Scorpio Bulkers, Inc. (NYSE: SALT) (the "Company") announced today that it has entered into time charter-out agreements for two Ultramax vessels and one Kamsarmax vessel.

Time Charter-Out Agreements

Vessel                   Type                   Duration                            Earliest  Redelivery Date         Rate
SBI Leo                 Ultramax             Min 5 - Max 7 months         04/06/2017                         $9,000
SBI Cakewalk        Kamsarmax         Min 5 - Max 8 months         03/31/2017                          $9,000
SBI Achilles           Ultramax             Min 6 - Max 8 months         05/23/2017                         $11,000