Disclaimer and Forward-looking Statements

SALT Company Presentation November 2018

Disclaimer and Forward-looking Statements This presentation includes forward-looking statements within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. These forward-looking statements reflect Scorpio Tanker Inc. s ( Scorpio s ) current views with respect to future events and financial performance. The words believe, anticipate, intend, estimate, forecast, project, plan, potential, may, should, expect and similar expressions identify forward-looking statements. The forward-looking statements in this presentation are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, management s examination of historical operating trends, data contained in Scorpio s records and other data available from third parties. Although Scorpio believes that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond Scorpio s control, Scorpio cannot assure you that it will achieve or accomplish these expectations, beliefs, projections or future financial performance. Risks and uncertainties include, but are not limited to, the failure of counterparties to fully perform their contracts with Scorpio, the strength of world economies and currencies, general market conditions, including fluctuations in charter hire rates and vessel values, changes in demand in the tanker vessel markets, changes in Scorpio s operating expenses, including bunker prices, drydocking and insurance costs, the fuel efficiency of our vessels, the market for Scorpio's vessels, availability of financing and refinancing, charter counterparty performance, ability to obtain financing and comply with covenants in such financing arrangements, changes in governmental and environmental rules and regulations or actions taken by regulatory authorities including those that may limit the commercial useful lives of tankers, potential liability from pending or future litigation, general domestic and international political conditions, potential disruption of shipping routes due to accidents or political events, and other important factors described from time to time in the reports Scorpio files with, or furnishes to, the Securities and Exchange Commission, or the Commission, and the New York Stock Exchange, or NYSE. Scorpio undertakes no obligation to update or revise any forward-looking statements. These forward-looking statements are not guarantees of Scorpio's future performance, and actual results and future developments may vary materially from those projected in the forward-looking statements. Scorpio has filed a registration statement (including a base prospectus) and has or expects to file a preliminary prospectus supplement with the Commission for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement, the preliminary prospectus supplement and other documents Scorpio files with, or furnishes to, the SEC for more complete information about Scorpio and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. 2

Disclaimer and Forward-looking Statements (Cont d) This presentation describes time charter equivalent revenue, or TCE revenue, which is not a measure prepared in accordance with IFRS (i.e. a "Non-IFRS" measure). TCE revenue is presented here because we believe that it provide investors with a means of evaluating and understanding how the Company's management evaluates the Company's operating performance. This Non-IFRS measure should not be considered in isolation from, as substitute for, or superior to financial measures prepared in accordance with IFRS. The Company believes that the presentation of TCE revenue is useful to investors because it facilitates the comparability and the evaluation of companies in the Company s industry. In addition, the Company believes that TCE revenue is useful in evaluating its operating performance compared to that of other companies in the Company s industry. The Company s definition of TCE revenue may not be the same as reported by other companies in the shipping industry or other industries. For a reconciliation of TCE revenue to revenue, please see the Appendix of this presentation. Unless otherwise indicated, information contained in this presentation concerning Scorpio s industry and the market in which it operates, including its general expectations about its industry, market position, market opportunity and market size, is based on data from various sources including internal data and estimates as well as third party sources widely available to the public such as independent industry publications, government publications, reports by market research firms or other published independent sources. Internal data and estimates are based upon this information as well as information obtained from trade and business organizations and other contacts in the markets in which Scorpio operates and management s understanding of industry conditions. This information, data and estimates involve a number of assumptions and limitations, are subject to risks and uncertainties, and are subject to change based on various factors, including those discussed above. You are cautioned not to give undue weight to such information, data and estimates. While Scorpio believes the market and industry information included in this presentation to be generally reliable, it has not independently verified any third-party information or verified that more recent information is not available. 3

Company Overview Scorpio Bulkers Inc. ( Scorpio or the Company ) owns or finance leases 56 mid-size dry bulk Eco vessels with an average age of 2.8 years and time charters in one vessel The Company is headquartered in Monaco, and incorporated in the Marshall Islands, making it exempt from U.S. income tax. It has NYSE-compliant governance and transparency for foreign private issuers and is listed under the ticker SALT Scorpio s strategy is to: Key Facts Capture rising freight rates by employing vessels in the spot market through the Scorpio Ultramax and Scorpio Kamsarmax pools Operate vessels efficiently and minimize costs Maintain a strong balance sheet through conservative leverage Take advantage of market dislocation to opportunistically grow fleet 40 35 30 25 20 15 10 5 0 10.0 9.0 8.0 7.0 6.0 5.0 4.0 3.0 2.0 1.0 Fleet Profile Owned TC/BB Chartered-In 1 37 19 Ultramax Kamsarmax Low Average Age vs. Worldwide Fleet Scorpio Bulkers Active Fleet 9.2 8.7 3.0 2.5 0.0 Handymax/Ultramax Panamax/Kamsarmax 4

Q3-18 Corporate & Financial Highlights Q3-2018 Financial Results TCE Time Charter Coverage GAAP Net Loss of $0.4 million / Loss per Share of $0.01 (includes $0.03 write off of deferred financing costs) EBITDA of $28.8 million and cash flow from operations of $18.6 million Ultramax TCE of $11,342 per day in Q3 2018 Ultramax TCE of $13,388 per day booked to date in Q4 2018 Kamsarmax TCE of $13,649 per day in Q3 2018 Kamsarmax TCE of $14,382 per day booked to date in Q4 2018 Entered into Time Charters for 11 vessels at rates of $14,500-$16,500 per day that end in 1H 2019 Liquidity Liquidity position as of October 19, 2018 is $58.0 million in cash Investment in Scorpio Tankers Inc. Stock Buyback Program Dividend Fleet Development Invested $100 million in a related party, Scorpio Tankers Inc. for approximately 54.1 million shares, or 10.9% of Scorpio Tankers issued and outstanding shares From July 1, 2018 to October 12, 2018, approximately 1.8 million shares were purchased by the Company under its share buyback program at a cost of $6.80 per share or $11.9 million in aggregate The Board of Directors approved a new share repurchase plan for the repurchase of up to $50.0m of our common stock, replacing the existing authorization The Company s Board of Directors declared a dividend of $0.02 per share on October 19, 2018 Agreed letters of intent to cover the purchase and installation of exhaust gas cleaning systems between Q2 2019 and Q3 2020 for a cost of between $1.5m - $2.2m per vessel Anticipated to be financed at 60-70% 5

Company Highlights Youngest ECO dry bulk fleet High specification best-in-class fleet built at top tier yards with an average age of 2.8 years, youngest fleet among publicly listed peers Attractive Mid Size Segment Mid size cargo segment provides access to all types of dry cargo commodities and is strongly correlated to global GDP growth Positive & Increasing EBITDA $28.8 million in EBITDA in Q3-18, the ninth consecutive quarter of positive EBITDA Significant trading liquidity and inside ownership One of the most liquid dry bulk stocks with around $3.2 million in trading liquidity per day and insider ownership of 23% Well prepared for BWT system & IMO 2020 Fleet is already fully fitted with BWT systems, no capex required Scrubbers manage the downside risk of rising fuel prices and provide regulation upside potential through fuel savings 6

Youngest & Largest Fleet in Mid Size Segment # of Owned Handymax/Panamax Vessels Average Age Scorpio Bulkers 2.8 56 Star Bulk 8.6 72 Eagle Bulk 8.9 47 Navios MH 11.9 49 Safe Bulkers 8.2 39 Diana 10.6 32 Genco 10.3 32 Golden Ocean 6.1 29 Source: Clarksons Research Services, November 2018 0.0 10.0 20.0 30.0 40.0 50.0 60.0 70.0 80.0 7

Strengthening Market for Our Vessels The increase in reported TCE earnings over the last 2 plus years has defied traditional seasonality, and in the face of record newbuild deliveries, shows the underlying strength of the market and supports the continuation of the market recovery $16,000 $14,000 February 10, 2016 BDI hits 40 year low $12,605 $12,881 $12,823 $14,382 $13,649 $13,388 $12,000 $10,886 $11,569 $11,342 $10,000 $8,000 $7,083 $7,238 $7,401 $9,164 $9,273 $9,211 $8,949 $8,230 $8,360 $9,757 $6,349 $6,000 $5,335$5,263 $4,000 $3,462$3,331 $2,000 $0 Q1 16 Q2 16 Q3 16 Q4 16 Q1 17 Q2 17 Q3 17 Q4 17 Q1 18 Q2 18 Q3 18 Q4 18* Ultramax Kamsarmax * Projections based on 47% and 49% of the days for the Ultramax fleet and Kamsarmax fleet, respectively as of October 17, 2018. 8

Financial Performance Summary Revenue EBITDA $70 $60 $50 $40 $30 $20 $10 $10.2 $17.4 $23.9 $26.8 $34.7 $37.7 $38.6 $51.1 $54.3 $60.6 $62.5 $40 $30 $20 $10 $0 -$10 -$20 $17.0 $5.8 $1.3 $0.9 $7.3 $10.8 $12.4 $22.9 $20.4 $28.1 $28.8 $0 Q1 16 Q2 16 Q3 16 Q4 16 Q1 17 Q2 17 Q3 17 Q4 17 Q1 18 Q2 18 Q3 18 -$30 Q1 16 Q2 16 Q3 16 Q4 16 Q1 17 Q2 17 Q3 17 Q4 17 Q1 18 Q2 18 Q3 18 Operating Cash Flow EBIT $25 $15 $5 -$5 -$15 -$25 -$35 $21.1 $18.6 $13.5 $11.1 $5.3 $2.5 -$2.1 -$1.7 -$4.5 -$18.1 -$27.5 Q1 16 Q2 16 Q3 16 Q4 16 Q1 17 Q2 17 Q3 17 Q4 17 Q1 18 Q2 18 Q3 18 $15 $10 $5 $0 -$5 -$10 -$15 -$20 -$25 -$30 -$35 -$28.8 -$9.9 -$14.1 -$16.2 -$19.2 -$6.2 -$4.1 $6.0 $2.9 $10.6 $9.4 Q1 16 Q2 16 Q3 16 Q4 16 Q1 17 Q2 17 Q3 17 Q4 17 Q1 18 Q2 18 Q3 18 Figures in $USD millions. 9

Industry Regulations IMO 2020 The International Maritime Organization (IMO) will require shipowners to reduce sulfur emissions from 3.5% currently to 0.5% in January 2020. How will Scorpio comply? The Company plans to install scrubbers on substantially all of its owned and finance leased Kamsarmax and Ultramax vessels between the second quarter of 2019 and the third quarter of 2020. The majority of scrubber installations will be coordinated with scheduled dry docks, reducing the amount of off hire The Scrubbers and their installation will cost between $1.5 - $2.2 million per vessel, and the Company anticipates that between 60-70% of these costs will be financed. Scrubbers manage the downside risk of rising fuel prices and provide upside potential through fuel savings Ballast Water Treatment Systems The IMO will require all vessels trading internationally to a install ballast water treatment system (BWTS) after September 8, 2019 at their next special survey. BWT systems for small to mid size modern vessels cost at least $450,000 per vessel based on $350,000 for equipment and $100,000 for installation Retrofits on older, existing ships, can be more challenging and expensive as they were designed without the space in the engine room to fit BWTS (see how large these BWTS are) How will Scorpio comply? All 56 of SALT s vessels are fitted with BWT systems No $25.2 million in future capex (56 vessels x $450,000) 10

Market Update 11

Fleet Focused on Mid Size Asset Classes Vessel Type DWT Cargoes Vessels Owned Handysize/Handymax < 50,000 Grain, minor bulks - Supramax/Ultramax 50,000-64,000 Iron ore, coal, grain, minor bulks 37 Panamax/Kamsarmax 65,000-100,000 Iron ore, coal, grain, bauxite, steel 19 Capesize >100,000 Iron ore, coal - 12 Major Bulks: Iron ore, coal, grain Minor Bulks: Bauxite, steel, scrap, cement, salt, forest products, potash/fertilizer, coke, nickel ore, sugar.

Cargo Carriage 2018 YTD Kamsarmax Ultramax Minerals, 7% Others, 1% Ore, 14% Fertiliser, 5% Others, 14% Coal Products, 33% Ore, 7% Grain Products, 18% Coal Products, 59% Steel products, 11% Minerals, 15% Grain Products, 15% 13

Industry Highlights Ton mile demand driven by solid global GDP growth and industrial production Baltic supramax and panamax average earnings indices near their 10 year average Strong spot rates and future expectations push assets values for young vessels above newbuilds Growing dry bulk demand in major and minor bulks Limited fleet growth in mid size segments due to lowest newbuilding orders since 2007 (excluding 2016) Potential for accelerated scrapping given age profile and upcoming environmental regulations 14

Synchronized Global Industrial Production Atlantic Region Industrial Production Growth Pacific Region Industrial Production Growth 7.0% 6.0% 5.0% 4.0% 3.0% 2.0% 1.0% 0.0% -1.0% Aug-13 Jan-14 Jun-14 Nov-14 Apr-15 Sep-15 Feb-16 Jul-16 Dec-16 May-17 Oct-17 Mar-18 Aug-18 Source: Clarksons Research Services, November 2018 15

$/day $/Day Vessel Earnings Continue to Increase Baltic Supramax Avg Earnings FY-16 FY-17 FY-18 10 Yr Avg $20,000 $16,000 $12,000 $8,000 $4,000 $0 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Baltic Panamax Average Earnings FY-16 FY-17 FY-18 10 Yr Avg $20,000 $16,000 $12,000 $8,000 $4,000 $0 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Source: Clarksons Research Services, November 2018 Baltic Supramax Avg of 6 T/C Routes Baltic Panamax Avg of 4 T/C Routes 16

Asset Values Continue to Recover, With Room to Grow $40 Ultramax NB Kamsarmax NB Ultramax Resale Kamsarmax Resale $35 Current rates and future expectations push values for young vessels above newbuilds $30 $25 $20 $15 Nov-10 May-11 Nov-11 May-12 Nov-12 May-13 Nov-13 May-14 Nov-14 May-15 Nov-15 May-16 Nov-16 May-17 Nov-17 May-18 Nov-18 $1 million increase in asset values equates to $0.74 in NAV per share Figures in million US$, Source: Clarksons Research Services, November 2018 Resale defined as to be delivered before year end of less than one year old. 17

Million Tonnes Dry Bulk Demand Continues Steady Growth 2009-2018 Iron Ore Coal Grains Minor Bulks Total Dry Bulk CAGR 5.9% 5.2% 5.8% 4.4% 5.1% 5,000 4,000 3,821 4,068 4,302 4,558 4,816 4,812 4,892 5,095 5,215 5,338 3,401 3,000 2,000 1,000-2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 (f) 2019 (f) Iron Ore Coal Grain Minor Bulk Source: Clarksons Research Services, November 2018 18

Steady Growth in Our Primary Cargoes Minor Bulks Grains Coal 15.0% 10.0% 5.0% 0.0% 7.3% -0.5% 7.8% 2.0% 11.3% 9.4% 6.4% 4.9% 5.2% 12.2% 5.3% 4.9% 2.9% 1.5% 1.6% 0.0% 0.2% 6.1% 5.3% 4.0% 3.1% 2.9% 3.2% 2.5% 2.0% 1.3% -6.5% -5.0% -10.0% 2011 2012 2013 2014 2015 2016 2017 2018e 2019e Source: Clarksons Research Services, November 2018 19

(million DWT) Limited Fleet Growth in Mid Size Segments Demolition Delivery Net Fleet Growth 30 Actual Forecast 30.0% 20 20.0% 10 10.0% 2.8% 2.8% 1.2% 0 0.0% -10 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018e 2019e 2020e -10.0% Source: Clarksons Research Services, November 2018 Ultramax scrapping assumptions: 2018 (0.8m dwt), 2019 (1.6m dwt), 2020 (3.5m dwt) Kamsarmax scrapping assumption: 2018 (0.5m dwt), 2019 (1 m dwt), 2020 (5.7m dwt) 20

# of Vessels # of Vessels Historically Low Ordering Newbuilding Orders in Three Year Periods Newbuilding orders for ultramax and kamsarmax vessels, aside from 2016, are at their lowest level since 2001 2,000 1,800 1,600 1,400 1,200 1,000 800 600 400 200 0 1,741 1,484 677 1,353 706 432 881 569 369 267 1,064 778 921 378 512 221 302 157 2001-2003 2004-2006 2007-2009 2010-2012 2013-2015 2016-2018 YTD Newbuilding Orders Per Year: 2001-2018 YTD 1,000 925 928 Handymax/Ultramax Panamax/Kamsarmax 800 600 400 200 0 74 28 46 358 706 599 473 202 449 238 366 428 303 169 150 192 211 221 567 217 152 148 455 190 504 361 91 99 101 81 280 81 278 101 155 214 112 120 136 109 219 5 80 139 24 19 226 141 128 85 75 53 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 YTD Source: Clarksons Research Services, November 2018 21

# of Vessels Historically Low Scrapping Handymax Scrapping Panamax Scrapping 250 231 213 200 150 127 154 141 167 117 100 123 76 74 69 96 116 49 61 50 0 104 32 96 28 80 72 71 67 2 18 47 16 2 17 4 29 9 11 9 14 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2 Scrapping 2018 YTD is at its lowest levels since 2007 Source: Clarksons Research Services, November 2018 22

# of Vessels Scrapping Expected to Increase Potential acceleration in scrapping of older tonnage due to: Age: significant number of vessels 20 years and older in the mid size segment Environmental regulations: Increasing fuel costs of older less fuel efficient tonnage (IMO 2020) and cap ex for BWT systems Newbuild Deliveries (2018-2020) vs. Vessels over 20 Years Old in 2020 NB Deliveries (2018-2020) 20 Years & Older in 2020 400 300 200 253 300 100 0-100 -200-300 -400-500 Ultramax -387 Kamsarmax -298 There will be more potential scrapping candidates (20+ years) than newbuildings delivered between 2018-2020 Source: Clarksons Research Services, November 2018 23

Appendix 24

Time Charter-Out Agreements Vessel Type Earliest Redelivery Date Rate/day SBI Jaguar Ultramax April 2019 $16,000 SBI Ursa Ultramax June 2019 $15,000 SBI Tango Ultramax March 2019 $14,500 SBI Cougar Ultramax March 2019 $16,500 SBI Echo Ultramax February 2019 $15,000 SBI Thalia Ultramax April 2019 $16,500 SBI Lyra Ultramax April 2019 $16,500 SBI Bolero Kamsarmax May 2019 $14,500 SBI Macarena Kamsarmax February 2019 $16,000 SBI Samba Kamsarmax April 2019 $15,500 SBI Mazurka Kamsarmax May 2019 $16,000 25

Fleet List Owned & Finance Leased Vessels # Name Year Yard Type # Name Year Yard Type 1 SBI Athena 2015 Chengxi Ultramax 29 SBI Aries 2015 Chengxi Ultramax 2 SBI Bravo 2015 Nacks Ultramax 30 SBI Gemini 2015 Chengxi Ultramax 3 SBI Antares 2015 Nacks Ultramax 31 SBI Taurus 2015 Chengxi Ultramax 4 SBI Leo 2015 Dacks Ultramax 32 SBI Pisces 2016 Chengxi Ultramax 5 SBI Echo 2015 Imabari Ultramax 33 SBI Virgo 2017 Chengxi Ultramax 6 SBI Lyra 2015 Dacks Ultramax 34 SBI Libra 2017 Chengxi Ultramax 7 SBI Subaru 2015 Dacks Ultramax 35 SBI Puma 2014 Chengxi Ultramax 8 SBI Tango 2015 Imabari Ultramax 36 SBI Jaguar 2014 Chengxi Ultramax 9 SBI Maia 2015 Nacks Ultramax 37 SBI Cougar 2015 Chengxi Ultramax 10 SBI Hydra 2015 Nacks Ultramax 38 SBI Samba 2015 Imabari Kamsarmax 11 SBI Pegasus 2015 Chengxi Ultramax 39 SBI Rumba 2015 Imabari Kamsarmax 12 SBI Ursa 2015 Dacks Ultramax 40 SBI Capoeira 2015 Hudong Kamsarmax 13 SBI Thalia 2015 Chengxi Ultramax 41 SBI Electra 2015 Yangzijiang Kamsarmax 14 SBI Cronos 2015 Imabari Ultramax 42 SBI Carioca 2015 Hudong Kamsarmax 15 SBI Orion 2015 Chengxi Ultramax 43 SBI Conga 2015 Hudong Kamsarmax 16 SBI Achilles 2016 Imabari Ultramax 44 SBI Flamenco 2015 Hudong Kamsarmax 17 SBI Hercules 2016 Chengxi Ultramax 45 SBI Bolero 2015 Hudong Kamsarmax 18 SBI Perseus 2016 Chengxi Ultramax 46 SBI Sousta 2016 Yangzijiang Kamsarmax 19 SBI Hermes 2016 Imabari Ultramax 47 SBI Rock 2016 Yangzijiang Kamsarmax 20 SBI Zeus 2016 Mitsui Ultramax 48 SBI Lambada 2016 Hudong Kamsarmax 21 SBI Hera 2016 Mitsui Ultramax 49 SBI Reggae 2016 Hudong Kamsarmax 22 SBI Hyperion 2016 Nacks Ultramax 50 SBI Zumba 2016 Hudong Kamsarmax 23 SBI Tethys 2016 Nacks Ultramax 51 SBI Macarena 2016 Hudong Kamsarmax 24 SBI Phoebe 2016 Chengxi Ultramax 52 SBI Parapara 2017 Hudong Kamsarmax 25 SBI Poseidon 2016 Mitsui Ultramax 53 SBI Mazurka 2017 Hudong Kamsarmax 26 SBI Apollo 2016 Mitsui Ultramax 54 SBI Swing 2017 Hudong Kamsarmax 27 SBI Samson 2017 Chengxi Ultramax 55 SBI Jive 2017 Hudong Kamsarmax 28 SBI Phoenix 2017 Chengxi Ultramax 56 SBI Lynx 2018 Yangzijiang Kamsarmax 26