Company PresentationMarch 2018

2

Company Overview

Scorpio Bulkers Inc. (“Scorpio” or the “Company”) owns

56(1) mid-size dry bulk ‘Eco’ vessels with an average age

of 2.1 years and time charters in one vessel

• Scorpio’s strategy is to:

✓ Capture rising freight rates by employing

vessels in the spot market through the Scorpio

Ultramax and Scorpio Kamsarmax pools

✓ Operate vessels efficiently and minimize costs

✓ Maintain a strong balance sheet through

conservative leverage

✓ Take advantage of market dislocation to

opportunistically grow fleet

• The Company is headquartered in Monaco,

incorporated in the Marshall Islands, exempt from

U.S. income tax, has NYSE-compliant governance

and transparency for foreign private issuers and is

listed under the ticker “SALT”

Key Facts Fleet Profile

Scorpio Average Age vs. Worldwide Fleet

(1) Includes one kamsarmax newbuilding to be delivered in Q2-18.

37

18

1

1

0

5

10

15

20

25

30

35

40

Ultramax Kamsarmax

Owned TC/BB Chartered-In Newbuilding

2.21.8

8.28.7

0.0

1.0

2.0

3.0

4.0

5.0

6.0

7.0

8.0

9.0

10.0

Handymax/Ultramax Panamax/Kamsarmax

Scorpio Bulkers Active Fleet

3

Market Cap ($m) (1) Trading Liquidity ($m/day) (1)

Company Profile

(1) Fearnley Securities, March 5, 2018

Shareholders Ownership

Top 10 59.1%

11-20 9.7%

21-30 3.9%

31+ 27.3%

Total 100.0%

$0

$200

$400

$600

$800

$1,000

$1,200

$1,400

GoldenOcean

Star Bulk ScorpioBulkers

Genco Diana EagleBulk

NaviosPartners

SongaBulk

$0

$2

$4

$6

Star Bulk ScorpioBulkers

GoldenOcean

Diana Eagle Bulk NaviosPartners

Genco SongaBulk

Company Details

Ticker (NYSE) SALT

Shares Outstanding (mm) 77.14

Insider Ownership 22%

Last Price $7.85

52 Week Low $5.70

52 Week High $10.14

Quarterly Dividend $0.02

4

Company Highlights

Youngest ECO dry bulk

fleet ✓High specification best-in-class fleet built at top tier yards with an

average age of 2.1 years

Attractive Mid Size Segment ✓ Mid size segment provides access to all types of dry cargo commodities

Positive & Increasing

EBITDA ✓Reported $22.0 million in EBITDA in Q4-17, the fifth consecutive quarter

of positive and increasing EBITDA

Early stage recovery

Significant operating

leverage✓

An increase in rates from $10,000 to $15,000 (50%) translates to a

120% increase in EBITDA, generating $3.76 in EBITDA per share

Significant trading liquidity

and inside ownership ✓One of the most liquid dry bulk stocks with over $4 million in trading

liquidity per day and insider ownership of 24%

5

Youngest Fleet in Mid Size Segments

Source: Clarksons Shipping

37

24

17

48

3

26

18

26

31

3829

6

32

2.2

9.0

11.3

8.3

7.7

6.0

10.4

9.9

0.0

2.0

4.0

6.0

8.0

10.0

12.0

0

10

20

30

40

50

60

Scorpio Bulkers Star Bulk Navios MH Eagle Bulk Safe Bulkers Golden Ocean Genco Diana

# o

f V

essels

Handymax/Ultramax Panamax/Kamsarmax Average Age

6

$3,462

$5,335

$7,083 $7,238

$8,230 $8,360

$8,949

$10,886

$9,800

$3,331

$5,263

$6,349

$7,401

$9,164 $9,273 $9,211

$12,605

$13,300

$0

$2,000

$4,000

$6,000

$8,000

$10,000

$12,000

$14,000

Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Q3-17 Q4-17 Q1-18*

Ultramax Kamsarmax

Strengthening Market for Our Vessels

• The increase in reported TCE earnings over the last 2 years has defied traditional seasonality, and in

the face of record newbuild deliveries, shows the underlying strength of the market and supports the

continuation of the market recovery

February 10, 2016 BDI

hits 40 year low

* Projections based on 63% and 74% of the days for the Ultramax fleet and Kamsarmax fleet, respectively as of January 30, 2018.

7

Cash Breakeven per Vessel ($/day)

Principal Repayments are calculated using total debt repayments for 2018 divided by 55 vessels divided by 365 days.

Source: Clarksons Research Services

$4,822

$1,004

$1,677

$2,372

$5,826

$9,875

$0

$2,000

$4,000

$6,000

$8,000

$10,000

$12,000

OPEX Cash G&A Operating Breakeven Interest Principal Total Cash Breakeven

8

Historical TC Rates 2003-2017 ($/day)

6,495

11,563

14,875

29,448

6,740

13,875

16,454

34,323

$0

$5,000

$10,000

$15,000

$20,000

$25,000

$30,000

$35,000

Min Jan-18 Average Max

($/d

ay)

Ultramax Kamsarmax

Operating Cash Breakeven Total Cash Breakeven

9

Improving Financial Performance

Operating Cash Flow EBIT

Revenue EBITDA

Figures in $USD millions.

$10.2

$17.4

$23.9$26.8

$34.7$37.7 $38.6

$51.1

$0

$10

$20

$30

$40

$50

$60

Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Q3-17 Q4-17

-$27.5

-$18.1

-$4.5-$2.1 -$1.7

$2.5$5.3

$13.5

-$35

-$25

-$15

-$5

$5

$15

$25

Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Q3-17 Q4-17

-$17.0

-$5.8

-$1.3

$0.9

$7.3$10.8 $12.4

$22.9

-$30

-$20

-$10

$0

$10

$20

$30

Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Q3-17 Q4-17

-$28.8

-$19.2-$16.2

-$14.1

-$9.9

-$6.2-$4.1

$6.0

-$35

-$30

-$25

-$20

-$15

-$10

-$5

$0

$5

$10

Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Q3-17 Q4-17

10

$119 $119 $119 $119 $119

$85

$188

$290

$392

$494

$1.1

$2.4

$3.8

$5.1

$6.4

(3.00)

(2.00)

(1.00)

-

1.00

2.00

3.00

4.00

5.00

6.00

7.00

$0

$100

$200

$300

$400

$500

$600

$700

10,000 15,000 20,000 25,000 30,000

Mil

lio

ns

($

US

D)

TC Rate ($/day)

OPEX + Cash G&A EBITDA EBITDA/Share

Significant Operating Leverage

An increase in rates from $10,000

to $15,000 (50%) translates to a

120% increase in EBITDA

Historical One Year Time Charter Rates: 2003-2017 (1)

Class Min Jan-18 Avg Max

Ultramax $6,495 $11,563 $14,930 $29,448

Kamsarmax $6,740 $13,875 $16,561 $34,323

1) Averages excludes TC rates from 2007/2008 where supramax and panamax vessels averaged $50,000/day

2) Based on 56 owned vessels

Source: Clarksons Research Services

EBITDA Generation in Different Operating Environments

11

Improving Financial Performance (cont’d)

Figures in $USD millions.

P&L FY 2016 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Q3-17 Q4-17

Revenues 78.4 10.2 17.4 23.9 26.8 34.7 37.7 38.6 51.1

EBITDA (23.1) (17.0) (5.8) (1.3) 0.9 7.3 10.8 12.4 22.9

EBIT (78.3) (28.8) (19.2) (16.2) (14.1) (9.9) (6.2) (4.1) 6.0

Net (loss) Income (99.9) (33.4) (24.7) (21.3) (20.6) (16.4) (13.4) (10.7) (1.1)

Balance Sheet FY 2016 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Q3-17 Q4-17

Total Assets 1,547.2 1,466.9 1,522.2 1,553.1 1,547.2 1,563.1 1,532.2 1,434.2 1,643.4

PP&E 1,414.1 1,183.3 1,244.8 1,318.3 1,414.1 1,363.5 1,352.5 1,340.3 1,541.5

Cash 101.7 230.2 241.7 200.9 101.7 126.6 149.3 62.4 68.5

Equity 956.6 941.5 989.0 972.7 956.6 926.0 916.2 908.5 917.4

Debt 579.5 510.0 523.4 570.8 579.5 628.2 606.3 515.1 715.6

Cash Flow FY 2016 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Q3-17 Q4-17

Cash flow from operations (52.2) (27.5) (18.1) (4.5) (2.1) (1.7) 2.5 5.3 13.5

Cash flow from investing (235.4) 22.6 (23.0) (128.5) (106.4) (22.4) 43.3 0.1 (193.7)

Cash flow from financing 189.0 34.8 97.8 47.0 9.3 49.0 (23.1) (92.4) 186.4

12

Market Update

13

Overview of Dry Bulk Segments

Vessel

Asset ClassHandysize &

Handymax

Supramax &

Ultramax

Panamax &

KamsarmaxCapesize

Size (DWT) 10-50k 50-65k 65-100k >100k

Major

Bulks

Iron Ore ✓ ✓ ✓

Coal ✓ ✓ ✓

Grain ✓ ✓ ✓

Minor

Bulks

Bauxite ✓ ✓ ✓

Steel ✓ ✓ ✓

Scrap ✓ ✓

Cement ✓ ✓

Salt ✓ ✓

Forest Products ✓ ✓

Potash/Fertilizer ✓ ✓

Coke ✓ ✓

Nickel Ore ✓ ✓

Sugar ✓ ✓

Other ✓ ✓

14

Our Vessels (1/2): Ultramax

Vessel Details

• Ultramax vessels are the larger and more

modern version of the supramax vessel.

• Size: 61,000 – 64,000 DWT

• Holds/Hatches: 5

• Cranes/Grabs: Yes

Ultramax Cargo Breakdown 2017

Coal Products,

33.2%

Grain Products,

16.3%Minerals,

12.7%

Steel Products,

9.3%

Fertiliser, 6.8%

Dry Cargo(1),5.9%

Ore, 5.7% Salt, 5.5%

Logs, 2.7%Cement,

1.2%Sugar, 0.8%

Dry Cargo includes wood chips, wood pellets and aggregates

Voyages commenced in 2017 for both spot and trip & period charter

Load Regions Discharge Regions

Coal US/Indonesia/South Africa/RussiaIndia/China/Netherlands/Spain/I

srael

Grain Argentina/Brazil/US/RussiaIndonesia/Egypt/China/Japan/

Spain

MineralsUAE(limestone)/Peru&

Chile(copper/zinc)/Spain(gypsum)US/India/China/Mexico/Japan

Steel Products China/Russia/Belgium/Korea US/Turkey/Spain/Italy/Mexico

Fertilizer Morocco/Qatar/Russia US/China/New Zealand

15

Our Vessels (2/2): Kamsarmax

Vessel Details

• Kamsarmax vessels are the larger and more

modern version of the panamax vessel.

• Size: 81,000 – 84,000 DWT

• Holds/Hatches: 7

• Cranes/Grabs: No

Kamsarmax Cargo Breakdown 2017

Coal, 61.4%Ore, 12.8%

Grain 12.4%

Minerals, 9.3%

Steel Products 4.2%

Load Regions Discharge Regions

CoalUS/Russia/Indonesia/Australia/South

Africa

China/India/Netherlands/UK

Italy

Ore Brazil/Canada/Australia Netherlands/UK/Japan

Grain Brazil, US, ArgentinaChina/Korea/Vietnam/Saudi

Arabia

MineralsBrazil (Bauxite)/Australia

(Aluminum/Bauxite)

China/Germany/Ireland/

Canada

Steel

ProductsRussia/Brazil US/Netherlands

16

Industry Highlights

Asset Values Recover ✓Ultramax and Kamsarmax resale values have increased 14.6% and

18.4% yoy and 37.5% and 26.1% since January 2016, respectively

TCE Rates Continue to

Improve ✓Eight sequential increases in reported TCE earnings for our Ultramax

and Kamsarmax vessels and are still below historical average

Positive Demand Outlook ✓ Dry bulk seaborne exports have increased at CAGR of 4.8% since 2009

Favorable Supply/Demand

Dynamics ✓For the first time since 2014, dry bulk ton mile demand growth (5.4%)

outpaced fleet supply growth (3.0%) in 2017

Low Orderbook & Limited

Newbuild Orders ✓Orderbook as % of the fleet is 9.75% and NB orders in 2017 were 46%

below the 20 year avg

Regulatory requirements ✓SALT is fully compliant with upcoming regulatory requirements which

also are likely to increase scrapping

17

Time Charter Rates

1 yr TC Rates (Last 12 months)Historical 1 Yr TC Rates

Source: Clarksons Research Services, March 2018

Historical Data 2009-2018

Class Jan-18 Avg Max Min

Ultramax $11,563 $11,777 $24,375 $4,875

Kamsarmax $13,875 $12,892 $29,625 $5,363

BDI 1,242 1,409 3,941 307

$0

$10,000

$20,000

$30,000

$40,000

$50,000

$60,000

$70,000

$80,000

$90,000

$100,000

Kamsarmax (LHS) Ultramax (LHS)

400

600

800

1,000

1,200

1,400

1,600

1,800

$2,000

$4,000

$6,000

$8,000

$10,000

$12,000

$14,000

$16,000

Kamsarmax (LHS) Ultramax (LHS) BDI (RHS)

18

Asset Values

Figures in million US$, Source: Clarksons Research Services, March 2018

Historical Asset Values

Newbuild & Resale Asset Values

Five Year Old Asset Values

0

• In the last 12 months asset values have:

– Increased 14.6% and 15.4% for ultramax and

kamsarmax resales, respectively.

– Increased 16.7% and 19.4% for ultramax and

panamax 5 year old vessels, respectively.

– Increased 9.0% and 5.1% for ultramax and

kamsarmax newbuildings, respectively.

• Resale values now exceed newbuilding values

supporting expectations for continued market

recovery

$18

$20

$22

$24

$26

$28

$30

Ja

n-1

6

Feb

-16

Mar-

16

Apr-

16

May-1

6

Ju

n-1

6

Ju

l-16

Aug

-16

Sep

-16

Oct-

16

No

v-1

6

De

c-1

6

Ja

n-1

7

Feb

-17

Mar-

17

Apr-

17

May-1

7

Ju

n-1

7

Ju

l-17

Aug

-17

Sep

-17

Oct-

17

No

v-1

7

De

c-1

7

Ja

n-1

8

Feb

-18

Ultramax NB Kamsarmax NB

Ultramax Resale Kamsarmax Resale

$10

$12

$14

$16

$18

$20

$22

Ja

n-1

6

Feb

-16

Mar-

16

Apr-

16

May-1

6

Ju

n-1

6

Ju

l-16

Aug

-16

Sep

-16

Oct-

16

No

v-1

6

De

c-1

6

Ja

n-1

7

Feb

-17

Mar-

17

Apr-

17

May-1

7

Ju

n-1

7

Ju

l-17

Aug

-17

Sep

-17

Oct-

17

No

v-1

7

De

c-1

7

Ja

n-1

8

Feb

-18

Ultramax 5 yr Kamsarmax 5 yr Panamax 5 yr

$0

$10

$20

$30

$40

$50

$60

Ultramax NB Kamsarmax NB Panamax NB

19

Synchronized Global GDP Growth Drives Demand

Source: Clarksons Research Services, March 2018

2009-2018

Iron Ore Coal Grains Minor Bulks Total Dry Bulk

CAGR 6.1% 4.7% 5.7% 3.9% 4.8%

Mill

ion

To

nn

es

897

1,524

804

1,221

321

527

1,402

1,972

3,424

3,837

4,074

4,330

4,584

4,833 4,832 4,909 5,103

5,243

-

1,000

2,000

3,000

4,000

5,000

2009 2010 2011 2012 2013 2014 2015 2016 2017 (e) 2018 (f)

Iron Ore Coal Grain Minor Bulk

20

Ton Mile Demand Grows Across Commodities

Total Dry Bulk

Grain Minor Bulk

Coal

Figures in Ton Miles (Billions), Source: Clarksons Research Services, March 2018

18,592

21,041 22,331

23,723 24,936

26,445 26,676 27,292 28,680

29,743

-

5,000

10,000

15,000

20,000

25,000

30,000

35,000

2009 2010 2011 2012 2013 2014 2015 2016 2017 (e) 2018 (f)

3,424

4,022 4,306

4,798 5,050

5,228 4,955 4,989

5,284 5,338

-

1,000

2,000

3,000

4,000

5,000

6,000

2009 2010 2011 2012 2013 2014 2015 2016 2017 (e) 2018 (f)

2,221

2,460 2,398 2,600

2,793 3,001

3,301 3,400

3,714 3,853

-

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

4,500

2009 2010 2011 2012 2013 2014 2015 2016 2017 (e) 2018 (f)

7,586

8,705 9,312

9,624 10,172

10,618 10,773 10,979 11,448

11,959

-

2,000

4,000

6,000

8,000

10,000

12,000

14,000

2009 2010 2011 2012 2013 2014 2015 2016 2017 (e) 2018 (f)

21

Chinese Coal Inventory at Lowest Since 2012 Indian Coal Inventory at Lowest Level since 2014

Reduction in Coal Inventories

Figures in Million Tonnes

Source: Bloomberg

50.0

127.5

63.0

40

50

60

70

80

90

100

110

120

130

140

8.0

38.9

15.7

0

5

10

15

20

25

30

35

40

45

22

Dry Bulk Demand Outpaces Supply in 2017

Net fleet growth for 2018/2019 assumes scrapping amount as 2017 (14.5 million DWT, or 1.7% of current fleet) and newbuilding vessels deliver as scheduled.

Source: Clarkson Research Services

• For the first time since 2014, dry bulk ton mile demand growth (5.4%) outpaced fleet supply growth (3.0%)

• Increasing ton mile demand and global growth coincided with a limited orderbook provides favorable

supply/demand dynamics

10.8%

5.8%

4.4%

2.4% 2.3%

3.0%2.6%

1.9%

6.4%

4.9%

6.1%

0.9%

2.1%

5.4%

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

2012 2013 2014 2015 2016 2017 2018P 2019P

Net Fleet Growth Ton Mile Demand

23

25.2 25.4

44.5

81.4

99.9 100.4

63.0

48.4 49.247.2

38.436.2

29.8

20.6

-

20

40

60

80

100

120

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018* 2019* 2020*

Capesize Panamax Handymax Handysize

Favorable Supply Dynamics

(1)Does not assume slippage or scrapping

(2) Assumes newbuildings deliver as scheduled,

Source: Clarksons Research Services, March 2018

Fleet Development Before Scrapping (1)

DW

T (

Mill

ions)

Newbuilding Deliveries Per Year (2)

325.4 340.8 356.2 369.5 373.0

203.7210.7

217.3220.5 221.0

195.9

201.5204.4

206.0 206.4

96.4

100.0

101.2101.9 101.9821.5

853.0

879.1898.0 902.2

-

100

200

300

400

500

600

700

800

900

1,000

Current 2018 2019 2020 2021

DW

T (M

illio

ns)

Capesize Panamax Handymax Handysize

24

9.75%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

Feb

-03

Feb

-04

Feb

-05

Feb

-06

Feb

-07

Feb

-08

Feb

-09

Feb

-10

Feb

-11

Feb

-12

Feb

-13

Feb

-14

Feb

-15

Feb

-16

Feb

-17

Feb

-18

Low Orderbook & Limited Newbuild Ordering

Source: Clarksons Research Services, March 2018

Historically Low Orderbook as % of Fleet Newbuilding Orders (DWT)

• Orderbook as % of the fleet is 9.75%

• Newbuilding orders in 2017 were 36.2m DWT, 33% below the 20 year avg of 48.1m DWT

12.215.3

9.6

22.4

15.2

8.9

22.3

36.633.1

29.5

76.4

159.4

101.5

37.0

102.2

41.7

24.4

103.2

63.9

25.3

14.6

36.2

0

20

40

60

80

100

120

140

160

180

19

96

19

97

19

98

19

99

20

00

20

01

20

02

20

03

20

04

20

05

20

06

20

07

20

08

20

09

20

10

20

11

20

12

20

13

20

14

20

15

20

16

20

17

Mill

ions

25

Scrapping Expected to Increase

Source: Clarksons Research Services, March 2018

Fleet Scrapping (Million DWT) Scrapping Avg Age

Fleet Age Profile Scrap Price ($/ldt)

8.26.1

4.2

0.4 1.0 1.80.5

5.6

10.6

6.6

23.3

33.4

23.2

16.4

30.729.3

14.5

0

5

10

15

20

25

30

35

40

27% 30% 32%23%

49%36%

40%

43%

14%

15%12%

11%

5%12% 8%

9%

5% 6% 8%15%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Cape Panamax Handymax Handysize

0-4 5-9 10-14 15-19 20+

$230

$445

200

250

300

350

400

450

500

Feb-16 May-16 Aug-16 Nov-16 Feb-17 May-17 Aug-17 Nov-17 Feb-18

($/ld

t)

20

22

24

26

28

30

32

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

Handymax Panamax

26

Ballast Water Treatment Regulations

BWTS Piping in Engine Room

• From 2019 to 2024 the IMO will require shipowners to install a ballast water treatment system during

their five year drydock

• BWTS are expected to cost $500,000 to $1.5 million and depends on the type and size of vessel

• Retrofits on older, existing ships, can be more challenging and expensive as they were designed

without the space in the engine room to fit BWTS (see photos below that show how large BWTS are)

• Will be substantial ‘push factor’ encouraging scrapping of older vessels

All of SALT’s vessels are fitted with BWTS

BWTS Filtering Unit

27

New Sulfur Emission Regulations in 2020

• The International Maritime Organization (IMO) will require shipowners to reduce sulfur emissions from 3.5% currently to 0.5% in 2020.

• To comply, shipowners will have to decide between:

1. Installing a scrubber to enable the vessel to burn HFSO; or

2. Paying the premium to consume MGO with a sulfur content < 0.5%

• Scrubbers can cost $3-$10 million depending on the size of the ship.

• Modern fuel efficient ships have a competitive advantage over older tonnage through lower fuel consumption – ‘ECO Ships’ make a difference.

• Increase in scrapping expected as the cost to equip older tonnage with scrubbers is not viable

Historical FO & MGO Prices ($/MT) (1)

Source: Clarksons Research Services/Ocean Connect March 2018

$0

$200

$400

$600

$800

$1,000

$1,200

Feb-14 Aug-14 Feb-15 Aug-15 Feb-16 Aug-16 Feb-17 Aug-17 Feb-18

Rotterdam Singapore Houston

28

Appendix

29

Financial Institution Commitment (1)

($ in millions)

$156.3

$148.7

$87.2

$61.0

$42.6

$40.5

$38.7

$36.5

$26.3

$19.3

Total Committed $657.0

Total Debt (incl Senior Notes) $730.6

Overview of Credit Facilities

Excellent current relationship and enhanced

reputation with lenders

Competitively priced bank debt held by

original lenders. As a ‘tier 1’ borrower our

terms and conditions for loans are improving

No restricted cash held in liquidity, drydock

or BWTS accounts

No dividend restrictions, cash sweeps, PIK

interest or other unattractive features

No overhang of deferred amortization and all

amortization following original schedules

Current and projected covenant compliance

Low LTV loans financing best-in-industry

fleet

(1) As of December 31, 2017

30

$730.6

$100.0$75.2

$73.6

$49.3

$46.2

$54.9

$28.7

$15.5

$2.3

$13.1

$10.5

$148.1

$7.8

$162.1

$15.5$18.1

$52.9

$20.7

$0.0

$100.0

$200.0

$300.0

$400.0

$500.0

$600.0

$700.0

FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 FY 2023

Senior Notes Principal $67.5M-CF $409M-CF $12.5M-CF $330M-CF $27.25M-CF $42M-CF $19.6M-CF $85.5M-CF $12.75M-CF $38.7M-CF

Repaym

ents

($ in M

illio

ns)

Projected Debt Amortization

2018-2019 Quarterly Amortization

Q1-18 13.4

Q2-18 12.5

Q3-18 12.0

Q4-18 11.4

Q1-19 11.1

Q2-19 10.8

Q3-19 85.0

Q4-19 12.9

($ in Millions)

Total Debt

31

Fleet List

Owned Vessels

# Name Year Yard Type # Name Year Yard Type

1 SBI Athena 2015 Chengxi Ultramax 29 SBI Aries 2015 Chengxi Ultramax

2 SBI Bravo 2015 Nacks Ultramax 30 SBI Gemini 2015 Chengxi Ultramax

3 SBI Antares 2015 Nacks Ultramax 31 SBI Taurus 2015 Chengxi Ultramax

4 SBI Leo 2015 Dacks Ultramax 32 SBI Pisces 2016 Chengxi Ultramax

5 SBI Echo 2015 Imabari Ultramax 33 SBI Virgo 2017 Chengxi Ultramax

6 SBI Lyra 2015 Dacks Ultramax 34 SBI Libra 2017 Chengxi Ultramax

7 SBI Subaru 2015 Dacks Ultramax 35 SBI Puma 2014 Chengxi Ultramax

8 SBI Tango 2015 Imabari Ultramax 36 SBI Jaguar 2014 Chengxi Ultramax

9 SBI Maia 2015 Nacks Ultramax 37 SBI Cougar 2015 Chengxi Ultramax

10 SBI Hydra 2015 Nacks Ultramax 38 SBI Samba 2015 Imabari Kamsarmax

11 SBI Pegasus 2015 Chengxi Ultramax 39 SBI Rumba 2015 Imabari Kamsarmax

12 SBI Ursa 2015 Dacks Ultramax 40 SBI Capoeira 2015 Hudong Kamsarmax

13 SBI Thalia 2015 Chengxi Ultramax 41 SBI Electra 2015 Yangzijiang Kamsarmax

14 SBI Cronos 2015 Imabari Ultramax 42 SBI Carioca 2015 Hudong Kamsarmax

15 SBI Orion 2015 Chengxi Ultramax 43 SBI Conga 2015 Hudong Kamsarmax

16 SBI Achilles 2016 Imabari Ultramax 44 SBI Flamenco 2015 Hudong Kamsarmax

17 SBI Hercules 2016 Chengxi Ultramax 45 SBI Bolero 2015 Hudong Kamsarmax

18 SBI Perseus 2016 Chengxi Ultramax 46 SBI Sousta 2016 Yangzijiang Kamsarmax

19 SBI Hermes 2016 Imabari Ultramax 47 SBI Rock 2016 Yangzijiang Kamsarmax

20 SBI Zeus 2016 Mitsui Ultramax 48 SBI Lambada 2016 Hudong Kamsarmax

21 SBI Hera 2016 Mitsui Ultramax 49 SBI Reggae 2016 Hudong Kamsarmax

22 SBI Hyperion 2016 Nacks Ultramax 50 SBI Zumba 2016 Hudong Kamsarmax

23 SBI Tethys 2016 Nacks Ultramax 51 SBI Macarena 2016 Hudong Kamsarmax

24 SBI Phoebe 2016 Chengxi Ultramax 52 SBI Parapara 2017 Hudong Kamsarmax

25 SBI Poseidon 2016 Mitsui Ultramax 53 SBI Mazurka 2017 Hudong Kamsarmax

26 SBI Apollo 2016 Mitsui Ultramax 54 SBI Swing 2017 Hudong Kamsarmax

27 SBI Samson 2017 Chengxi Ultramax 55 SBI Jive 2017 Hudong Kamsarmax

28 SBI Phoenix 2017 Chengxi Ultramax 56 TBN SBI Lynx 2018 Yangzijiang Kamsarmax