Scorpio Bulkers Inc. announced that it has closed two previously announced credit facilities, taken delivery of three new building vessels, and agreed to time charter-out a Capesize new building that is currently under construction in China. On January 15, 2015, the company closed a previously announced $411,264,000 senior secured credit facility with a group of financial institutions to finance a portion of the purchase price of 12 Capesize vessels (of which the company has agreed to convert two Capesize vessels into the two LR2 product tankers that are held for sale) under construction at Sungdong Shipbuilding & Marine Engineering Co. Ltd. The facility matures six years, and in certain circumstances up to 12 years, from the delivery of the final vessel securing the facility.

On December 30, 2014, the company closed a $408,976,447 senior secured credit facility arranged by two leading European financial institutions to finance a portion of the purchase price of 20 vessels (six Ultramax, nine Kamsarmax, and five Capesize vessels) with expected deliveries in 2015 and 2016. The facility was previously announced as a $540,000,000 loan, which has now been reduced to a size of $408,976,447 due to the removal of the financing on the four Capesize vessels that the Company has agreed to convert into four LR2 product tankers and sell to Scorpio Tankers Inc., a related party. The facility has a final maturity of six years from the date of signing.