Scorpio Bulkers Inc. announced yesterday that it has reached agreements with three yards in China to construct a minimum of 11 and up to 14 newbuilding vessels designed for the carriage of dry bulk commodities.

Bulker Newbuildings

The Company has reached agreements with ChengXi Shipyard CO. Ltd., Dalian COSCO KHI Ship Engineering Co. Ltd. , and Nantong COSCO KHI Ship Engineering Co. Ltd. for the construction of a minimum of 11 and up to 14 dry bulk vessels for approximately $27 million each. The vessels are from 61,000 to 64,000 DWT (“Ultramax” vessels) designed for the carriage of dry bulk commodities. Of the first 11 vessels, 2 will be delivered in the first quarter of 2015, 1 in the second quarter of 2015, 5 in the third quarter of 2015, 2 in the fourth quarter of 2015, and 1 in the first quarter of 2016. The additional vessels, if confirmed, would be delivered 2 in the second quarter of 2016 and 1 in the third quarter of 2016.