0001628280-15-002146 Sample Contracts

Execution version
Secured Loan Agreement • April 2nd, 2015 • Scorpio Bulkers Inc. • Deep sea foreign transportation of freight

$19,800,000 Secured Loan Agreement Dated March 2, 2015 (1) SBI Merengue Shipping Company Limited (as Borrower)(2) Scorpio Bulkers Inc. (as Guarantor)(3) The Financial Institutions listed in Schedule 1 (as Original Lenders)(4) ABN AMRO Bank N.V. (as Arranger)(5) ABN AMRO Bank N.V. (as Agent)(6) ABN AMRO Bank N.V. (as Swap Provider)(7) ABN AMRO Bank N.V. (as Security Agent)(8) ABN AMRO Bank N.V., Singapore Branch (as Sinosure Agent)

Execution version
Loan Agreement • April 2nd, 2015 • Scorpio Bulkers Inc. • Deep sea foreign transportation of freight

Each of the Original Lenders has agreed to advance to the Borrower its Commitment aggregating, with all the other Commitments, up to $26,000,000 to assist the Borrower to refinance the Vessel.