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Scorpio Bulkers Inc.

Q2 2020 Earnings

August 3, 2020

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Disclaimer and Forward-looking Statements

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 bulk carriers, 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 and expects to operate, 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 & Financial Highlights

Q2-20 Financial

Results

• GAAP Net Loss of $45.1 million / Loss per Share of $5.73

• a loss of approximately $13.9 million and cash dividend income of $0.2 million, or $1.74 per diluted share, from the Company’s

equity investment in Scorpio Tankers Inc. and a write-off of deferred financing costs of $0.4 million, or $0.05 per diluted share,

related to the sale of the SBI Jaguar, SBI Taurus and SBI Bolero

• Adjusted Net Loss of $44.7 million / Adjusted Loss per Share of $5.68 excluding the $0.4 million write-off of deferred financing costs

• Earnings before Interest, Depreciation and Amortization (EBITDA) and Adjusted EBITDA of $20.6 million and cash flow used in

operations of $13.8 million

• 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

TCE • Average Ultramax TCE of $5,031 per day in Q2 2020

• Average Ultramax TCE of $8,585 per day booked to date in Q3 2020

• Average Kamsarmax TCE of $6,401 per day in Q2 2020

• Average Kamsarmax TCE of $8,655 per day booked to date in Q3 2020

Liquidity • As of July 31, 2020, the Company had total liquidity of approximately $132.4 million (comprised of approximately $41.6 million in cash

and cash equivalents and approximately $90.8 million in available and undrawn capacity under its revolving credit facilities)

Equity • In June 2020, the Company raised net proceeds of $82.3 million by issuing approximately 4.7 million shares of common stock at $18.46

per share

• In April 2020, the Company effected a one-for-ten reverse stock split of the Company’s common shares, par value $0.01 per share,

reducing the number of outstanding shares from approximately 72.5 million shares to 7.2 million shares

Debt Restructuring • Agreed with the lenders and a finance lessor to permanently reduce the minimum liquidity covenant from the greater of (i) $25.0

million or (ii) $700k per owned vessel to the greater of (i) $25.0 million or (ii) $500k per owned vessel

• Agreed with the lenders to reduce future principal repayments by approximately $29.8 million in aggregate in exchange for an

advance principal repayment of $14.9 million in aggregate

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Corporate & Financial Highlights

Fleet Development • Completed the sales of the SBI Jaguar, SBI Taurus and SBI Bolero in Q2 2020 for $53.5 million in aggregate

• Scrubber installations on 13 vessels postponed until at least 2021, delaying at least $20.0 million of expenditures

Dividend • The Company’s Board of Directors declared a dividend of $0.05 per share on August 3, 2020

LOI for Wind Turbine

Installation Vessel

(“WTIV”)

• Signed a non-binding letter of intent to purchase a NG-16000X WTIV

• The total project cost is expected to be between $265.0 to $290.0 million

• Scheduled delivery date of September 2023

• The contract is expected to be signed in Q4 2020 and will include options to construct up to three additional units

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Historical TCE Rates

$0

$2,000

$4,000

$6,000

$8,000

$10,000

$12,000

$14,000

$16,000

Q1 18 Q2 18 Q3 18 Q4 18 Q1 19 Q2 19 Q3 19 Q4 19 Q1 20 Q2 20 Q3 20*

Kamsarmax Ultramax

* Projections based on 61% and 57% of the days for the Ultramax and Kamsarmax fleet, respectively as of July 29, 2020

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Financial Performance Summary

OPERATING CASH FLOW

REVENUE

$11.1

$21.1$18.6 $19.6

$4.5

-$0.7

$18.9

$11.2

-$21.3

-$13.8

-$35

$0

$35

Q1 18 Q2 18 Q3 18 Q4 18 Q1 19 Q2 19 Q3 19 Q4 19 Q1 20 Q2 20

$54.3

$60.6 $62.5$65.2

$50.4 $50.6

$63.2$60.3

$40.8

$26.2

$0

$20

$40

$60

$80

Q1 18 Q2 18 Q3 18 Q4 18 Q1 19 Q2 19 Q3 19 Q4 19 Q1 20 Q2 20

ADJUSTED EBIT

ADJUSTED EBITDA

$2.9$10.6 $9.4

$3.5$15.5

$50.9

$8.7

$49.8

-$98.5

-$36.3

-$120

-$100

-$80

-$60

-$40

-$20

$0

$20

$40

$60

Q1 18 Q2 18 Q3 18 Q4 18 Q1 19 Q2 19 Q3 19 Q4 19 Q1 20 Q2 20

$20.4

$28.1

$28.8 $23.3 $32.8

$70.0

$26.1

$66.7

-$83.1

-$20.6

-$100

-$80

-$60

-$40

-$20

$0

$20

$40

$60

$80

Q1 18 Q2 18 Q3 18 Q4 18 Q1 19 Q2 19 Q3 19 Q4 19 Q1 20 Q2 20

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Debt Restructuring Highlights

• The Company amended the relevant debt agreements to reduce the liquidity covenant from $34.3 million to $25.0 million*. In exchange,

the Company made an advance principal repayment of $7.7 million previously due in Q3-21

• The Company agreed to defer $14.9 million of future principal repayments until its respective maturity dates. In exchange, the Company

made an advance principal repayment of $14.9 million previously due later this year

• The Company is currently in discussion with a specific lessor to defer $4.6 million of future principal repayments until its maturity date.

In exchange, the Company will make an advance principal repayment of $3.4 million previously due later this year

Restructuring Impact on Projected Debt Repayments

* Reduced from the greater of (i) $25.0 million or (ii) $700,000 per owned vessel to (i) $25.0 million or (ii) $500,000 per owned vessel. The figures stated above are based on 49

owned or finance-leased vessels used in the calculation.

** Includes estimated repayments on the upsizings of credit facilities and certain lease financing arrangements 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 finalizes. Excludes purchase options on vessels under

sale leaseback financing arrangements.

($ in millions)** Q3-20 Q4-20 FY 2021 FY 2022 FY 2023 FY 2024 Thereafter

Prior to Amendments $18.5 $18.7 $75.2 $69.7 $200.0 $32.8 $62.9

As Amended $35.9 $9.0 $48.0 $69.7 $213.7 $32.8 $68.7

Increase / (Decrease) $17.4 $(9.7) $(27.2) $-- $13.7 $-- $5.8

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Wind Turbine Installation Vessel (“WTIV”) Letter of Intent

Scorpio Bulkers entered into a non-binding letter of

intent with Daewoo Shipbuilding and Marine Engineering

Inc. for the construction of a WTIV to be delivered in

2023, for approximately $265 million to $290 million

with the option to purchase up to an additional three

WTIVs

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www.scorpiobulkers.com