JULY 24, 2013 — The newest member of Emanuele Lauro's Scorpio Group, Scorpio Bulkers Inc., which listed on the Oslo OTC just this month under the symbol SALT, reports that it has reached agreements with three shipbuilders in China to construct a minimum of 11 and up to 14 newbuilding dry bulk carriers.

The agreements are with ChengXi Shipyard Co. Ltd., Dalian COSCO KHI Ship Engineering Co. Ltd. , and Nantong COSCO KHI Ship Engineering Co. Ltd. and cover  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, two will be delivered in the first quarter of 2015, one in the second quarter of 2015, five in the third quarter of 2015, two in the fourth quarter of 2015, and o in the first quarter of 2016. Two of the additional vessels, if confirmed, would be delivered in the  second quarter of 2016 and one in the third quarter of 2016.