/forest/grains/soybeans/alumina/coal/other minor bulks

Steel/fertilizers/forest/grains/soybeans/alumina/coal/other minor bulks

Coal/grains/soybeans/bauxite

Vessel type DWT Cargo carried

Handymax/Supramax

Panamax/Kamsarmax

Post-Panamax

Capesize

VLOC

80,000 – 110,000

110,000 – 200,000

Over 200,000

Overview of Dry Bulk Segments

13

Overview of Dry Bulk Commodity Cargoes

• Iron ore: primary ingredient in the

production of steel, along with limestone &

coking coal and is the largest single

commodity shipped on dry bulk vessels.

• Coal: seaborne coal trade is comprised of

two different types of coal; steam coal

(which is used for electricity generation

and industrial uses), and coking coal (which

is the key ingredient for steel making).

• Grains: consists primarily of wheat, coarse

grains (such as corn, barley, oats, and rye)

and soya bean/meal.

• Minor bulks: include several other dry bulk

goods such as phosphate rock, fertilizers,

bauxite, steel products, forest products,

nickel, ore, sugar, salt, and others.

Breakdown of Major Bulks

Breakdown of Minor Bulks

Breakdown of Major Bulks

Minor Bulks38%

Iron ore29%

Grains10%

Coal23%

Total Sugar3% Total Agribulks

9%

Fertiliser8%

Metals and Minerals

40%

Manufactures40%

14

One Year Time Charter Rates

Source: Clarksons Research Services, November 2016

Time charter rates and BDI have recovered from record low in February 2016

Historical Data 2002-2016

Class/Index Current Avg Max Min

Ultramax $7,900 $18,928 $66,300 $4,875

Panamax/Kamsarmax $9,070 $21,388 $79,375 $5,363

Baltic Dry Index 1,050 2,657 10,844 307

0

2,000

4,000

6,000

8,000

10,000

12,000

$0

$10,000

$20,000

$30,000

$40,000

$50,000

$60,000

$70,000

$80,000

$90,000

Dec-02 Dec-03 Dec-04 Dec-05 Dec-06 Dec-07 Dec-08 Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 Dec-14 Dec-15 Dec-16

Bal

ticx

Dry

Ind

ex

($/D

ay)

Ultramax Panamax/Kamsarmax BDI

15

$0

$10

$20

$30

$40

$50

$60

$70

Dec-01 Dec-02 Dec-03 Dec-04 Dec-05 Dec-06 Dec-07 Dec-08 Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 Dec-14 Dec-15 Dec-16

($ M

illio

ns)

Panamax/Kamsarmax Ultramax

Dry Bulk Asset Values

Q1-2002Ultramax: $18.3Kamsarmax: $20.5

Q3-2008Ultramax: $48.0Kamsarmax: $53.7

Dec-2016Ultramax: $22.25Kamsarmax: $24.5

Avg 2001-2016Ultramax: $28.8Kamsarmax: $32.4

Source: Clarksons Research Services, January 2016

16

Dry Bulk Seaborne Demand

3,428

3,854

4,101

4,340

4,585

4,821 4,818 4,885

0

1,000

2,000

3,000

4,000

5,000

2009 2010 2011 2012 2013 2014 2015 2016

Mill

ion

MT

Iron Ore Coal Grains Minor Bulks

Source: Clarksons Research Services, January 2016

2009-2016

Iron Ore Coal Grains Minor Bulks Total Dry Bulk

CAGR 6.6% 4.7% 5.6% 4.2% 5.1%

17

Ton Mile Demand

Iron Ore

Grain Total Dry Bulk

Ton

Mile

s (B

illio

ns)

Coal

Ton

Mile

s (B

illio

ns)

Ton

Mile

s (B

illio

ns)

Source: Clarksons Research Services, January 2016

5,365 5,852

6,336 6,718 6,931

7,544 7,575 8,035

6,359

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

9,000

2009 2010 2011 2012 2013 2014 2015 2016 (e) 2017 (f)

3,440

4,047 4,315

4,833 5,032

5,222 4,936 4,903 4,910

0

1,000

2,000

3,000

4,000

5,000

6,000

2009 2010 2011 2012 2013 2014 2015 2016 (e)2017 (f)

2,221 2,460 2,404

2,594 2,794

3,002

3,292 3,376 3,512

0

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

2009 2010 2011 2012 2013 2014 2015 2016 (e) 2017 (f)

18,611

21,098 22,435

23,768 24,932

26,327 26,557 27,133 27,735

0

5,000

10,000

15,000

20,000

25,000

30,000

2009 2010 2011 2012 2013 2014 2015 2016 (e) 2017 (f)

18

Dry Bulk Fleet Growth Before Scrapping

.Assumes no slippage, cancellation or scrappingIncludes 30 VLOC Newbuildings on orderClarksons Research Services, January 2016

111.0 127.9 139.7 145.2

205.3212.5 212.9 212.9

196.5212.4 215.0 215.2

188.8

210.8212.8 213.4

93.9

102.1103.6 104.3795.6

865.8884.0 891.0

0

200

400

600

800

1000

Current 2017 2018 2019

DW

T (M

illio

ns)

VLOC Capesize Panamax Handymax Handysize

19

Bulker Fleet Age Profile

Source: Clarksons Research Services, December 2016

39% 41% 40%

21%

39%26%

32%

25%

12%

14%

12%

9%

5%12% 8%

10%

6% 6% 7%

14%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Capesize Panamax Handymax Handysize

0-5 yrs 5-9 yrs 10-14 yrs 15-29 yrs >20 yrs

20

Scrapping Increasing, Average Age Scrapped Decreasing

Source: Clarksons Research Services, December 2016

Scrapped (mDWT) Avg Age

2014 16.3 27.3

2015 30.5 25.2

2016 28.9 23.3

8.2

6.1

4.2

0.4 1.01.8

0.5

5.6

10.6

6.5

23.3

33.4

23.1

16.3

30.528.9

0.0

10.0

20.0

30.0

40.0

0.0

10.0

20.0

30.0

40.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 YTD

(Avg

Scr

ap A

ge)

DW

T (M

illio

ns)

Capesize Panamax Handymax Handysize Avg Scrap Age

21

2121

Appendix

22

Owned Fleet List

Vessel size 60,200-64,000 DWT Vessel size 82,000-84,000 DWT

Delivered Vessels Vessels to be delivered

Ultramax Newbuildings

# Name Year Yard

1 SBI Athena Q1-15 Chengxi

2 SBI Bravo Q1-15 Nacks

3 SBI Antares Q1-15 Nacks

4 SBI Leo Q1-15 Dacks

5 SBI Echo Q3-15 Imabari

6 SBI Lyra Q3-15 Dacks

7 SBI Subaru Q3-15 Dacks

8 SBI Tango Q3-15 Imabari

9 SBI Maia Q3-15 Nacks

10 SBI Hydra Q3-15 Nacks

11 SBI Pegasus Q3-15 Chengxi

12 SBI Ursa Q4-15 Dacks

13 SBI Thalia Q4-15 Chengxi

14 SBI Cronos Q4-15 Imabari

15 SBI Orion Q4-15 Chengxi

16 SBI Achilles Q1-16 Imabari

17 SBI Hercules Q1-16 Chengxi

18 SBI Perseus Q1-16 Chengxi

19 SBI Hermes Q1-16 Imabari

20 SBI Zeus Q2-16 Mitsui

21 SBI Hera Q2-16 Mitsui

22 SBI Hyperion Q2-16 Nacks

23 SBI Tethys Q3-16 Nacks

24 SBI Phoebe Q3-16 Chengxi

25 SBI Poseidon Q3-16 Mitsui

26 SBI Apollo Q4-16 Mitsui

27 SBI Samson Q1-17 Chengxi

28 SBI Phoenix Q1-17 Chengxi

Kamsarmax Newbuildings

# Name Year Yard

1 SBI Cakewalk Q3-14 SWS

2 SBI Charleston Q3-14 SWS

3 SBI Samba Q1-15 Imabari

4 SBI Rumba Q3-15 Imabari

5 SBI Capoeira Q3-15 Hudong

6 SBI Electra Q3-15 Yangzijiang

7 SBI Carioca Q4-15 Hudong

8 SBI Conga Q4-15 Hudong

9 SBI Flamenco Q4-15 Hudong

10 SBI Bolero Q4-15 Hudong

11 SBI Sousta Q1-16 Yangzijiang

12 SBI Rock Q1-16 Yangzijiang

13 SBI Lambada Q1-16 Hudong

14 SBI Reggae Q1-16 Hudong

15 SBI Zumba Q4-16 Hudong

16 SBI Macarena Q4-16 Hudong

17 SBI Parapara Q1-17 Hudong

18 SBI Mazurka Q1-17 Hudong

19 SBI Swing Q1-17 Hudong

20 SBI Jive Q2-17 Hudong

(1) As of January 10, 2017

23

Name Yard Type Name Yard Type Name Yard Type

SBI Pegasus Chengxi Ultramax SBI Cakewalk SWS Kamsarmax SBI Perseus Chengxi Ultramax

SBI Orion Chengxi Ultramax SBI Charleston SWS Kamsarmax SBI Phoebe Chengxi Ultramax

SBI Hercules Chengxi Ultramax SBI Electra Yangzijiang Kamsarmax

SBI Samson Chengxi Ultramax SBI Flamenco Yangzijiang Kamsarmax

SBI Phoenix Chengxi Ultramax Name Yard Type

SBI Leo Dacks Ultramax SBI Athena Chengxi Ultramax

SBI Lyra Dacks Ultramax SBI Thalia Chengxi Ultramax Name Yard Type

SBI Subaru Dacks Ultramax SBI Echo Imabari Ultramax SBI Achilles Imabari Ultramax

SBI Ursa Dacks Ultramax SBI Hera Mitsui Ultramax SBI Hermes Imabari Ultramax

SBI Bravo Nacks Ultramax SBI Zeus Mitsui Ultramax

SBI Antares Nacks Ultramax SBI Poseidon Mitsui Ultramax

SBI Maia Nacks Ultramax SBI Apollo Mitsui Ultramax Name Yard Type

SBI Hydra Nacks Ultramax SBI Conga Hudong Kamsarmax SBI Cronos Imabari Ultramax

SBI Hyperion Nacks Ultramax SBI Bolero Hudong Kamsarmax

SBI Tethys Nacks Ultramax SBI Sousta Hudong Kamsarmax

SBI Capoeira Hudong Kamsarmax SBI Reggae Hudong Kamsarmax

SBI Carioca Hudong Kamsarmax SBI Zumba Hudong Kamsarmax

SBI Lambada Hudong Kamsarmax SBI Parapara Hudong Kamsarmax

SBI Macarena Hudong Kamsarmax SBI Mazurka Hudong Kamsarmax

SBI Swing Hudong Kamsarmax SBI Rock Yangzijiang Kamsarmax

SBI Jive Hudong Kamsarmax

Name Yard Type

SBI Tango Imabari Ultramax

SBI Samba Imabari Kamsarmax

SBI Rumba Imabari Kamsarmax

$42 Million Credit Facility

$39.6 Million Credit Facility $67.5 Million Credit Facility$330 Million Credit Facility

$409 Million Credit Facility

$27.3 Million Credit Facility

$12.5 Million Credit Facility

Fully Financed Fleet

24

Proven Access to Capital Markets by Management

$168,350,000

April 2010

$250,000,000

July 2013

$56,560,249

November 2010

$72,450,000

May 2011

$38,500,000

December 2011

$27,000,000

April 2012

$132,002,621

December 2012

$234,997,200

March 2013

$299,999,997

May 2013

$218,500,000

July 2013

$360,000,000

June 2014

$300,000,000

September 2013

$300,000,000

November 2013

$351,000,000

December 2013

$150,000,000

November 2014

$230,000,000

June 2015

$53,750,000

May 2014

$51,750,000

October 2014

$159,747,244

May 2015

$230,040,000

February 2013

$73,625,000

September 2014

Equity Raises Convertible Bond Unsecured Notes

$63,000,000

March 2016

$70,150,000

June 2016

25

Top 20 Shareholders

Source: Nasdaq/Bloomberg, December 2016

# Holder Ownership

1 Scorpio Services Holding Limited 17.4%

2 GRM Investments Ltd. 17.1%

3 Raging Capital Management 12.2%

4 Q Investments 5.6%

5 BlackRock Fund Advisors 4.3%

6 Evermore Global Advisors, LLC 4.2%

7 TFG Asset Management, L.P. 2.3%

8 Wellington Management Company 1.8%

9 Anchorage Capital Group, LLC 1.7%

10 Renaissance Technologies, LLC 1.1%

11 Kairos Partners SGR S.p.A. 0.8%

12 Tufton Oceanic, LTD 0.8%

13 State Street Global Advisors (SSgA) 0.7%

14 Avenue Capital Management II, L.P. 0.7%

15 Northern Trust Investments, Inc. 0.6%

16 Invesco PowerShares Capital Management, LLC 0.5%

17 Royce & Associates, LP 0.4%

18 Phoenix Investment Adviser, LLC 0.3%

19 Parametric Portfolio Associates, LLC 0.3%

20 First Fondene AS 0.3%