 MONACO, Dec. 20, 2020 GLOBE NEWSWIRE -- Scorpio Bulkers Inc. NYSE: SALT the Company today announced that following the recent sales of vessels by the Company, its Board of Directors has authorized the Company, as part of its transition to a sustainable future, to sell its remaining dry bulk vessels and exit the dry bulk sector during 2021. As a result of this decision, the Company expects to record a write-down ranging from 475.0 million to 500.0 million on vessels sold and classified as held for sale. This estimated write-down includes non-cash charges of 425.0 million to 440.0 million to reflect the current fair market value of the fleet and 50.0 million to 60.0 million of estimated cash charges, which include 34.0 million to 36.0 million for the termination of various vessel-related agreements, as well as other selling costs. The Company will also write-off approximately 10.0 million of deferred financing costs as outstanding debt is repaid. 