Scorpio Bulkers Q1 2019 Earnings April 29, 2019

2

Disclaimer

This presentation includes “forward-looking statements” within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. These forward-looking statements reflect Scorpio Bulkers Inc.’s (“Scorpio’s”) current views with respect to future events and financial performance. The words “believe,” “anticipate,” “intend,” “estimate,” “forecast,” “project,” “plan,” “potential,” “may,” “should,” “expect” and similar expressions identify forward-looking statements. The forward-looking statements in this presentation are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, management’s examination of historical operating trends, data contained in Scorpio’s records and other data available from third parties. Although Scorpio believes that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond Scorpio’s control, Scorpio cannot assure you that it will achieve or accomplish these expectations, beliefs, projections or future financial performance.

Risks and uncertainties include, but are not limited to, the failure of counterparties to fully perform their contracts with Scorpio, the strength of world economies and currencies, general market conditions, including fluctuations in charter hire rates and vessel values, changes in demand in the bulk carrier markets, changes in Scorpio’s operating expenses, including bunker prices, drydocking and insurance costs, the fuel efficiency of our vessels, the market for Scorpio's vessels, availability of financing and refinancing, charter counterparty performance, ability to obtain financing and comply with covenants in such financing arrangements, changes in governmental and environmental rules and regulations or actions taken by regulatory authorities including those that may limit the commercial useful lives of tankers, potential liability from pending or future litigation, general domestic and international political conditions, potential disruption of shipping routes due to accidents or political events, and other important factors described from time to time in the reports Scorpio files with, or furnishes to, the Securities and Exchange Commission, or the Commission, and the New York Stock Exchange, or NYSE. Scorpio undertakes no obligation to update or revise any forward-looking statements. These forward-looking statements are not guarantees of Scorpio's future performance, and actual results and future developments may vary materially from those projected in the forward-looking statements.

Earnings before interest, taxes, depreciation and amortization (“EBITDA”), earnings before interest and taxes (“EBIT”), adjusted net income and related per share amounts, as well as adjusted EBITDA, adjusted EBIT and TCE Revenue are non-GAAP performance measures that the Company believes provide investors with a means of evaluating and understanding how the Company’s management evaluates the Company’s operating performance. These non-GAAP financial measures should not be considered in isolation from, as substitutes for, nor superior to financial measures prepared in accordance with GAAP.

Unless otherwise indicated, information contained in this presentation concerning Scorpio’s industry and the market in which it operates, including its general expectations about its industry, market position, market opportunity and market size, is based on data from various sources including internal data and estimates as well as third party sources widely available to the public such as independent industry publications, government publications, reports by market research firms or other published independent sources. Internal data and estimates are based upon this information as well as information obtained from trade and business organizations and other contacts in the markets in which Scorpio operates and management’s understanding of industry conditions. This information, data and estimates involve a number of assumptions and limitations, are subject to risks and uncertainties, and are subject to change based on various factors, including those discussed above. You are cautioned not to give undue weight to such information, data and estimates. While Scorpio believes the market and industry information included in this presentation to be generally reliable, it has not independently verified any third-party information or verified that more recent information is not available.

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Corporate and Financial Highlights

Q1-2019Financial Results

• GAAP Net Loss of $3.5 million / Loss per Share of $0.05

• includes gain and dividends totalling $15.5 million or $0.23 per share on the STNG investment and a write-down of assets held for sale of $7.5 million or $0.11 per share

• Adjusted Net Income $4.0 million / Adjusted Earnings per Share of $0.06 excluding the write-down of assets held for sale

• EBITDA of $25.3 million (Adjusted EBITDA of $32.8 million) and cash flow from operations of $4.5 million

TCE

• Ultramax TCE of $9,177 per day in Q1 2019

• Ultramax TCE of $9,488 per day booked to date in Q2 2019

• Kamsarmax TCE of $11,176 per day in Q1 2019

• Kamsarmax TCE of $10,487 per day booked to date in Q2 2019

Liquidity • Liquidity position as of April 26, 2019 is $57.9 million in cash

Fleet Development• Sale of two 2015 built Kamsarmax vessels for $48.0 million

• Capital expenditure of $3.7 million incurred in Q1-19 for exhaust gas cleaning systems (“Scrubbers”). Total capital expenditures to dateon scrubbers is $6.4 million

Financing

• Sale and lease back of three Ultramax vessels and four Kamsarmax vessels, which will increase liquidity by $57.2 million including scrubber financing

• Sale and lease back of one Kamsarmax vessel, which increased liquidity by $6.9 million

• Sale and lease back of six Ultramax vessels, which will increase liquidity by $62.4 million including scrubber financing

• Sale and lease back of two Ultramax vessels, which will increase liquidity by $17.0 million including scrubber financing

Dividend & Stock Buyback Program

• The Company’s Board of Directors declared a dividend of $0.02 per share on April 26, 2019

• No stock has been purchased to date in 2019. As of April 26, 2019, $50.0 million remains available under the program

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Historical Rates

February 10,

2016 BDI hits

40 year low

* Projections based on 48% and 42% of the days for the Ultramax fleet and Kamsarmax fleet, respectively as of April 24, 2019.

$9,488

$10,487

$0

$2,000

$4,000

$6,000

$8,000

$10,000

$12,000

$14,000

$16,000

Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18 Q3-18 Q4-18 Q1-19 Q2-19*

Ultramax Kamsarmax

5

-$27.5

-$18.1

-$4.5-$2.1 -$1.7

$2.5$5.3

$13.5$11.1

$21.1$18.6 $19.6

$4.5

-$35

-$25

-$15

-$5

$5

$15

$25

Q1 16 Q2 16 Q3 16 Q4 16 Q1 17 Q2 17 Q3 17 Q4 17 Q1 18 Q2 18 Q3 18 Q4 18 Q1 19

-$28.8

-$19.2-$16.2

-$14.1

-$9.9

-$6.2-$4.1

$6.0$2.9

$10.6 $9.4

$3.5

$15.5

-$35

-$30

-$25

-$20

-$15

-$10

-$5

$0

$5

$10

$15

$20

Q1 16 Q2 16 Q3 16 Q4 16 Q1 17 Q2 17 Q3 17 Q4 17 Q1 18 Q2 18 Q3 18 Q4 18 Q1 19

-$17.0

-$5.8-$1.3

$0.9

$7.3$10.8 $12.4

$22.9$20.4

$28.1 $28.8

$23.3

$32.8

-$30

-$20

-$10

$0

$10

$20

$30

$40

Q1 16 Q2 16 Q3 16 Q4 16 Q1 17 Q2 17 Q3 17 Q4 17 Q1 18 Q2 18 Q3 18 Q4 18 Q1 19

Financial Performance Summary

Operating Cash Flow Adjusted EBIT

Revenue Adjusted EBITDA

Figures in $USD millions.

$10.2

$17.4

$23.9$26.8

$34.7$37.7 $38.6

$51.1$54.3

$60.6$62.5

$65.2

$50.4

$0

$10

$20

$30

$40

$50

$60

$70

Q1 16 Q2 16 Q3 16 Q4 16 Q1 17 Q2 17 Q3 17 Q4 17 Q1 18 Q2 18 Q3 18 Q4 18 Q1 19

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Trading Summary

Q1-19 Challenges

• Despite limited iron ore carriage on our vessels, suspended Vale iron ore capacity in Brazil and weather disruptions from cyclones in Australia had a negative impact on the overall market

• Chinese coal restrictions, elevated inventories and a mild winter resulted in a reduction of coal imports

• Continued US-China trade talks did not materialize into increased commodity flows

Looking Forward

• South American grain season is underway and is expected increasing volumes should provide support in the coming months

• China's industrial production increased by 8.5% in March 2019, the largest gain in industrial output since July 2014

• Positive resolution to the US-China ‘trade war’ could provide upside potential grain and coal exports

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New Finance In Q1-2019

New Scrubber UpsizingsNew Transactions

Bank Loans # ships Estimated Scrubber

Cost

Upsize Amount

$90m CF 6 $14.5m $8.7m

$184m CF 12 $29.1m $17.4m

$85.5m CF 4 $9.5m $5.7m

$60m CF 2 $4.8m $2.9m

$38.7m CF 3 $7.1m $4.3m

$34m CF 2 $4.7m $3.0m

$30m CF 2 $4.7m $2.6m

$12.8m CF 1 $2.3m $1.4m

Total 32 $76.7m $46.0m

• Sale and lease back of three Ultramax vessels and four Kamsarmax vessels with CMB Financial Leasing, which will increase liquidity by $57.2m (includes $11.8m of scrubber finance)

• Sale and lease back of six Ultramax vessels with AVIC International Leasing, which will increase liquidity by $62.4m (includes $9.8m of scrubber finance)

• Sale and lease back of two Ultramax vessels withOcean Yield ASA, which will increase liquidity by$17m in aggregate (includes $3m of scrubberfinance)

• Sale and lease back of one Kamsarmax vessel,which increased liquidity by $6.9m

• Upsizing of certain existing credit facilities forscrubber finance, raising up to $46.0m of new debt

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Appendix

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Scrubber CAPEX & Installation Schedule

9

1

119

433

1

4

14

4

3

10

5

1213

8

3

$-

$20

$40

$60

$80

$100

$120

$140

0

5

10

15

20

25

30

Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1

2018 2019 2020 2021

Accu

mu

lated Scru

bb

er CA

PEX

( in M

illion

s USD

)C

ou

nt

of

Ves

sels

Ultramax Kamsarmax Accumulated CAPEX (in millions USD)

Estimated Paymentsby Year

2018 $1.2 million

2019 $54.0 million

2020 $70.4 million

2021 $1.4 million

Total $127.0 million

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Projected Debt Repayments

$10.5 $11.3 $11.5 $11.4 $11.7 $11.9 $11.8

$204.2

$9.9 $10.9 $10.8 $11.9 $11.3$20.1

$73.6

$0.0

$50.0

$100.0

$150.0

$200.0

$250.0

Q2-19* Q3-19 Q4-19 Q1-20 Q2-20 Q3-20 Q4-20**

Lease Bank Loan Baby Bond

Year Debt Amortization

Q2 – Q4 2019 $331.9m

Full Year 2020 $101.0m

$432.9m

$ in millions

* Includes (i) the repayment of $28.7 million of the $60.0 Million Credit Facility upon the closing of the sale of the SBI Flamenco and SBI Electra, (ii) the repayment of the $330.0 Million Credit Facility in full upon the closing of the CMBFL and AVIC Lease Financings and (iii) the repayment of $27.6 million of the $85.5 Million Credit Facility upon the closing of the $42.0 Million Lease Financing - SBI Virgo & SBI Libra.** Includes the payoff of $8.0 million in respect of the maturity of the $12.5 Million Credit Facility.

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Projected Debt Repayments

* Relates to payments expected to be made from April 26, 2019 to June 30, 2019* Includes (i) the prepayment of $28.7 million of the $60.0 Million Credit Facility upon the closing of the sale of the SBI Flamenco and SBI Electra, (ii) the prepayment of the $330.0 Million Credit Facility in full upon the closing of the CMBFL and AVIC Lease Financings and (iii) the prepayment of $27.6 million of the $85.5 Million Credit Facility upon the closing of the $42.0 Million Lease Financing - SBI Virgo & SBI Libra.** Includes the payoff of $8.0 million in respect of the maturity of the $12.5 Million Credit Facility.

Includes estimated repayments on the upsizings of certain credit facilities for the installation of scrubbers, for which the timing of the drawdowns and repayment schedules set forth are estimates only and may vary as the timing of the related installations finalize, as well as vessel valuations and LIBOR rates.

Projected Debt

Repayments and

Bareboat Charter

Payments

Q2 19 * Q3 19 Q4 19 Q1 20 Q2 20 Q3 20 Q4 20 **

$330m facility $ 136,668,750 $ - $ - $ - $ - $ - $ -

$12.5m facility $ 195,833 $ 195,833 $ 195,833 $ 195,833 $ 195,833 $ 195,833 $ 8,029,167

$27.3m facility $ - $ - $ 195,833 $ 195,833 $ 195,833 $ 195,833 $ 195,833

$85.5m facility $ 29,187,961 $ 1,095,158 $ 1,207,774 $ 1,329,774 $ 1,579,592 $ 1,579,592 $ 1,579,592

$38.7m facility $ 900,000 $ 900,000 $ 1,100,000 $ 1,100,000 $ 1,200,000 $ 1,200,000 $ 1,200,000

$12.8m facility $ 425,000 $ - $ 425,000 $ - $ 634,143 $ - $ 634,143

$30m facility $ 555,477 $ 713,360 $ 713,360 $ 713,360 $ 713,360 $ 713,360 $ 713,360

$60m facility $ 29,890,385 $ 565,385 $ 656,885 $ 656,885 $ 656,885 $ 656,885 $ 771,385

$184m facility $ 3,771,000 $ 3,799,125 $ 3,833,140 $ 3,833,140 $ 3,896,851 $ 3,932,376 $ 4,111,630

$34m facility $ 607,143 $ 607,143 $ 607,143 $ 797,768 $ 797,768 $ 797,768 $ 797,768

$90m facility $ 1,975,000 $ 1,975,000 $ 1,975,000 $ 2,004,785 $ 2,004,785 $ 2,067,633 $ 2,103,350

Senior Notes $ - $ 73,625,000 $ - $ - $ - $ - $ -

$19.6m lease financing $ 328,500 $ 492,750 $ 492,750 $ 492,750 $ 492,750 $ 492,750 $ 492,750

$19.0m lease financing $ 328,500 $ 492,750 $ 492,750 $ 492,750 $ 492,750 $ 492,750 $ 492,750

$19.0m lease financing $ 328,500 $ 492,750 $ 492,750 $ 492,750 $ 492,750 $ 492,750 $ 492,750

$20.5m lease financing $ 355,875 $ 533,813 $ 533,813 $ 533,813 $ 533,813 $ 533,813 $ 533,813

$21.4m lease financing $ 416,708 $ 625,063 $ 625,063 $ 625,063 $ 625,063 $ 625,063 $ 625,063

CMBFL lease financing $ 3,497,259 $ 3,471,156 $ 3,445,053 $ 3,385,794 $ 3,617,848 $ 3,636,745 $ 3,610,642

AVIC lease financing $ 3,803,122 $ 3,753,206 $ 3,967,394 $ 3,952,638 $ 4,002,476 $ 4,117,959 $ 4,070,139

$45.0m leasing financing $ 1,460,012 $ 1,431,608 $ 1,419,210 $ 1,422,272 $ 1,409,600 $ 1,556,744 $ 1,529,298

Total $ 214,695,026 $ 94,769,100 $ 22,378,751 $ 22,225,208 $ 23,542,100 $ 23,287,854 $ 31,983,433

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Income Statement

(1) Reflects the change in the fair value and cash dividend income from the equity investment in Scorpio Tankers Inc. (“STNG”)

($ in 000's) 2018A Q1-2019

TCE revenue 241,953 50,243

Vessel operating expenses 105,475 26,270

Cash G&A expense 24,504 5,658

Charterhire 4,176 979

Other loss (income) (1) 7,178 (15,503)

Subtotal 141,333 17,404

Adjusted EBITDA 100,620 32,839

Depreciation / amortization (74,070) (17,363)

Net Cash Interest Expense (39,248) (11,436)

Adjusted Net income (12,698) 4,040

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Balance Sheet

($ in 000's) 2018A Q1-2019

Cash and equivalents $67,495 $50,821

Assets Held for Sale -- 47,140

Vessels 1,507,918 1,443,674

Equity method investment 92,281 107,243

Other assets 36,132 40,045

Total assets $1,703,826 $1,688,923

Total debt $828,565 $813,639

Other Liabilities $14,457 $17,198

Total Liabilities $843,022 $830,837

Shareholders Equity $860,804 $858,086

Total Liabilities & Shareholders Equity $1,703,826 $1,688,923

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Cash Flow Statement

(1) Includes $100 million equity investment in Scorpio Tankers Inc

($ in 000's) 2018A Q1-2019

Adjusted EBITDA $100,620 $32,839

Net Interest Expense (39,248) (11,436)

Cash earnings 61,372 21,403

Net cash inflow/(outflow) from other operating activities 9,074 (16,858)

Net cash inflow/(outflow) from investing activities (122,493) (1) (3,784)

Net cash inflow/(outflow) from financing activities 51,007 (17,435)

Increase (decrease) in cash & cash equivalents (1,040) (16,674)

Cash & cash equivalents at beginning of period 68,535 67,495

Cash & cash equivalents at end of period $67,495 $50,821