UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM 6-K
 
REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13A-16 OR 15D-16 OF THE
SECURITIES EXCHANGE ACT OF 1934

For the month of February 2021

Commission File Number: 001-36231
 

SCORPIO BULKERS INC.
(Translation of registrant's name into English)
 

9, Boulevard Charles III, Monaco 98000
(Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F x   Form 40-F o

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): o.

Note: Regulation S-T Rule 101(b)(1) only permits the submission in paper of a Form 6-K if submitted solely to provide an attached annual report to security holders.

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): o.

Note: Regulation S-T Rule 101(b)(7) only permits the submission in paper of a Form 6-K if submitted to furnish a report or other document that the registrant foreign private issuer must furnish and make public under the laws of the jurisdiction in which the registrant is incorporated, domiciled or legally organized (the registrant’s “home country”), or under the rules of the home country exchange on which the registrant’s securities are traded, as long as the report or other document is not a press release, is not required to be and has not been distributed to the registrant’s security holders, and, if discussing a material event, has already been the subject of a Form 6-K submission or other Commission filing on EDGAR.















 




INFORMATION CONTAINED IN THIS FORM 6-K REPORT
 
Attached as Exhibit 99.1 to this Report on Form 6-K is a copy of the press release of Scorpio Bulkers Inc. (the “Company”), dated February 2, 2021, announcing the Company's financial results for the fourth quarter of 2020.

The information contained in this Report on Form 6-K, with the exception of the comments of the Company's Chairman and Chief Executive Officer on page 2 of Exhibit 99.1 and the information contained on page 17 of Exhibit 99.1 under the heading "Conference Call on Results", is hereby incorporated by reference into the Company's registration statement on Form F-3 (File No. 333-251301), the Company's registration statement on Form F-3 (File No. 333-221441), and the Company's registration statement on Form F-3 (File No. 333-222448).




SIGNATURES
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 
                    
 
 SCORPIO BULKERS INC.
 (registrant)
  
  
Dated:February 2, 2021By: /s/ Hugh Baker
 Hugh Baker
 Chief Financial Officer
 


Document
EXHIBIT 99.1

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Scorpio Bulkers Inc. Announces Financial Results for the Fourth Quarter of 2020, Declares a Quarterly Cash Dividend and Announces the Sale of Seven Vessels
MONACO - February 2, 2021 (GLOBE NEWSWIRE) - Scorpio Bulkers Inc. (NYSE: SALT) (“Scorpio Bulkers” or the “Company”), today reported its results for the three months ended December 31, 2020.
The Company also announced that on January 29, 2021 its Board of Directors declared a quarterly cash dividend of $0.05 per share on the Company’s common shares.
Share and per share results included herein have been retroactively adjusted to reflect the one-for-ten reverse stock split of the Company’s common shares, which took effect on April 7, 2020.
Results for the Three and Twelve Months Ended December 31, 2020 and 2019
For the fourth quarter of 2020, the Company’s GAAP net loss was $465.6 million, or $40.90 per diluted share, including:
a write-down of assets of approximately $458.8 million, or $40.30 per diluted share, related to the Company’s previously announced plan to exit the dry bulk industry;
the write-off of $2.7 million, or $0.24 per diluted share, of deferred financing costs on repaid credit facilities related to vessels that have been sold; and
a non-cash gain of approximately $0.3 million and cash dividend income of $0.2 million, or $0.04 per diluted share, from the Company’s equity investment in Scorpio Tankers Inc.

For the same period in 2019, the Company’s GAAP net income was $15.1 million, or $2.15 per diluted share. These results include a non-cash gain of approximately $46.1 million and cash dividend income of $0.5 million, or $6.64 per diluted share, from the Company’s equity investment in Scorpio Tankers Inc., a write-down of approximately $25.2 million, or $3.59 per diluted share, related to the classification of four Ultramax vessels as held for sale, and the write-off of deferred financing costs of approximately $0.2 million.
Total vessel revenues for the fourth quarter of 2020 were $50.1 million, compared to $60.3 million for the same period in 2019. Earnings before interest, taxes, depreciation and amortization (“EBITDA”) for the fourth quarter of 2020 was a loss of $445.1 million and EBITDA for the fourth quarter of 2019 was $41.5 million, respectively (see Non-GAAP Financial Measures below).
For the fourth quarter of 2020, the Company’s adjusted net loss was $4.1 million, or $0.36 adjusted per diluted share, which excludes the impact of the write-down of assets of approximately $458.8 million related to the Company’s previously announced plan to exit the dry bulk industry and the write-off of $2.7 million of deferred financing costs on repaid credit facilities related to vessels that have been sold. Adjusted EBITDA for the fourth quarter of 2020 was $13.7 million (see Non-GAAP Financial Measures below).
For the fourth quarter of 2019, the Company’s adjusted net income was $40.6 million, or $5.77 adjusted per diluted share, which excludes the write-down of approximately $25.2 million related to the classification of four Ultramax vessels as held for sale, and the write-off of deferred financing costs of approximately $0.2 million. Adjusted EBITDA for the fourth quarter of 2019 was $66.7 million (see Non-GAAP Financial Measures below). 
For the twelve months of 2020, the Company’s GAAP net loss was $672.0 million, or $70.85 per diluted share, including:
a write-down on assets sold and classified as held for sale of approximately $495.4 million, or $52.24 per diluted share;
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a loss of approximately $106.5 million and cash dividend income of $1.1 million, or $11.11 per diluted share, from the Company’s equity investment in Scorpio Tankers Inc.; and
a write-off of approximately $3.1 million, or $0.33 per diluted share, of deferred financing costs on the credit facilities related to repaid debt on vessels that have been sold.
For the twelve months of 2019, the Company’s GAAP net income was $44.7 million, or $6.42 per diluted share. These results include a non-cash gain of approximately $114.7 million and cash dividend income of $2.2 million, or $16.82 per diluted share, from the Company’s equity investment in Scorpio Tankers Inc., a write-down of assets either sold or held for sale and write-off of related deferred financing costs totaling approximately $38.0 million, or $5.46 per diluted share, and the write-off of deferred financing costs of approximately $3.1 million, or $0.45 per diluted share.

Total vessel revenues for the twelve months of 2020 were $163.7 million, compared to $224.6 million for the same period in 2019. EBITDA for the twelve months of 2020 was a loss of $579.7 million and EBITDA for the twelve months of 2019 was $158.3 million (see Non-GAAP Financial Measures below).

For the twelve months of 2020, the Company’s adjusted net loss was $173.5 million, or $18.28 adjusted per diluted share, which excludes the impact of the write-down of assets of approximately $495.4 million and the write-off of deferred financing costs on credit facilities related to sold vessels of approximately $3.1 million. Adjusted EBITDA for the twelve months of 2020 was a loss of $84.3 million (see Non-GAAP Financial Measures below).

For the twelve months of 2019, the Company’s adjusted net income was $82.6 million, or $11.88 adjusted per diluted share, which excludes the impact of the write-down of assets of approximately $37.3 million and the write-off of related deferred financing costs of approximately $0.7 million. Adjusted EBITDA for the twelve months of 2019 was $195.6 million (see Non-GAAP Financial Measures below).
TCE Revenue
TCE Revenue Earned during the Fourth Quarter of 2020 (see Non-GAAP Financial Measures)

Our Kamsarmax fleet (which includes both scrubber fitted and non-scrubber fitted vessels) earned an average of $10,303 TCE revenue per day.
Our Ultramax fleet (which includes both scrubber fitted and non-scrubber fitted vessels) earned an average of $10,637 TCE revenue per day.
Cash and Cash Equivalents
As of February 1, 2021, the Company had approximately $101.3 million in cash and cash equivalents.
Recent Significant Events
Dry Bulk Exit
During December 2020, the Company’s Board of Directors authorized the Company, as part of its transition to a sustainable future, to sell its remaining dry bulk vessels and exit the dry bulk sector during 2021. As a result of this decision, the Company recorded a write-down on its assets of $478.4 million during the third and fourth quarters of 2020 to bring the carrying value of the assets held for sale to their fair value less selling costs. The Company also wrote off $2.7 million of deferred financing costs during the fourth quarter of 2020 related to repaid debt on vessels sold and expects further write-offs in 2021 as debt is repaid.
Emanuele A. Lauro, Chairman and Chief Executive Officer, commented, “Since we announced our transition, we have concluded the sale of twelve vessels, and we have committed a further 25 vessels for sale within the first half of 2021. We expect to have committed all of our vessels for sale very shortly, allowing us to fully focus on our future in renewable energy.”
Sale of Seven Vessels
Today the Company announced that it has entered into an agreement with Star Bulk Carriers Corp. (“Star Bulk”) to sell SBI Pegasus, SBI Subaru and SBI Ursa, Ultramax bulk carriers built in 2015, SBI Capoeira and SBI Carioca, Kamsarmax bulk carriers built in 2015, and SBI Lambada and SBI Macarena, Kamsarmax bulk carriers built in 2016, for the aggregate consideration of three million common shares in Star Bulk which will be issued to the Company. As part of the transaction, which is expected to close within the first and second quarters of 2021, existing lease finance arrangements amounting to approximately $102.3 million would be assumed by Star Bulk. The sales are subject to approval from the existing financiers and the execution of definitive documentation.
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The following table summarizes when the Company delivered or expects to deliver the vessels agreed to be sold to their respective buyers.
Ultramax VesselsKamsarmax VesselsTotal Vessels
Quarter# of VesselsSales Price ($000’s)# of VesselsSales Price ($000’s)# of VesselsSales Price ($000’s)
Unsold Vessels at September 30, 2020331649
Q4 20205$88,4603$54,8658$143,325
Q1 2021: Jan 1 - Feb 14$72,6520$04$72,652
Q1 2021: Feb 2 - Mar 3113$212,30411$204,62724$416,931(1)(2)
Q2 20211$15,0000$01$15,000(3)
Total Vessels Agreed to be Sold23$388,41614$259,49237$647,908
Unsold Vessels at February 2, 202110212
(1) Includes approximately $102.3 million of debt assumed by buyer
(2) Excludes 3.0 million shares of Star Bulk Carriers Corp. (SBLK) common stock
(3) Excludes a warrant for 212,315 shares of Eagle Bulk Shipping Inc. (EGLE) common stock
Quarterly Cash Dividend
In the fourth quarter of 2020, the Company’s Board of Directors declared and the Company paid a quarterly cash dividend of $0.05 per share totaling approximately $0.6 million.
On January 29, 2021, the Company’s Board of Directors declared a quarterly cash dividend of $0.05 per share, payable on or about March 12, 2021, to all shareholders of record as of February 12, 2021. As of February 1, 2021, 11,269,473 shares were outstanding.
Share Repurchase Program
During the fourth quarter of 2020, the Company repurchased approximately 1.1 million shares of the Company’s common stock, at an average cost of $15.52 per share. The Company subsequently repurchased approximately 41,000 shares of the Company’s common stock at an average cost of $16.96 per share from January 1, 2021 through February 1, 2021. These repurchases, totaling $17.4 million, were made under the Board of Directors authorized share repurchase program and funded from available cash resources. As of February 1, 2021, the Company had $32.6 million authorized remaining available under the authorized share repurchase program.
COVID-19
Since the beginning of the calendar year 2020, the ongoing outbreak of the novel coronavirus (COVID-19) that originated in China in December 2019 and that has spread to most developed nations of the world has resulted in numerous actions taken by governments and governmental agencies in an attempt to mitigate the spread of the virus. These measures have resulted in a significant reduction in global economic activity and extreme volatility in the global financial and commodities markets. With respect to our current drybulk operations, a significant reduction in manufacturing and other economic activities has and is expected to continue to have a materially adverse impact on the global demand for raw materials, coal and other bulk cargoes that our customers transport on our vessels. This significant decline in the demand for dry bulk tonnage may materially and adversely impact our ability to profitably charter our vessels. When these measures and the resulting economic impact will end and what the long-term impact of such measures on the global economy will be are not known at this time. As a result, the extent to which COVID-19 will impact the Company’s results of operations and financial condition, including its planned transition towards marine-based renewable energy, will depend on future developments, which are highly uncertain and cannot be predicted.
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Debt Overview

The Company’s outstanding debt balances, gross of unamortized deferred financing costs as of December 31, 2020 and February 1, 2021, are as follows (dollars in thousands):
As of
December 31, 2020
As of February 1, 2021
Credit FacilityAmount Outstanding
$85.5 Million Credit Facility$21,974 $10,988 
$30.0 Million Credit Facility24,881 24,881 
$60.0 Million Credit Facility23,746 23,746 
$184.0 Million Credit Facility49,641 36,968 
$34.0 Million Credit Facility30,536 30,536 
$90.0 Million Credit Facility22,340 22,340 
$19.6 Million Lease Financing - SBI Rumba15,614 15,506 
$19.0 Million Lease Financing - SBI Tango16,109 16,008 
$19.0 Million Lease Financing - SBI Echo16,259 16,163 
$20.5 Million Lease Financing - SBI Hermes17,763 17,654 
$21.4 Million Lease Financing - SBI Samba18,960 18,839 
CMBFL Lease Financing102,282 102,282 
$45.0 Million Lease Financing - SBI Virgo & SBI Libra39,375 39,035 
AVIC Lease Financing101,957 74,431 
$67.3 Million Lease Financing59,779 59,301 
Total $561,216 $508,678 

Financial Results for the Three Months Ended December 31, 2020 Compared to the Three Months Ended December 31, 2019
For the fourth quarter of 2020, the Company’s GAAP net loss was $465.6 million, or $40.90 per diluted share, compared to a GAAP net income of $15.1 million, or $2.15 per diluted share, for the same period in 2019. Results for the fourth quarter of 2020 include:
a write-down of assets of approximately $458.8 million, or $40.30 per diluted share, related to the Company’s previously announced plan to exit the dry bulk industry;
the write-off of $2.7 million, or $0.24 per diluted share, of deferred financing costs on repaid credit facilities related to vessels that have been sold; and
a non-cash gain of approximately $0.3 million and cash dividend income of $0.2 million, or $0.04 per diluted share, from the Company’s equity investment in Scorpio Tankers Inc.
EBITDA for the fourth quarters of 2020 and 2019 were a loss of $445.1 million and a gain of $41.5 million, respectively (see Non-GAAP Financial Measures below).
For the fourth quarter of 2020, the Company’s adjusted net loss was $4.1 million, or $0.36 adjusted per diluted share, which excludes the impact of the write-down of assets of approximately $458.8 million related to the Company’s previously announced plan to exit the dry bulk industry and the write-off of $2.7 million of deferred financing costs on repaid credit facilities related to vessels that have been sold. Adjusted EBITDA for the fourth quarter of 2020 was $13.7 million (see Non-GAAP Financial Measures below).
For the fourth quarter of 2019, the Company’s adjusted net income was $40.6 million, or $5.77 adjusted per diluted share, which excludes the write-down of approximately $25.2 million related to the classification of four Ultramax vessels as held for sale, and the write-off of deferred financing costs of approximately $0.2 million. Adjusted EBITDA for the fourth quarter of 2019 was $66.7 million (see Non-GAAP Financial Measures below).
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The Company’s vessel revenues for the fourth quarter of 2020 were $50.1 million, compared to $60.3 million in the fourth quarter of 2019. The Company’s TCE revenue (see Non-GAAP Financial Measures below) for the fourth quarter of 2020 was $44.6 million, a decrease of $12.3 million from the prior year period.
Total operating expenses for the fourth quarter of 2020 were $506.6 million, including the write-down of assets of approximately $458.8 million, compared to total operating expenses of $80.9 million in the fourth quarter of 2019, which also included a write-down of assets of $25.2 million.
Ultramax Operations
Three Months Ended December 31,
Dollars in thousands20202019Change% Change
TCE Revenue:
Vessel revenue
$29,941 $35,153 $(5,212)(15)
Voyage expenses
2,391 1,073 1,318 123 
TCE Revenue$27,550 $34,080 $(6,530)(19)
Operating expenses:
Vessel operating costs
14,450 16,343 (1,893)(12)
Charterhire expense
— 996 (996)(100)
Vessel depreciation
6,504 8,824 (2,320)(26)
General and administrative expense
915 1,021 (106)(10)
Loss / write-down on assets held for sale
319,628 25,248 294,380 1,166 
Total operating expenses
$341,497 $52,432 $289,065 551 
Operating loss$(313,947)$(18,352)$(295,595)1,611 
Vessel revenue for the Company’s Ultramax Operations decreased to $29.9 million for the fourth quarter of 2020 from $35.2 million in the prior year period.
TCE revenue (see Non-GAAP Financial Measures below) for the Company’s Ultramax Operations was $27.6 million for the fourth quarter of 2020 compared to $34.1 million for the prior year period. The Company’s Ultramax fleet consisted of a day-weighted average of 31 vessels owned or finance leased during the fourth quarter of 2020 and 35 vessels owned or finance leased and one vessel time chartered-in during the fourth quarter of 2019. TCE revenue per day was $10,637 and $11,244 for the fourth quarters of 2020 and 2019, respectively.
Three Months Ended December 31,
Ultramax Operations:20202019Change% Change
TCE Revenue (in thousands)
$27,550 $34,080 $(6,530)(19)
TCE Revenue / Day$10,637 $11,244 $(607)(5)
Revenue Days2,590 3,031 (441)(15)
The Company’s Ultramax Operations vessel operating costs were $14.5 million for the fourth quarter of 2020, including approximately $1.1 million of takeover costs and contingency expenses, compared with vessel operating costs of $16.3 million in the prior year period, relating to the 31 and 35 vessels owned or finance leased on average, respectively, during the periods. The year over year decrease is due to the reduction in fleet size. Daily operating costs excluding takeover costs and contingency expenses for the fourth quarter of 2020 decreased to $4,757 from $4,871 in the prior year period.
The Company did not time charter-in any Ultramax vessels during the fourth quarter of 2020. During the fourth quarter of 2019, one vessel was time chartered-in resulting in an expense of $1.0 million.
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Ultramax Operations depreciation decreased from $8.8 million in the fourth quarter of 2019 to $6.5 million in the fourth quarter of 2020, when all of the Company’s remaining Ultramax vessels were classified as held for sale and depreciation of the assets ceased.
General and administrative expense for the Company’s Ultramax Operations, which consists primarily of administrative service fees, which are incurred on a per vessel per day basis, and bank charges, which are incurred based on the number of transactions, was approximately $0.9 million for the fourth quarter of 2020 and $1.0 million in the prior year period.
During the fourth quarter of 2020, all Ultramax vessels remaining in the Company’s fleet were classified as held for sale as the Company announced its intention to exit the dry bulk industry resulting in a charge of $319.6 million.

Kamsarmax Operations
Three Months Ended December 31,
Dollars in thousands20202019Change% Change
TCE Revenue:
Vessel revenue
$20,111 $25,111 $(5,000)(20)
Voyage expenses
3,100 2,281 819 36 
TCE Revenue$17,011 $22,830 $(5,819)(25)
Operating expenses:
Vessel operating costs
6,933 8,086 (1,153)(14)
Charterhire expense
5,559 5,458 101 
Vessel depreciation
2,752 4,597 (1,845)(40)
General and administrative expense
423 478 (55)(12)
Loss / write-down on assets held for sale
139,178 — 139,178 NA
Total operating expenses
$154,845 $18,619 $136,226 732 
Operating (loss) income$(137,834)$4,211 $(142,045)3,373 
Vessel revenue for the Company’s Kamsarmax Operations decreased to $20.1 million in the fourth quarter of 2020 from $25.1 million in the prior year period.
TCE revenue (see Non-GAAP Financial Measures) for the Company’s Kamsarmax Operations was $17.0 million for the fourth quarter of 2020 associated with a day-weighted average of 14 vessels owned or finance leased and five vessels time chartered-in, compared to $22.8 million for the prior year period associated with a day-weighted average of 17 vessels owned or finance leased and four vessels time chartered-in. TCE revenue per day was $10,303 and $11,934 for the fourth quarters of 2020 and 2019, respectively.
Three Months Ended December 31,
Kamsarmax Operations:20202019Change% Change
TCE Revenue (in thousands)
$17,011 $22,830 $(5,819)(25)
TCE Revenue / Day$10,303 $11,934 $(1,631)(14)
Revenue Days1,651 1,913 (262)(14)
Kamsarmax Operations vessel operating costs were $6.9 million for the fourth quarter of 2020, including approximately $0.6 million of takeover costs and contingency expenses, compared with vessel operating costs of $8.1 million in the prior year period, relating to 14 and 17 vessels owned or finance leased on average, respectively, during the periods. The year over year decrease is due primarily to the reduction in fleet size. Daily operating costs excluding takeover costs and contingency expenses were $4,967 for the both the fourth quarters of 2020 and 2019.
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Kamsarmax Operations charterhire expense was $5.6 million in the fourth quarter of 2020, compared to $5.5 million in the prior year period. Five vessels were time chartered-in during both periods, however four of them are chartered-in at index linked rates, causing the fluctuation from period to period.
Kamsarmax Operations depreciation decreased to $2.8 million in the fourth quarter of 2020 from $4.6 million in the fourth quarter of 2019, as all of the Company’s remaining Kamsarmax vessels were classified as held for sale and depreciation of the assets ceased during the fourth quarter of 2020.
General and administrative expense for the Company’s Kamsarmax Operations was $0.4 million and $0.5 million for the fourth quarters of 2020 and 2019, respectively. The expense consists primarily of administrative services fees, which are incurred on a per vessel per day basis, and bank charges, which are incurred based on the number of transactions.
During the fourth quarter of 2020, all Kamsarmax vessels remaining in the Company’s fleet were classified as held for sale as the Company announced its intention to exit the dry bulk industry resulting in a charge of $139.2 million.
Corporate
Certain general and administrative expenses that the Company incurs, as well as all of its financial expenses and investment income or losses, are not attributable to a specific segment. Accordingly, these costs are not allocated to the Company’s segments. These general and administrative expenses, including compensation, audit, legal and other professional fees, as well as the costs of being a public company, such as director fees, were $4.7 million and $6.5 million in the fourth quarters of 2020 and 2019, respectively. The decrease from the prior year is due primarily to a reduction in compensation costs.
The Company recorded a non-cash gain of approximately $0.3 million for the fourth quarter of 2020 and received cash dividend income of $0.2 million from its equity investment in Scorpio Tankers Inc. During the fourth quarter of 2019, the Company recorded a non-cash gain of approximately $46.1 million as well as cash dividend income of $0.5 million also related to its equity investment in Scorpio Tankers Inc.
Financial expenses, net of interest income decreased to $9.4 million in the fourth quarter of 2020 from $10.9 million in the prior year period due to lower debt balances and LIBOR rates, despite writing off $2.7 million in deferred financing costs relating to repaid debt on vessels sold.
Financial Results for the Twelve Months Ended December 31, 2020 Compared to the Twelve Months Ended December 31, 2019

For the twelve months of 2020, the Company’s GAAP net loss was $672.0 million, or $70.85 per diluted share, including: a write-down on assets sold and classified as held for sale of approximately $495.4 million, or $52.24 per diluted share, a loss of approximately $106.5 million and cash dividend income of $1.1 million, or $11.11 per diluted share, from the Company’s equity investment in Scorpio Tankers Inc., and a write-off of approximately $3.1 million, or $0.33 per diluted share, of deferred financing costs on the credit facilities related to repaid debt on vessels that have been sold.

For the twelve months of 2019, the Company’s GAAP net income was $44.7 million, or $6.42 per diluted share. These results include a non-cash gain of approximately $114.7 million and cash dividend income of $2.2 million, or $16.82 per diluted share, from the Company’s equity investment in Scorpio Tankers Inc., a write-down of assets either sold or held for sale and write-off of related deferred financing costs totaling approximately $38.0 million, or $5.46 per diluted share, and the write-off of deferred financing costs of approximately $3.1 million, or $0.45 per diluted share.

For the twelve months of 2020, the Company’s adjusted net loss was $173.5 million, or $18.28 adjusted per diluted share, which excludes the impact of the write-down of assets of approximately $495.4 million and the write-off of deferred financing costs on credit facilities related to sold vessels of approximately $3.1 million. Adjusted EBITDA for the twelve months of 2020 was a loss of $84.3 million (see Non-GAAP Financial Measures below).

For the twelve months of 2019, the Company’s adjusted net income was $82.6 million, or $11.88 adjusted per diluted share, which excludes the impact of the write-down of assets of approximately $37.3 million and the write-off of related deferred financing costs of approximately $0.7 million. Adjusted EBITDA for the twelve months of 2019 was $195.6 million (see Non-GAAP Financial Measures below).
The Company’s vessel revenues for the twelve months of 2020 were $163.7 million compared to $224.6 million in the twelve months of 2019. The Company’s TCE revenue (see Non-GAAP Financial Measures below) for the twelve months of 2020 was $153.7 million, a decrease of $66.7 million from the prior year period.
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Total operating expenses for the twelve months of 2020 were $693.4 million, including the write-down of vessels of approximately $495.4 million, compared to $246.0 million in the twelve months of 2019, which included a charge related to the classification of vessels as sold or held for sale of approximately $37.3 million.
Ultramax Operations
Twelve Months Ended December 31,
Dollars in thousands20202019Change% Change
TCE Revenue:
Vessel revenue
$96,685 $138,387 $(41,702)(30)
Voyage expenses
5,178 1,512 3,666 242 
TCE Revenue$91,507 $136,875 $(45,368)(33)
Operating expenses:
Vessel operating costs
62,264 67,305 (5,041)(7)
Charterhire expense
2,487 3,726 (1,239)(33)
Vessel depreciation
32,003 35,932 (3,929)(11)
General and administrative expense
3,908 4,152 (244)(6)
Loss / write-down on assets held for sale
327,242 29,936 297,306 993 
Total operating expenses
$427,904 $141,051 $286,853 203 
Operating loss$(336,397)$(4,176)$(332,221)7,955 
Vessel revenue for the Company’s Ultramax Operations decreased to $96.7 million for the twelve months of 2020 from $138.4 million in the prior year period.
TCE revenue (see Non-GAAP Financial Measures below) for the Company’s Ultramax Operations was $91.5 million for the twelve months of 2020 compared to $136.9 million for the prior year period. The Company’s Ultramax fleet consisted of a day-weighted average of 33 vessels owned or finance leased and one vessel time chartered-in during the twelve months of 2020 and 37 vessels owned or finance leased and one vessel time chartered-in during the twelve months of 2019. TCE revenue per day was $10,879 and $10,291 for the twelve months of 2020 and 2019, respectively.
Twelve Months Ended December 31,
Ultramax Operations:20202019Change% Change
TCE Revenue (in thousands)
$91,507 $136,875 $(45,368)(33)
TCE Revenue / Day$10,879 $10,291 $588 
Revenue Days8,411 13,300 (4,889)(37)
The Company’s Ultramax Operations vessel operating costs were $62.3 million for the twelve months of 2020, including approximately $3.7 million of takeover costs and contingency expenses, compared with vessel operating costs of $67.3 million in the prior year period, relating to the 33 and 37 vessels owned or finance leased on average, respectively, during the periods. The year over year decrease is due to primarily to the reduction in fleet size and the outbreak of COVID-19, which for most of the year reduced crew travel and the purchase of stores and spares and the performance of repairs. Daily operating costs excluding takeover costs and contingency expenses for the twelve months of 2020 remained relatively flat at $4,858 compared to $4,873 in the prior year period.
Charterhire expense for the Company’s Ultramax Operations was approximately $2.5 million and $3.7 million for the twelve months of 2020 and 2019, respectively, and relates to the vessel that the Company time chartered-in until August 2020 when the vessel was redelivered to its owner.
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Ultramax Operations depreciation decreased from $35.9 million to $32.0 million for the twelve months of 2019 and 2020, respectively due to the decrease in fleet size as a result of vessel sales and the classification of all of the Company’s remaining Ultramax vessels as held for sale (upon which depreciation ceases) as the Company intends to exit the dry bulk industry.
General and administrative expense for the Company’s Ultramax Operations, which consists primarily of administrative service fees, which are incurred on a per vessel per day basis, and bank charges, which are incurred based on the number of transactions, was approximately $3.9 million for the twelve months of 2020 and $4.2 million in the prior year period.
During the twelve months of 2020, the Company recorded a write-down on assets of $327.2 million related to the sale of or classification of the Company’s Ultramax vessels as held for sale, as the Company announced its intention to exit the dry bulk industry.
Kamsarmax Operations
Twelve Months Ended December 31,
Dollars in thousands20202019Change% Change
TCE Revenue:
Vessel revenue
$67,047 $86,192 $(19,145)(22)
Voyage expenses
4,831 2,688 2,143 80 
TCE Revenue$62,216 $83,504 $(21,288)(25)
Operating expenses:
Vessel operating costs
30,542 33,816 (3,274)(10)
Charterhire expense
18,620 13,498 5,122 38 
Vessel depreciation
16,366 18,292 (1,926)(11)
General and administrative expense
1,891 2,083 (192)(9)
Loss / write-down on assets held for sale
168,171 7,353 160,818 2,187 
Total operating expenses
$235,590 $75,042 $160,548 214 
Operating (loss) income$(173,374)$8,462 $(181,836)2,149 
Vessel revenue for the Company’s Kamsarmax Operations decreased to $67.0 million in the twelve months of 2020 from $86.2 million in the prior year period.
TCE revenue (see Non-GAAP Financial Measures) for the Company’s Kamsarmax Operations was $62.2 million for the twelve months of 2020 associated with a day-weighted average of 16 vessels owned or finance leased and five vessels time chartered-in, compared to $83.5 million for the prior year period associated with a day-weighted average of 18 vessels owned or finance leased and three vessels time chartered-in. TCE revenue per day was $11,891 and $11,671 for the twelve months of 2020 and 2019, respectively.
Twelve Months Ended December 31,
Kamsarmax Operations:20202019Change% Change
TCE Revenue (in thousands)
$62,216 $83,504 $(21,288)(25)
TCE Revenue / Day$11,891 $11,671 $220 
Revenue Days5,232 7,155 (1,923)(27)
Kamsarmax Operations vessel operating costs were $30.5 million for the twelve months of 2020, including approximately $1.9 million of takeover costs and contingency expenses, compared with vessel operating costs of $33.8 million in the prior year period, relating to 16 and 18 vessels owned or finance leased on average, respectively, during the periods. The year over year decrease is due primarily to the reduction in fleet size and the outbreak of COVID-19, which for most of the year reduced crew travel and the purchase of stores and spares and the performance of repairs. Daily operating costs excluding takeover costs and contingency expenses for the twelve months of 2020 decreased to $4,937 from $4,986 in the prior year period.
9


Kamsarmax Operations charterhire expense was $18.6 million in the twelve months of 2020, relating to five vessels the Company began time chartering-in during 2019. The year over year increase reflects the full year impact of the cost in 2020.
Kamsarmax Operations depreciation was $16.4 million and $18.3 million in the twelve months of 2020 and 2019, respectively, due to the decrease in fleet size as a result of vessel sales and the classification of all of the Company’s remaining Kamsarmax vessels as held for sale (upon which depreciation ceases) as the Company intends to exit the dry bulk industry.
General and administrative expense for the Company’s Kamsarmax Operations was $1.9 million for the twelve months of 2020 and $2.1 million in the twelve months of 2019. The expense consists primarily of administrative services fees, which are incurred on a per vessel per day basis, and bank charges, which are incurred based on the number of transactions.
During the twelve months of 2020, the Company recorded a write down on assets held for sale of $168.2 million related to the sale of or classification of the Company’s Kamsarmax vessels as held for sale, as the Company announced its intention to exit the dry bulk industry.
Corporate
Certain general and administrative expenses the Company incurs, as well as all of its financial expenses and investment income or losses, are not attributable to a specific segment. Accordingly, these costs are not allocated to the Company’s segments. These general and administrative expenses, including compensation, audit, legal and other professional fees, as well as the costs of being a public company, such as director fees, were $19.8 million and $25.7 million in the twelve months of 2020 and 2019, respectively. The decrease from the prior year is due primarily to a reduction in compensation costs.
The Company recorded a loss of approximately $106.5 million for the twelve months of 2020 and received cash dividend income of $1.1 million from its equity investment in Scorpio Tankers Inc. During the twelve months of 2019, the Company recorded a non-cash gain of approximately $114.7 million as well as cash dividend income of $2.2 million also related to its equity investment in Scorpio Tankers Inc.
Financial expenses, net of interest income decreased to $36.6 million in the twelve months of 2020 from $50.7 million in the prior year period due to lower LIBOR rates, as well as lower debt levels resulting from the sale of vessels and the redemption of the Company’s 7.50% Senior Unsecured Notes in August 2019.
10

Scorpio Bulkers Inc. and Subsidiaries
Condensed Consolidated Statements of Operations
(Amounts in thousands, except per share data)

Unaudited
Three Months Ended December 31,Year Ended December 31,
 2020201920202019
Revenue:    
Vessel revenue$50,052 $60,264 $163,732 $224,579 
Operating expenses:
Voyage expenses5,491 3,354 10,009 4,200 
Vessel operating costs21,383 24,429 92,806 101,121 
Charterhire expense5,559 6,454 21,107 17,224 
Vessel depreciation9,256 13,421 48,369 54,224 
General and administrative expenses6,081 7,973 25,671 31,973 
Loss / write-down on assets sold or held for sale458,806 25,248 495,413 37,289 
Total operating expenses506,576 80,879 693,375 246,031 
Operating loss(456,524)(20,615)(529,643)(21,452)
Other income (expense):    
Interest income20 224 210 1,450 
Income (loss) from equity investments474 46,697 (105,384)116,925 
Foreign exchange (loss) income(105)(81)(348)(115)
Financial expense, net(9,466)(11,141)(36,818)(52,154)
Total other (expense) income(9,077)35,699 (142,340)66,106 
Net (loss) income$(465,601)$15,084 $(671,983)$44,654 
(Loss) earnings per share:
Basic$(40.90)$2.20 $(70.85)$6.56 
Diluted
$(40.90)$2.15 $(70.85)$6.42 
Basic weighted average number of common shares outstanding
11,385 6,868 9,484 6,809 
Diluted weighted average number of common shares outstanding
11,385 7,030 9,484 6,953 

11

Scorpio Bulkers Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
(Dollars in thousands)
Unaudited
 December 31, 2020December 31, 2019
Assets
Current assets  
Cash and cash equivalents$84,002 $42,530 
Accounts receivable21,086 13,209 
Prepaid expenses and other current assets12,716 9,547 
Total current assets117,804 65,286 
Non-current assets  
Vessels, net— 1,271,993 
Assets held for sale708,097 77,536 
Equity investments24,116 173,298 
Deferred financing costs, net1,143 2,982 
Other assets17,035 74,464 
Total non-current assets750,391 1,600,273 
Total assets$868,195 $1,665,559 
Liabilities and shareholders’ equity  
Current liabilities  
Bank loans, net$13,226 $44,956 
Capital lease obligations32,677 29,159 
Accounts payable and accrued expenses41,113 49,718 
Total current liabilities87,016 123,833 
Non-current liabilities  
Bank loans, net157,511 332,613 
Capital lease obligations351,070 321,646 
Other liabilities— 12,500 
Total non-current liabilities508,581 666,759 
Total liabilities595,597 790,592 
Shareholders’ equity  
Preferred shares, $0.01 par value per share; 50,000,000 shares authorized; no shares issued or outstanding— — 
Common shares, $0.01 par value per share; authorized 31,875,000 and 21,250,000 shares as of December 31, 2020 and December 31, 2019; outstanding 11,310,073 shares as of December 31, 2020 and 7,248,180 as of December 31, 2019859 809 
Paid-in capital1,803,431 1,717,144 
Common shares held in treasury, at cost; 1,934,092 shares and 856,785 shares at December 31, 2020 and December 31, 2019, respectively(73,444)(56,720)
Accumulated deficit(1,458,248)(786,266)
Total shareholders’ equity272,598 874,967 
Total liabilities and shareholders’ equity$868,195 $1,665,559 

12

Scorpio Bulkers Inc. and Subsidiaries
Condensed Consolidated Statements of Cash Flows (unaudited)
(Amounts in thousands)
Year Ended December 31,
20202019
Operating activities  
Net (loss) income$(671,983)$44,654 
Adjustment to reconcile net (loss) income to net cash provided by 
operating activities: 
Restricted share amortization7,317 8,956 
Vessel depreciation48,369 54,224 
Amortization of deferred financing costs3,667 6,915 
Write-off of deferred financing costs3,088 681 
Loss / write-down on assets held for sale428,833 33,389 
Net unrealized losses (gains) on investments106,471 (114,762)
Dividend income on equity investment(1,087)(2,163)
Drydocking expenditure(22,597)(5,352)
Changes in operating assets and liabilities:  
Increase in accounts receivable(7,877)(197)
Decrease (increase) in prepaid expenses and other assets37,872 10,564 
(Decrease) increase in accounts payable and accrued expenses29,093 (3,029)
Net cash (used in) provided by operating activities(38,834)33,880 
Investing activities  
Equity investment— (1,500)
Sale of equity investment42,711 1,547 
Dividend income on equity investment1,087 2,163 
Proceeds from sale of assets held for sale194,066 84,241 
Scrubber payments(42,359)(32,610)
Net cash provided by investing activities195,505 53,841 
Financing activities  
Proceeds from issuance of common stock82,254 — 
Proceeds from issuance of long-term debt186,671 306,710 
Repayments of long-term debt(364,165)(409,002)
Common shares repurchased(16,724)— 
Dividends paid(3,235)(5,748)
Debt issue costs paid— (4,646)
Net cash used in financing activities(115,199)(112,686)
Increase (decrease) in cash and cash equivalents41,472 (24,965)
Cash and cash equivalents, beginning of period42,530 67,495 
Cash and cash equivalents, end of period$84,002 $42,530 

13

Scorpio Bulkers Inc. and Subsidiaries
Other Operating Data (unaudited)

Three Months Ended December 31,Year Ended December 31,
2020201920202019
Time charter equivalent revenue ($000’s) (1):
    
Vessel revenue$50,052 $60,264 $163,732 $224,579 
Voyage expenses(5,491)(3,354)(10,009)(4,200)
Time charter equivalent revenue$44,561 $56,910 $153,723 $220,379 
Time charter equivalent revenue attributable to:    
Kamsarmax$17,011 $22,830 $62,216 $83,504 
Ultramax27,550 34,080 91,507 136,875 
 $44,561 $56,910 $153,723 $220,379 
Revenue days:    
Kamsarmax1,651 1,913 5,232 7,155 
Ultramax2,590 3,031 8,411 13,300 
    Combined4,241 4,944 13,643 20,455 
TCE per revenue day (1):
    
Kamsarmax$10,303 $11,934 $11,891 $11,671 
Ultramax$10,637 $11,244 $10,879 $10,291 
Combined$10,507 $11,511 $11,268 $10,774 
(1)The Company defines Time Charter Equivalent (TCE) revenue as vessel revenues less voyage expenses. Such TCE revenue, divided by the number of the Company’s available days during the period, or revenue days, is TCE per revenue day, which is consistent with industry standards. TCE per revenue day is a common shipping industry performance measure used primarily to compare daily earnings generated by vessels on time charters with daily earnings generated by vessels on voyage charters, because charter hire rates for vessels on voyage charters are generally not expressed in per-day amounts while charter hire rates for vessels on time charters generally are expressed in such amounts.
The Company reports TCE revenue, a non-GAAP financial measure, because (i) the Company believes it provides additional meaningful information in conjunction with vessel revenues and voyage expenses, the most directly comparable U.S. GAAP measures, (ii) it assists the Company’s management in making decisions regarding the deployment and use of its vessels and in evaluating their financial performance, (iii) it is a standard shipping industry performance measure used primarily to compare period-to-period changes in a shipping company’s performance irrespective of changes in the mix of charter types (i.e., spot charters, time charters and bareboat charters) under which the vessels may be employed between the periods, and (iv) the Company believes that it presents useful information to investors. See Non-GAAP Financial Measures below.

14



Fleet List as of February 1, 2021
Vessel NameYear Built DWT  Vessel Type Scrubber Installed ?
SBI Samba201584,000 KamsarmaxYes
SBI Rumba201584,000 KamsarmaxYes
SBI Capoeira *201582,000 KamsarmaxNo
SBI Carioca *201582,000 KamsarmaxYes
SBI Lambada *201682,000 KamsarmaxNo
SBI Reggae *201682,000 KamsarmaxNo
SBI Zumba *201682,000 KamsarmaxYes
SBI Macarena *201682,000 KamsarmaxYes
SBI Parapara *201782,000 KamsarmaxYes
SBI Mazurka *201782,000 KamsarmaxYes
SBI Swing *201782,000 KamsarmaxYes
SBI Jive *201782,000 KamsarmaxYes
SBI Lynx *201882,000 KamsarmaxYes
Total Kamsarmax1,070,000 
SBI Antares *201561,000 UltramaxYes
SBI Athena201564,000 UltramaxYes
SBI Bravo *201561,000 UltramaxYes
SBI Leo * 201561,000 UltramaxYes
SBI Echo201561,000 UltramaxYes
SBI Lyra *201561,000 UltramaxYes
SBI Tango201561,000 UltramaxNo
SBI Maia *201561,000 UltramaxYes
SBI Hydra *201561,000 UltramaxYes
SBI Subaru *201561,000 UltramaxYes
SBI Pegasus *201564,000 UltramaxNo
SBI Ursa *201561,000 UltramaxNo
SBI Thalia201564,000 UltramaxNo
SBI Cronos201561,000 UltramaxNo
SBI Orion *201564,000 UltramaxNo
SBI Achilles201661,000 UltramaxNo
SBI Hercules201664,000 UltramaxNo
SBI Perseus201664,000 UltramaxYes
SBI Hermes201661,000 UltramaxNo
SBI Tethys *201661,000 UltramaxYes
SBI Phoebe *201664,000 UltramaxYes
SBI Libra *201764,000 UltramaxYes
SBI Aries * 201564,000 UltramaxYes
SBI Pisces201664,000 UltramaxNo
SBI Virgo *201764,000 UltramaxYes
Total Ultramax1,558,000 
Total Owned or Finance Leased Vessels DWT2,628,000 
*Agreed to be sold.
15


Time chartered-in vessels
The Company currently time charters-in five Kamsarmax vessels. The terms of the contracts are summarized as follows:
Vessel TypeYear BuiltDWTCountry of BuildDaily Base RateEarliest Expiry
Kamsarmax201981,100 ChinaVariable10-Mar-21(1)
Kamsarmax201981,100 ChinaVariable7-Apr-21(2)
Kamsarmax201882,000 China$12,500 25-June-21(3)
Kamsarmax201881,100 ChinaVariable13-Jul-21(4)
Kamsarmax201581,100 ChinaVariable22-Jul-21(5)
Total TC DWT 406,400    
(1)This vessel has been time chartered-in for 24 to 27 months at the Company’s option at 118% of the Baltic Exchange’s 74,000 DWT Panamax Index, or the BPI. The vessel was delivered to the Company in March 2019.
(2)This vessel has been time chartered-in for 24 to 27 months at the Company’s option at 118% of the BPI. The vessel was delivered to the Company in May 2019.
(3)This vessel has been time chartered-in for 24 months at $12,000 per day for the first 12 months and at $12,500 per day for the second 12 months. The Company has the option to extend this time charter for 12 months at $13,000 per day and an additional 12 months at $14,500 per day. The vessel was delivered to the Company in July 2019.
(4)This vessel has been time chartered-in for 24 to 27 months at the Company’s option at 118% of the BPI. The vessel was delivered to the Company in July 2019.
(5)This vessel has been time chartered-in for 24 to 27 months at the Company’s option at 118% of the BPI. The vessel was delivered to the Company in August 2019.



16


Conference Call on Results:
A conference call to discuss the Company’s results will be held at 9:00 AM Eastern Standard Time / 3:00 PM Central European Time on February 2, 2021. Those wishing to listen to the call should dial 1 (866) 219-5268 (U.S.) or 1 (703) 736-7424 (International) at least 10 minutes prior to the start of the call to ensure connection. The conference participant passcode is 1378047. The information provided on the teleconference is only accurate at the time of the conference call, and the Company will take no responsibility for providing updated information.

There will also be a simultaneous live webcast over the internet, through the Scorpio Bulkers Inc. website www.scorpiobulkers.com. Participants to the live webcast should register on the website approximately 10 minutes prior to the start of the webcast.

Webcast URL: https://edge.media-server.com/mmc/p/vnkcmtug

About Scorpio Bulkers Inc.

Scorpio Bulkers Inc. announced on August 3, 2020, its intention to transition away from the business of dry bulk commodity transportation and towards marine-based renewable energy including investing in the next generation of wind turbine installation vessels. The Company intends to sell or have commitments to sell its remaining wholly-owned or finance leased dry bulk vessels during the first quarter of 2021. Additional information about the Company is available on the Company’s website www.scorpiobulkers.com, which is not a part of this press release.



17


Non-GAAP Financial Measures
To supplement the Company’s financial information presented in accordance with accounting principles generally accepted in the U.S. (“GAAP”) management uses certain “non-GAAP financial measures” as such term is defined in Regulation G promulgated by the U.S. Securities and Exchange Commission (the “SEC”). Generally, a non-GAAP financial measure is a numerical measure of a company’s operating performance, financial position or cash flows that excludes or includes amounts that are included in, or excluded from, the most directly comparable measure calculated and presented in accordance with GAAP. Management believes the presentation of these measures provides investors with greater transparency and supplemental data relating to the Company’s financial condition and results of operations, and therefore a more complete understanding of factors affecting its business than GAAP measures alone. In addition, management believes the presentation of these matters is useful to investors for period-to-period comparison of results as the items may reflect certain unique and/or non-operating items such as asset sales, write-offs, contract termination costs or items outside of management’s control.
Earnings before interest, taxes, depreciation and amortization (“EBITDA”), adjusted net income (loss) and related per share amounts, as well as adjusted EBITDA and TCE Revenue are non-GAAP financial 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. Please see below for reconciliations of EBITDA, adjusted net income (loss) and related per share amounts, and adjusted EBITDA. Please see “Other Operating Data” for a reconciliation of TCE revenue.
EBITDA (unaudited)
Three Months Ended December 31,Year Ended December 31,
In thousands2020201920202019
Net (loss) income$(465,601)15,084 $(671,983)$44,654 
Add Back:
Net interest expense5,937 9,488 29,853 42,887 
Depreciation and amortization (1)
14,529 16,911 62,441 70,775 
EBITDA$(445,135)41,483 $(579,689)$158,316 
(1) Includes depreciation, amortization of deferred financing costs and restricted share amortization.
Adjusted net (loss) income (unaudited)
Three Months Ended December 31,
In thousands, except per share data20202019
AmountPer shareAmountPer share
Net (loss) income$(465,601)$(40.90)$15,084 $2.15 
Adjustments:
Loss / write-down on assets458,806 40.30 25,248 3.59 
Write-off of deferred financing cost2,722 0.24 235 0.03 
Total adjustments$461,528 $40.54 $25,483 $3.62 
Adjusted net (loss) income$(4,073)$(0.36)$40,567 $5.77 
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Year Ended December 31,
In thousands, except per share data20202019
AmountPer shareAmountPer share
Net (loss) income$(671,983)$(70.85)$44,654 $6.42 
Adjustments:
Loss / write-down on assets495,413 52.24 37,289 5.36 
Write-off of deferred financing cost3,088 0.33 681 0.10 
Total adjustments$498,501 $52.57 $37,970 $5.46 
Adjusted net (loss) income$(173,482)$(18.28)$82,624 $11.88 

Adjusted EBITDA (unaudited)
Three Months Ended
December 31,
Year Ended December 31,
In thousands2020201920202019
Net (loss) income$(465,601)15,084 $(671,983)$44,654 
Impact of adjustments461,528 25,483 498,501 37,970 
Adjusted net (loss) income(4,073)40,567 (173,482)82,624 
Add Back:
Net interest expense5,937 9,488 29,853 42,887 
Depreciation and amortization (1)
11,807 16,676 59,353 70,094 
Adjusted EBITDA$13,671 $66,731 $(84,276)$195,605 
        (1) Includes depreciation, amortization of deferred financing costs and restricted share amortization.

19


Forward-Looking Statements 
Matters discussed in this press release may constitute forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides safe harbor protections for forward-looking statements in order to encourage companies to provide prospective information about their business. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts. The Company desires to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and is including this cautionary statement in connection with this safe harbor legislation. The words “believe,” “anticipate,” “intend,” “estimate,” “forecast,” “project,” “plan,” “potential,” “may,” “should,” “expect,” “pending” and similar expressions identify forward-looking statements.

The forward-looking statements in this press release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, our management’s examination of historical operating trends, data contained in our records and other data available from third parties. Although we believe 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 our control, we cannot assure you that we will achieve or accomplish these expectations, beliefs or projections. We undertake no obligation, and specifically decline any obligation, except as required by law, to publicly update or revise any forward‐looking statements, whether as a result of new information, future events or otherwise.

In addition to these important factors, other important factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking statements include the failure of counterparties to fully perform their contracts with us, the strength of world economies and currencies, general market conditions, including fluctuations in charter rates and vessel values, changes in demand for dry bulk vessel capacity, the length and severity of the ongoing novel coronavirus (COVID-19) outbreak, including its effects on demand for dry bulk products and the transportation thereof, changes in our operating expenses, including bunker prices, drydocking and insurance costs, the market for our vessels, availability of financing and refinancing, counterparty performance, ability to obtain financing and the availability of capital resources (including for capital expenditures) and comply with covenants in such financing arrangements, planned capital expenditures, our ability to successfully identify, consummate, integrate and realize the expected benefits from acquisitions, dispositions, and changes to our business strategy, fluctuations in the value of our investments, changes in governmental rules and regulations or actions taken by regulatory authorities, potential liability from pending or future litigation, general domestic and international political conditions, potential disruption of shipping routes due to accidents or political events, vessels breakdowns and instances of off-hires and other factors. Please see our filings with the SEC for a more complete discussion of these and other risks and uncertainties.


Contact:

Scorpio Bulkers Inc.
+377-9798-5715 (Monaco)
+1-646-432-1675 (New York)

20