Scorpio Bulkers : Q3 2020 Supplemental Earnings Presentation

Scorpio Bulkers Inc.

Q3 2020 Earnings

October 27, 2020

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

Q3 20 Financial	• GAAP Net Loss of $36.6 million / Loss per Share of $3.12
Results	• a loss of approximately $3.7 million and cash dividend income of $0.2 million, or $0.30 per diluted share, from the Company's
	equity investment in Scorpio Tankers Inc. and a write-down of $19.6 million, or $1.67 per diluted share, related to the
	classification of SBI Rock as held for sale and the agreement to sell the SBI Sousta
	• Adjusted Net Loss of $17.0 million / Adjusted Loss per Share of $1.45 excluding the $19.6 million write-down of the SBI Rock and SBI
	Sousta
	• Earnings before Interest, Depreciation and Amortization (EBITDA) of a loss of $13.9 million and Adjusted EBITDA of $5.7 million and
	cash flow used in operations of $12.6 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 $8,930 per day in Q3 2020
	• Average Ultramax TCE of $11,226 per day booked to date in Q4 2020
	• Average Kamsarmax TCE of $10,142 per day in Q3 2020
	• Average Kamsarmax TCE of $12,740 per day booked to date in Q4 2020
Liquidity	• As of October 26, 2020, the Company had cash and cash equivalents of approximately $105.5 million
Vessel Sales	• Agreed to sell 3 Kamsarmax vessels and 5 Ultramax vessels for a total sales price of $143.3 million.
	• The sales are expected to generate approximately $40.3 million in additional liquidity
	• Recorded a loss of $19.6 million in Q3 2020 and is expected to recorded a loss of approximately $45.2 million in Q4 2020
	• Deferred finance charges of approximately are expected to be written-off in Q4 2020
Dividend	• The Company's Board of Directors declared a dividend of $0.05 per share on October 27, 2020

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Historical TCE Rates

$16,000

$14,000

$12,000

$10,000

$8,000

$6,000

$4,000

$2,000

$0

Q1 18

Q2 18

Q3 18

Q4 18

Q1 19

Q2 19

Q3 19

Q4 19

Q1 20

Q2 20

Q3 20

Q4 20*

Kamsarmax

Ultramax

* Projections based on 45% and 42% of the days for the Ultramax and Kamsarmax fleet, respectively as of October 23, 2020

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