Scorpio Bulkers goes on a buying binge

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.