February 2020

Scorpio Bulkers Inc.

STIFEL Conference Presentation

Disclaimer

2

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, 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.

Company Overview

Owns 52 mid-size dry bulk fuel-efficient

‘Eco’ vessels with an average age of 3.9

years

Marshall Islands incorporated, HQ in

Monaco, and NYSE-listed under the ticker

“SALT”

Trades vessels on the spot market through

the Scorpio Ultramax and Scorpio

Kamsarmax pools

Meeting IMO 2020 regulations by installing

scrubbers throughout its fleet (80%

expected to be installed by June 2020)

Successfully invested $100 million in 2018

with the purchase of approximately 5.4

million shares of Scorpio Tankers Inc. (NYSE:

STNG)2

1

2

3

4

5

1) Source: Clarkson's Research Services January 2020

2) Given the special dividend declared on October 22, 2019, Scorpio Bulkers now owns approximately 4.4 million shares of Scorpio Tankers Inc. (NYSE: STNG)

35 17

50,000 – 64,999 dwt 65,000 – 100,000 dwt

Supramax/Ultramax Panamax/Kamsarmax

Mid Size Fleet Focus

3

9.4

7.7

9.6

9.3

8.7

10.4

7.7

3.9

27

30

24

37

50

43

79

52

0 20 40 60 80 100

Genco

Golden Ocean

Diana

Safe Bulkers

Eagle Bulk

Navios MH

Star Bulk

Scorpio Bulkers

# of Owned Handymax/Panamax Vessels Average Age

$0

$100

$200

$300

$400

$500

$600

$700

$800

Star Bulk Golden Ocean Genco Diana Scorpio Bulkers Eagle Bulk

Investor & Share HighlightsMarket Cap ($m)(2)

Current Major Shareholders(1)

Scorpio Services Holding Limited 19.3 %

GRM Investments Limited 17.7 %

Evermore Global Advisors LLC 8.3 %

Dimensional Fund Advisors LP 4.9%

BlackRock Inc 3.4%

Renaissance Technologies LLC 2.5%

The Bank of New York Mellon Corp. 1.8%

Hosking Partners LLP 1.5%

State Street Corp. 1.3%

Royce & Associates LP 1.0%

1) Bloomberg & IPreo January 2020, Scorpio Services Holding Limited (‘SSH’) with affiliates

2) Fearnleys, (US Exchanges Only) February 2020 4

3

$0

$1

$2

$3

$4

$5

$6

Star Bulk Golden Ocean Genco ScorpioBulkers

Eagle Bulk Diana

Liquidity Per Day ($m)(2)

Q4-19 Financial Results • GAAP Net Income of $15.1 million / Income per diluted share of $0.21, Including:

• Non-cash gain of approximately $46.1 million and cash dividend income of $0.5 million, or $0.66 per

diluted share, primarily from the Company’s equity investment in Scorpio Tankers Inc.

• Write-down of assets held for sale of approximately $25.2 million, or $0.36 per diluted share, related

to the classification of four Ultramax vessels as held for sale.

• Write-off of approximately $0.2 million of deferred financing costs on the credit facility related to the

SBI Puma and the SBI Cougar.

• Adjusted net income was $40.6 million, or $0.57 adjusted per diluted share

• EBITDA of $41.5 million (Adjusted EBITDA of $66.7 million)

TCE • Ultramax TCE of $11,244 per day in Q4-2019

• Ultramax TCE of $10,505 per day booked to date in Q1-2020

• Kamsarmax TCE of $11,934 per day in Q4-2019

• Kamsarmax TCE of $12,242 per day booked to date in Q1-2020

Liquidity • As of January 24, 2020, the Company had $65.9 million in cash

Financing • During October 2019, the Company prepaid $21.9 million of its $38.7 Million Credit Facility and wrote-off

approximately $0.2 million of deferred financing costs as part of the sale of the SBI Puma and SBI Cougar

Dividend • The Company’s Board of Directors declared a dividend of $0.02 per share on January 27, 2020

Q4–2019 Corporate & Financial Highlights

5

Financial Performance Summary

OPERATING CASH FLOW

REVENUE

-$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

-$0.7

$18.9

$11.2

-$35

$0

$35

$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 $50.6

$63.2$60.3

$0

$20

$40

$60

$80

($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

$70.0

$26.1

$66.7

-$40

-$20

$0

$20

$40

$60

$80

ADJUSTED EBIT

ADJUSTED EBITDA

-$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

$50.9

$8.7

$49.8

-$40

-$20

$0

$20

$40

$60

Figures in USD millions

Scrubber Economics

IMO 2020 Regulations & Company Strategy

• The International Maritime Organization

(IMO) will require shipowners to reduce

sulfur emissions from 2020

To comply shipowners will have to decide

between:

• Installing a scrubber to enable the

vessel to burn HSFO

• Paying the premium to consume

compliant fuels with a sulfur

content <0.5% (MGO and LSFO)

• LNG as bunker fuel

• The Company plans to install scrubbers on

all of its owned and finance leased

Kamsarmax and Ultramax vessels before

Q4-2020.

• The majority of scrubber installations will

be coordinated with scheduled dry docks

reducing the amount of off hire

• The Scrubbers and their installation will

cost approximately $2.5 million per

vessel.

What is IMO 2020? How Scorpio will Comply

8

Scrubber CAPEX & Installation Schedule

9Based on Scorpio Bulkers assumptions for 2019 Q4

9

10

1

4

2

5

4

5

$-

$20

$40

$60

$80

$100

$120

0

2

4

6

8

10

12

14

Q1-20 Q2-20 Q3-20 Q4-20 Q1-21

Accum

ula

ted S

cru

bber

CAPEX (

in M

illions

USD

)

Count

of

Vess

els

Ultramax Kamsarmax Accumulated CAPEX (in millions USD)

Rotterdam & Singapore Forward Fuel Curve

Forward Fuel Curve Supports Expectations of Scrubber Benefits

Annual Scrubber Fuel Savings

Scrubber TCE Savings Benefit (/day)

Source: Bloomberg, February 2020 10

$46.7

$58.4

$70.0

$81.7

$0

$20

$40

$60

$80

$100

$200 $250 $300 $350

($U

SD

Millions)

MGO-HSFO Spread ($/MT)

$2,721

$3,402

$4,082

$4,762

$0

$1,000

$2,000

$3,000

$4,000

$5,000

$200 $250 $300 $350

($/day)

MGO-HSFO Spread ($/MT)

$0

$50

$100

$150

$200

$250

$300Rotterdam (VSLFO-HSFO Spread) Singapore (VSLFO-HSFO Spread)

Market Update

Dry Bulk Market Continues to Grow

Source: Clarksons Research Services January 2020

(e) = estimate; (f) = forecast

Million T

onnes

2010-2020

Iron Ore Coal Grains Minor Bulks Total Dry Bulk

CAGR 4.2% 3.4% 4.5% 2.8% 3.5%

Iron Ore, 27%

Coal, 24%

Grains, 9%

Minor Bulks, 39%

Dry Bulk Commodity Market Share

Ultramax & Kamsarmax Cargoes

Dry Bulk Commodity Market Share

12

3,403

3,835

4,073

4,309

4,560

4,812 4,822 4,889

5,089 5,224 5,281

5,393

-

1,000

2,000

3,000

4,000

5,000

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020(e)

Iron Ore Coal Grain Minor Bulk

372

389

416

390382 385

400

431

456

479

0

100

200

300

400

500

2011 2012 2013 2014 2015 2016 2017 2018 2019 (e) 2020 (f)

(Million M

T)

Sugar Anthracite Nickel Ore Manganese Ore Salt Others

1,7071,745

1,824 1,8481,891 1,881

1,938

2,0112,066

2,160

0

500

1,000

1,500

2,000

2,500

2011 2012 2013 2014 2015 2016 2017 2018 2019 (e) 2020 (f)

(Million M

T)

Steel Products Forest Products Agri Bulks & Fertilizer

Bauxite Cement Scrap

Petcoke & Coke Other

Mid Size Segments offer Cargo Diversification

Source: Clarksons Research Services January 2020

(e) = estimate; (f) = forecast

Minor Bulks by Commodity Type Minor Bulk Commodities: Others

13

300

350

400

450

500

550

600

650

700

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

(Tw

h)

FY-15 FY-16 FY-17 FY-18 FY-19

-

5

10

15

20

25

30

35

Jan-1

5

Apr-

15

Jul-

15

Oct-

15

Jan-1

6

Apr-

16

Jul-

16

Oct-

16

Jan-1

7

Apr-

17

Jul-

17

Oct-

17

Jan-1

8

Apr-

18

Jul-

18

Oct-

18

Jan-1

9

Apr-

19

Jul-

19

Oct-

19

Jan-2

0

(Million M

T)

Key Indicators Still Supportive: Coal

Oil, 19.6%

Natural Gas, 7.4%

Coal, 58.2%

Nuclear, 2.0%

Hydro, 8.3%

Renewables, 4.4%

China Energy Consumption By Type1 China Electricity Production Continues to Grow2

China Coal Inventories2

1) BP Statistical Review 2019

2) Bloomberg January 2020 14

Key Indicators Still Supportive: Grain

USDA predicts a 1% increase in the global agricultural product trade in 2019/2020

Global Agricultural Trade Forecast (1) China Soybean Imports by Country (2)

1) USDA Outlook, December 2019

2) Bloomberg January 2020 15

Wheat, 173.1 Wheat, 181.1

Coarse Grain, 212.4

Coarse Grain, 201.0

Soybean, 146.0 Soybean, 148.0

Soymeal, 63.3 Soymeal, 64.6

0

100

200

300

400

500

600

700

2018/19 (est) 2019/20 (proj)

Wheat Coarse Grain Soybean Soymeal

Millions

Metr

ic T

onnes

-

1

2

3

4

5

6

7

8

9

10

Dec-17 Mar-18 Jun-18 Sep-18 Dec-18 Mar-19 Jun-19 Sep-19 Dec-19

Millions

Tonnes

From the US From Brazil From other countries

22% 20%24%

16%

50%

43%

42%

39%

17%

16%16%

23%

7%

12%9%

7%

4%9% 9%

15%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Capesize Panamax Handymax Handysize

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

Limited Contracting & Expected Scrapping

Bulker Fleet Age ProfileNewbuilding Orders Per Year: 2001-2019

Source: Clarksons Research Services January 2020 16

46101

155112 120

280

567

361

136

455

213

112

506

276

141

25

120 13428

91

148

99 101

170

358

238

81

473

152

81

204

149

836 153

153

77

74

192

303

211 221

450

925

599

217

928

365

193

710

425

224

31

273287

146

0

100

200

300

400

500

600

700

800

900

1,000

# o

f V

esse

ls

Handymax/Ultramax

Panamax/Kamsarmax

www.scorpiobulkers.com