OCTOBER 7, 2013 — With $300 million of gross proceeds from a September private placement in the kitty, Emanuele A. Lauro's Scorpio Bulkers Inc. (OSLO-OTC: SALT) is doing what it said it would do with the money: using it to part finance construction of a series of fuel efficient dry bulk vessels.

Emanuele A. Lauro, Scorpio Bulkers Chairman, Director, and Chief Executive Officer

Today the company reported that it has entered into various agreements for the purchase of eleven Ultramax dry bulk vessels of 60,000 dwt to 64,000 dwt and four Kamsarmax dry bulk vessels of 81,000 dwt to 84,000 dwt from shipyards in Japan and China. The total purchase price for the announced agreements is around $455 million.

 YardDWTDelivery1Mitsui Engineering & Shipbuilding Co., LTD60,200Q2-162Mitsui Engineering & Shipbuilding Co., LTD60,200Q2-163Imabari Shipbuilding Co., Ltd61,000Q2-154Imabari Shipbuilding Co., Ltd61,000Q3-155Imabari Shipbuilding Co., Ltd61,000Q4-156Imabari Shipbuilding Co., Ltd61,000Q1-167Nantong COSCO KHI Ship Engineering Co. Ltd61,000Q2-168Nantong COSCO KHI Ship Engineering Co. Ltd61,000Q2-169Chengxi Shipyard Co. Ltd64,000Q2-1610Chengxi Shipyard Co. Ltd64,000Q2-1611Chengxi Shipyard Co. Ltd64,000Q3-1612Tsuneishi Group (Zhoushan) Shipbuilding Inc.81,600Q3-1513Tsuneishi Group (Zhoushan) Shipbuilding Inc.81,600Q1-1614Imabari Shipbuilding Co., Ltd84,000Q1-1515Imabari Shipbuilding Co., Ltd84,000Q3-15