Document:

Exhibit

Exhibit 4.53

SIXTH AMENDMENT TO CREDIT AGREEMENT
SIXTH AMENDMENT TO CREDIT AGREEMENT (this “Sixth Amendment”), dated as of August 9, 2016, by and among SCORPIO BULKERS INC., a company incorporated under the laws of the Republic of the Marshall Islands, as borrower (the “Borrower”), the Lenders party hereto and NORDEA BANK FINLAND PLC, NEW YORK BRANCH, as administrative agent (in such capacity, the “Administrative Agent”).  Unless otherwise indicated, all capitalized terms used herein and not otherwise defined shall have the respective meanings provided such terms in the Credit Agreement referred to below.
W I T N E S S E T H:
WHEREAS, the Borrower, the Lenders from time to time party thereto, and the Administrative Agent are parties to a Credit Agreement, dated as of December 30, 2014 (as amended by that certain First Amendment to Credit Agreement, dated as of March 6, 2015, that certain Second Amendment to Credit Agreement, dated as of October 21, 2015, that certain Third Amendment to Credit Agreement, dated as of December 14, 2015, that certain Fourth Amendment to Credit Agreement, dated as of April 7, 2016, that certain Fifth Amendment to Credit Agreement dated June 1, 2016 and as further amended, restated, modified or otherwise supplemented from time to time, the “Credit Agreement”); 
WHEREAS, the Borrower has requested certain amendments to the Credit Agreement; 
WHEREAS, subject to the terms and conditions of this Sixth Amendment, the parties hereto wish to amend certain provisions of the Credit Agreement as herein provided.
NOW, THEREFORE, it is agreed:
		
	I.
	Amendments to Credit Agreement.

1.The definition of “Revolving Loan Vessel Acquisition Period” appearing in Section 1.01 of the Credit Agreement is hereby deleted and replaced with the following:

““Revolving Loan Vessel Acquisition Period” shall mean the period beginning on the Initial Borrowing Date and ending on February 28, 2017.”
2.The definition of “Term Loan Commitment Termination Date” appearing in Section 1.01 of the Credit Agreement is hereby deleted and replaced with the following:

““Term Loan Commitment Termination Date” shall mean the earliest of (i) with respect to a Relevant Vessel, 30 days after the date such Relevant Vessel is delivered to the Collateral Vessel Owner, (ii) with respect to a Relevant Vessel, the latest date for cancellation of the relevant shipbuilding contract for such Relevant Vessel, and (iii) February 28, 2017.”
3.Schedule VI to the Credit Agreement is hereby deleted and replaced in its entirety in the form attached hereto as Schedule VI.

		
	II.
	Miscellaneous Provisions.

1.In order to induce the Lenders to enter into this Sixth Amendment, the Borrower hereby represents and warrants that (i) no Default or Event of Default exists as of the Sixth Amendment 

Exhibit 4.53

Effective Date (as defined herein) after giving effect to this Sixth Amendment and (ii) all of the representations and warranties contained in the Credit Agreement and the other Credit Documents are true and correct in all material respects on the Sixth Amendment Effective Date after giving effect to this Sixth Amendment, with the same effect as though such representations and warranties had been made on and as of the Sixth Amendment Effective Date (it being understood that any representation or warranty that by its terms is made as of a specific date shall be true and correct in all material respects as of such specific date).

2.This Sixth Amendment is limited precisely as written and shall not be deemed to (i) be a waiver of or a consent to the modification of or deviation from any other term or condition of the Credit Agreement and the other Credit Documents or any of the other instruments or agreements referred to therein except as set forth herein or (ii) prejudice any right or rights which any of the Lenders or the Administrative Agent now have or may have in the future under or in connection with the Credit Agreement, as amended hereby, the other Credit Documents or any of the other instruments or agreements referred to therein.  The Administrative Agent, the Collateral Agent and the Lenders expressly reserve all their rights and remedies except as expressly set forth in this Sixth Amendment.

3.This Sixth Amendment may be executed in any number of counterparts and by the different parties hereto on separate counterparts, each of which counterparts when executed and delivered shall be an original, but all of which shall together constitute one and the same instrument.  A complete set of counterparts shall be lodged with the Borrower and the Administrative Agent.

4.THIS SIXTH AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK.

5.This Sixth Amendment shall become effective as of the date (the “Sixth Amendment Effective Date”) when:

(i)the Borrower and the Required Lenders shall have signed a counterpart hereof (whether the same or different counterparts) and shall have delivered (including by way of facsimile or other electronic transmission) the same to White & Case LLP, 1155 Avenue of the Americas, New York, NY 10036; Attention:  May Yip (facsimile number: 212-354-8113 / e-mail: myip@whitecase.com); and

(ii)the Borrower shall have paid to the Administrative Agent all reasonable out-of-pocket costs and expenses incurred in connection with the Sixth Amendment and the other Credit Documents (including, without limitation, the reasonable fees and expenses of White & Case LLP).

6.From and after the Sixth Amendment Effective Date, all references in the Credit Agreement and each of the other Credit Documents to the Credit Agreement shall be deemed to be references to the Credit Agreement, as modified hereby.  From and after the Sixth Amendment Effective Date, this Sixth Amendment shall for all purposes constitute a Credit Document.
*        *        *

Exhibit 4.53

IN WITNESS WHEREOF, the parties hereto have caused their duly authorized officers to execute and deliver this Sixth Amendment as of the date first above written.
SCORPIO BULKERS INC., as Borrower

By:_/s/ Hugh Baker_
Name: Hugh Baker
Title:   Chief Financial Officer    

[Signature page -Sixth Amendment to Scorpio Bulkers Inc. Credit Agreement]
AMERICAS 91414410 (2K)

Exhibit 4.53

NORDEA BANK FINLAND PLC, NEW YORK BRANCH, as Administrative Agent and as Lender 

By:  /s/ Martin Lunder
Name: Martin Lunder
Title:   Senior Vice President

By: /s/ Erik Havnvik
Name: Eric Havnvik
Title:First Vice President

[Signature page -Sixth Amendment to Scorpio Bulkers Inc. Credit Agreement]
AMERICAS 91414410 (2K)

Exhibit 4.53

SKANDINAVISKA ENSKILDA BANKEN AB 
(PUBL), as Lender
		
	By:
	 /s/ Carl Montalvo    

Name: Carl Montalvo
Title:Managing Director Corporate Finance
		
	By:
	 /s/ Jan Dahien    

Name:  Jan Dahien
Title:

[Signature page -Sixth Amendment to Scorpio Bulkers Inc. Credit Agreement]
AMERICAS 91414410 (2K)

Exhibit 4.53

SCHEDULE VI

		
	A.
	Term Loan Vessels 1 

	
									
	Vessel Name
	Registered Owner
	Type
	Flag
	DWT
	Builder’s Hull Number
	Estimated Delivery Date
	Contract Price
	Maximum Loan Amount

	SBI Athena
	SBI Athena Shipping Company Limited
	Ultramax
	Marshall Islands
	64,000
	CX0610
	Q1 2015
	$27,250,000
	$12,048,289.10

	SBI Conga
	SBI Conga Shipping Company Limited
	Kamsarmax
	Marshall Islands
	82,000
	H1722A
	Q4 2015
	$31,310,000
	$14,636,898.25

	SBI Bolero
	SBI Bolero Shipping Company Limited
	Kamsarmax
	Marshall Islands
	82,000
	H1723A
	Q4 2015
	$31,310,000
	$14,636,898.25

	SBI Sousta
	SBI Sousta Shipping Company Limited
	Kamsarmax
	Marshall Islands
	82,000
	H1724A
	Q1 2016
	$31,310,000
	$13,591,405.52

	SBI Rock
	SBI Rock Shipping Company Limited
	Kamsarmax
	Liberia
	82,000
	1092
	Q1 2016
	$29,313,000
	$12,721,835.72

	SBI Thalia
	SBI Thalia Shipping Company Limited
	Ultramax
	Marshall Islands
	64,000
	CX0612
	Q4 2015
	$27,250,000
	$12,738,916.53

	SBI Reggae
	SBI Reggae Shipping Company Limited
	Kamsarmax
	Liberia
	82,000
	H1725A
	Q1 2016
	$31,310,000
	$13,590,641.13

	SBI Parapara
	SBI Parapara Shipping Company Limited
	Kamsarmax
	Marshall Islands
	82,000
	H1735A
	Q1 2017
	$31,310,000
	$13,200,000.00

1The information in this SCHEDULE VI shall be updated for each Collateral Vessel after each Borrowing Date, and may be supplemented by written notice to the Administrative Agent and Collateral Agent prior to each such Borrowing Date pursuant to Section 6.18 of this Agreement.

Exhibit 4.53

SCHEDULE VI

B.  Revolving Loan Vessels

	
									
	Vessel Name
	Registered Owner
	Type
	Flag
	DWT
	Builder’s Hull Number
	Estimated Delivery Date
	Contract Price
	Maximum Loan Amount

	SBI Echo
	SBI Echo Shipping Company Limited
	Ultramax
	Marshall Islands
	61,000
	S870
	Q3 2015
	$30,750,000
	$12,511,435.88

	SBI Zumba
	SBI Zumba Shipping Company Limited
	Kamsarmax
	Marshall Islands
	82,000
	H1726A
	Q4 2016
	$31,310,000
	$13,200,000.00

	SBI Mazurka
	SBI Mazurka Shipping Company Limited
	Kamsarmax
	Marshall Islands
	82,000
	H1736A
	Q1 2017
	$31,310,000
	$13,200,000.00

	SBI Hera
	SBI Hera Shipping Company Limited
	Ultramax
	Liberia
	60,200
	1907
	Q2 2016
	$31,045,490
	$12,320,000.00

	SBI Zeus
	SBI Zeus Shipping Company Limited
	Ultramax
	Liberia
	60,200
	1906
	Q2 2016
	$31,045,490
	$11,900,000.00

	SBI Poseidon
	SBI Poseidon Shipping Company Limited
	Ultramax
	Liberia
	60,200
	1911
	Q3 2016
	$31,045,490
	$13,200,000.00

	SBI Apollo
	SBI Apollo Shipping Company Limited
	Ultramax
	Liberia
	60,200
	1912
	Q4 2016
	$31,045,490
	$13,200,000.00Exhibit

Exhibit 4.54

EXECUTION VERSION

SEVENTH AMENDMENT TO CREDIT AGREEMENT
SEVENTH AMENDMENT TO CREDIT AGREEMENT (this “Seventh Amendment”), dated as of December 14, 2016, by and among SCORPIO BULKERS INC., a company incorporated under the laws of the Republic of the Marshall Islands, as borrower (the “Borrower”), the Lenders party hereto and NORDEA BANK FINLAND PLC, NEW YORK BRANCH, as administrative agent (in such capacity, the “Administrative Agent”).  Unless otherwise indicated, all capitalized terms used herein and not otherwise defined shall have the respective meanings provided such terms in the Credit Agreement referred to below.
W I T N E S S E T H:
WHEREAS, the Borrower, the Lenders from time to time party thereto, and the Administrative Agent are parties to a Credit Agreement, dated as of December 30, 2014 (as amended by that certain First Amendment to Credit Agreement, dated as of March 6, 2015, that certain Second Amendment to Credit Agreement, dated as of October 21, 2015, that certain Third Amendment to Credit Agreement, dated as of December 14, 2015, that certain Fourth Amendment to Credit Agreement, dated as of April 7, 2016, that certain Fifth Amendment to Credit Agreement dated June 1, 2016, that certain Sixth Amendment to Credit Agreement dated August 9, 2016 and as further amended, restated, modified or otherwise supplemented from time to time, the “Credit Agreement”); SCHEDULE VI
WHEREAS, the Borrower has requested certain amendments to the Credit Agreement; 
WHEREAS, subject to the terms and conditions of this Seventh Amendment, the parties hereto wish to amend certain provisions of the Credit Agreement as herein provided.
NOW, THEREFORE, it is agreed:
		
	I.
	Amendments to Credit Agreement.

1.The definition of “Attributable Loan Amount” appearing in Section 1.01 of the Credit Agreement is amended by deleting the sentence at the end thereof in its entirety and inserting the following text in lieu thereof:

“The Attributable Loan Amount of each Collateral Vessel which is owned by the Borrower or by a Subsidiary Guarantor on the Seventh Amendment Effective Date after giving effect to the transactions contemplated to occur on such date is set forth on Schedule VIII as in effect after giving effect thereto, as such amount may be reduced thereafter and prior to the date of determination in accordance with Section 4.02(g).”.
2.The definition of “Collateral Vessel Amortization Amount” appearing in Section 1.01 of the Credit Agreement is amended by deleting the sentence at the end thereof in its entirety and inserting the following text in lieu thereof:

“Notwithstanding the foregoing (x) the Collateral Vessel Amortization Amount for each Payment Date for each Collateral Vessel owned by the Borrower or by a Subsidiary Guarantor on the Seventh Amendment Effective Date is set forth on 

Exhibit 4.54

Schedule VIII as in effect after giving effect thereto (as such amount may be adjusted to give effect to subsequent prepayments) and (y) with respect to each Collateral Vessel delivered after the Seventh Amendment Effective Date, the Collateral Vessel Amortization Amount for each Payment Date occurring on or before the Maturity Date shall be zero.”.
3.The definition of “Consolidated Tangible Net Worth” appearing in Section 1.01 of the Credit Agreement is hereby deleted in its entirety and replaced with the following:

““Consolidated Tangible Net Worth” shall mean, at any time of determination for any Person, the Net Worth of such Person and its Subsidiaries at such time determined on a consolidated basis in accordance with GAAP minus goodwill and as adjusted to exclude (without duplication of any amounts excluded as impairment of intangible assets on or after the Closing Date in the definition of “Net Worth”), (a) (i) any incurred losses/write downs on assets sold and/or held for sale, (ii) any incurred losses on termination of any shipbuilding contract, and (iii) any impairment charges taken on assets, in each case, on or after March 31, 2016 and (b) up to $100,000,000 of (i) incurred losses/writedowns on assets sold and/or held for sale, (ii) any incurred losses on termination of any shipbuilding contract and (iii) any impairment charges taken on assets, in each case, prior to March 31, 2016.”.
4.Section 1.01 of the Credit Agreement is hereby amended by inserting the following new definitions in appropriate alphabetical order:

“Deferred Amortization Amount” shall mean, at any time (a) with respect to each Collateral Vessel owned by the Borrower or by a Subsidiary Guarantor on the Seventh Amendment Effective Date, the “Deferred Amortization Amount” for each Payment Date set forth on Schedule VIII as in effect after giving effect thereto and (b) with respect to each Collateral Vessel delivered after the Seventh Amendment Effective Date, the “Deferred Amortization Amount” set forth on Schedule VIII for each Payment Date as in effect on the Vessel Acquisition Borrowing Date for such Collateral Vessel, which amount shall be an amount equal to seven times the Collateral Vessel Amortization Amount for such Collateral Vessel.
“SBI Mazurka” shall mean the Revolving Loan Vessel named SBI Mazurka, as more particularly described on Schedule VI.
“SBI Parapara” shall mean the Term Loan Vessel named SBI Parapara, as more particularly described on Schedule VI. 
“Seventh Amendment” shall mean the Seventh Amendment to this Agreement, dated as of December 14, 2016.
“Seventh Amendment Effective Date” shall have the meaning set forth in the Seventh Amendment.
5.Section 2.01(c) of the Credit Agreement is hereby amended by adding the following sentence at the end thereof: 

“Notwithstanding anything to the contrary contained herein, the principal amount of the Loans made on the Vessel Acquisition Borrowing Date for the SBI Mazurka and SBI Parapara 

Exhibit 4.54

determined in accordance with the foregoing sentence shall be reduced as of the respective Vessel Acquisition Borrowing Date by an amount equal to seven times the Collateral Vessel Amortization Amount for such Collateral Vessel (calculated without giving effect to the last sentence of the definition of “Collateral Vessel Amortization Amount”).
6.Section 8.03(b) of the Credit Agreement is hereby deleted in its entirety and replaced with the following: 

“(b)    the Borrower may pay or make Restricted Payments, provided that:
(i)    on or prior to the date of such Restricted Payment, the Deferred Amortization Amounts for all Collateral Vessels that would otherwise have become due and payable on or prior to the date of such Restricted Payment had the amounts representing such Deferred Amortization Amounts not been deferred shall have been paid in full; 
 (ii)    no Default or Event of Default exists at the time of such Restricted Payment and after giving effect thereto; and
(iii)    immediately after giving effect to such Restricted Payment, the Borrower and its Subsidiaries shall be in pro forma compliance with the Financial Covenants,
provided that if any Restricted Payments are made pursuant to this Section 8.03(b), then any Deferred Amortization Amounts not required to be repaid pursuant to clause (i) above prior to such Restricted Payment shall, immediately following the date of such Restricted Payment, be repaid by the Borrower on each Payment Date as if such Deferred Amortization Amounts had not been deferred.”
7.Section 8.07(d) of the Credit Agreement is hereby deleted in its entirety and replaced with the following:

“(d)    Minimum Interest Coverage. Commencing with the Test Period ending on March 31, 2019, the Borrower will not permit the Interest Coverage Ratio for any Test Period to be less than:

		
	(i)
	on the last day of each Test Period from and including the Test Period ending March 31, 2019 to and including the Test Period ending June 30, 2019: 1.00 to 1.00, calculated:

		
	(A)
	in respect of the Test Period ending March 31, 2019, using Consolidated EBITDA and Consolidated Net Interest Expense for the fiscal quarter ending March 31, 2019 only; and

		
	(B)
	in respect of the Test Period ending June 30, 2019, using Consolidated EBITDA and Consolidated Net Interest Expense for the fiscal quarters ending March 31, 2019 and June 30, 2019 only; 

		
	(ii)
	on the last day of the Test Period ending September 30, 2019: 2.50 to 1.00, calculated using Consolidated EBITDA and Consolidated Net Interest Expense for the fiscal quarters ending March 31, 2019, June 30, 2019 and September 30, 2019 only; and

		
	(iii)
	on the last day of each Test Period from and including the Test Period ending December 31, 2019: 2.50 to 1.00, calculated quarterly on a trailing four quarter basis.”.

8.Schedule I to the Credit Agreement is hereby deleted and replaced in its entirety in the form attached hereto as Schedule I.

Exhibit 4.54

9.Schedule VI to the Credit Agreement is hereby deleted and replaced in its entirety in the form attached hereto as Schedule VI.

10.Schedule VIII to the Credit Agreement is hereby deleted and replaced in its entirety in the form attached hereto as Schedule VIII.

11.Exhibit H to the Credit Agreement is hereby deleted and replaced in its entirety in the form attached hereto as Exhibit H.

		
	II.
	Miscellaneous Provisions.

1.In order to induce the Lenders to enter into this Seventh Amendment, the Borrower hereby represents and warrants that (i) no Default or Event of Default exists as of the Seventh Amendment Effective Date (as defined herein) after giving effect to this Seventh Amendment and (ii) all of the representations and warranties contained in the Credit Agreement and the other Credit Documents are true and correct in all material respects on the Seventh Amendment Effective Date after giving effect to this Seventh Amendment, with the same effect as though such representations and warranties had been made on and as of the Seventh Amendment Effective Date (it being understood that any representation or warranty that by its terms is made as of a specific date shall be true and correct in all material respects as of such specific date).

2.This Seventh Amendment is limited precisely as written and shall not be deemed to (i) be a waiver of or a consent to the modification of or deviation from any other term or condition of the Credit Agreement and the other Credit Documents or any of the other instruments or agreements referred to therein except as set forth herein or (ii) prejudice any right or rights which any of the Lenders or the Administrative Agent now have or may have in the future under or in connection with the Credit Agreement, as amended hereby, the other Credit Documents or any of the other instruments or agreements referred to therein.  The Administrative Agent, the Collateral Agent and the Lenders expressly reserve all their rights and remedies except as expressly set forth in this Seventh Amendment.

3.This Seventh Amendment may be executed in any number of counterparts and by the different parties hereto on separate counterparts, each of which counterparts when executed and delivered shall be an original, but all of which shall together constitute one and the same instrument.  A complete set of counterparts shall be lodged with the Borrower and the Administrative Agent.

4.THIS SEVENTH AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK.

5.This Seventh Amendment shall become effective as of the date (the “Seventh Amendment Effective Date”) when:

(i)the Borrower and the Required Lenders shall have signed a counterpart hereof (whether the same or different counterparts) and shall have delivered (including by way of facsimile or other electronic transmission) the same to White & Case LLP, 1155 Avenue of the Americas, New York, NY 10036; Attention:  May Yip (facsimile number: 212-354-8113 / e-mail: myip@whitecase.com); and
(ii)the Administrative Agent shall have received voluntary prepayments and/or commitment reductions in the following amounts:

Exhibit 4.54

(a)with respect to all Term Loan Vessels owned by the Borrower or by a Subsidiary of the Borrower as of the Seventh Amendment Effective Date: $6,220,444.45, to be applied to the mandatory repayments pursuant to Section 4.02(b) due on the next four scheduled Payment Dates or, in the case of the SBI ROCK, SBI SOUSTA and SBI REGGAE, the next three scheduled Payment Dates, and

(b)with respect to all Revolving Loan Vessels owned by the Borrower or by a Subsidiary of the Borrower as of the Seventh Amendment Effective Date: $5,279,922.64, to be applied to the mandatory repayments and permanent reduction of the Total Revolving Commitment pursuant to Section 4.02(a)(ii) due on the next four scheduled Payment Dates;

(iii)the Borrower shall have paid to the Administrative Agent, for equal distribution between the Lenders, an amendment fee in an amount equal to $180,000; and

(iv)the Borrower shall have paid to the Administrative Agent all reasonable out-of-pocket costs and expenses incurred in connection with the Seventh Amendment and the other Credit Documents (including, without limitation, the reasonable fees and expenses of White & Case LLP).

For the avoidance of doubt, the Attributable Loan Amounts and Collateral Vessel Amortization Amount set forth on Schedule VIII as modified by this Seventh Amendment reflect the application of the prepayments described in clause (ii) above.
6.From and after the Seventh Amendment Effective Date, all references in the Credit Agreement and each of the other Credit Documents to the Credit Agreement shall be deemed to be references to the Credit Agreement, as modified hereby.  From and after the Seventh Amendment Effective Date, this Seventh Amendment shall for all purposes constitute a Credit Document.
*        *        *

Exhibit 4.54

IN WITNESS WHEREOF, the parties hereto have caused their duly authorized officers to execute and deliver this Seventh Amendment as of the date first above written.
SCORPIO BULKERS INC., as Borrower

By: /s/ Hugh Baker
Name: Hugh Baker
Title:   Chief Financial Officer    

[Signature page -Seventh Amendment to Scorpio Bulkers Inc. Credit Agreement]
Americas 92095195 (2K)

Exhibit 4.54

NORDEA BANK FINLAND PLC, NEW YORK BRANCH, as Administrative Agent and as Lender 

By: /s/ Gustaf Stael von Holstein
Name: Gustaf Staek von Holstein
Title:   Head of Risk Management

By: /s/ Lynn Sauro
Name: Lynn Sauro
Title:  First Vice President

[Signature page -Seventh Amendment to Scorpio Bulkers Inc. Credit Agreement]
Americas 92095195 (2K)

Exhibit 4.54

SKANDINAVISKA ENSKILDA BANKEN AB 
(PUBL), as Lender

By: /s/ David Sonnek
Name: David Sonnek
Title:   

By: Olof Kajerdt
Name:Olof Kajerdt
Title:

[Signature page -Seventh Amendment to Scorpio Bulkers Inc. Credit Agreement]
Americas 92095195 (2K)

Exhibit 4.54

SCHEDULE I
COMMITMENTS

	
			
	Lender
	Term Loan Commitments
	Revolving Loan Commitments 

	Nordea Bank Finland Plc, New York Branch 
	$50,472,220.03
	$40,805,756.62

	Skandinaviska Enskilda Banken AB (publ)
	$50,472,220.02
	$40,805,756.62

	Total
	$100,944,440.05
	$81,611,513.24

[Signature page -Seventh Amendment to Scorpio Bulkers Inc. Credit Agreement]
Americas 92095195 (2K)

Exhibit 4.54

SCHEDULE VI

A.  Term Loan Vessels 1 

	
									
	Vessel Name
	Registered Owner
	Type
	Flag
	DWT
	Builder’s Hull Number
	Estimated Delivery Date
	Contract Price
	Maximum Loan Amount

	SBI Athena
	SBI Athena Shipping Company Limited
	Ultramax
	Marshall Islands
	64,000
	CX0610
	Q1 2015
	$27,250,000
	$11,133,689.06

	SBI Conga
	SBI Conga Shipping Company Limited
	Kamsarmax
	Marshall Islands
	82,000
	H1722A
	Q4 2015
	$31,310,000
	$13,591,405.53

	SBI Bolero
	SBI Bolero Shipping Company Limited
	Kamsarmax
	Marshall Islands
	82,000
	H1723A
	Q4 2015
	$31,310,000
	$13,591,405.53

	SBI Sousta
	SBI Sousta Shipping Company Limited
	Kamsarmax
	Marshall Islands
	82,000
	H1724A
	Q1 2016
	$31,310,000
	$12,807,285.98

	SBI Rock
	SBI Rock Shipping Company Limited
	Kamsarmax
	Liberia
	82,000
	1092
	Q1 2016
	$29,313,000
	$11,985,711.77

	SBI Thalia
	SBI Thalia Shipping Company Limited
	Ultramax
	Marshall Islands
	64,000
	CX0612
	Q4 2015
	$27,250,000
	$11,828,993.89

	SBI Reggae
	SBI Reggae Shipping Company Limited
	Kamsarmax
	Liberia
	82,000
	H1725A
	Q1 2016
	$31,310,000
	$12,805,948.29

	SBI Parapara
	SBI Parapara Shipping Company Limited
	Kamsarmax
	Marshall Islands
	82,000
	H1735A
	Q1 2017
	$31,310,000
	$13,200,000.00

            
1The information in this SCHEDULE VI shall be updated for each Collateral Vessel after each Borrowing Date, and may be supplemented by written notice to the Administrative Agent and Collateral Agent prior to each such Borrowing Date pursuant to Section 6.18 of this Agreement.

Exhibit 4.54

SCHEDULE VI

B.  Revolving Loan Vessels

	
									
	Vessel Name
	Registered Owner
	Type
	Flag
	DWT
	Builder’s Hull Number
	Estimated Delivery Date
	Contract Price
	Maximum Loan Amount

	SBI Echo
	SBI Echo Shipping Company Limited
	Ultramax
	Marshall Islands
	61,000
	S870
	Q3 2015
	$30,750,000
	$11,601,513.24

	SBI Zumba
	SBI Zumba Shipping Company Limited
	Kamsarmax
	Marshall Islands
	82,000
	H1726A
	Q4 2016
	$31,310,000
	$11,440,000.00

	SBI Mazurka
	SBI Mazurka Shipping Company Limited
	Kamsarmax
	Marshall Islands
	82,000
	H1736A
	Q1 2017
	$31,310,000
	$13,200,000.00

	SBI Hera
	SBI Hera Shipping Company Limited
	Ultramax
	Liberia
	60,200
	1907
	Q2 2016
	$31,045,490
	$11,440,000.00

	SBI Zeus
	SBI Zeus Shipping Company Limited
	Ultramax
	Liberia
	60,200
	1906
	Q2 2016
	$31,045,490
	$11,050,000.00

	SBI Poseidon
	SBI Poseidon Shipping Company Limited
	Ultramax
	Liberia
	60,200
	1911
	Q3 2016
	$31,045,490
	$11,440,000.00

	SBI Apollo
	SBI Apollo Shipping Company Limited
	Ultramax
	Liberia
	60,200
	1912
	Q4 2016
	$31,045,490
	$11,440,000.00

Exhibit 4.54

SCHEDULE VIII

SCHEDULED TERM AMORTIZATION PAYMENTS AND 
SCHEDULED REVOLVING LOAN COMMITMENT REDUCTIONS

	
				
	Collateral Vessel
	Vessel Acquisition Borrowing Date
	Attributable Term Loan Amount
	Attributable Revolving Loan Amount

	SBI Athena
	6-Feb-15
	$11,133,689.06 
	$0.00 

	SBI Echo
	6-Jul-15
	$0.00 
	$11,601,513.24 

	SBI Conga
	9-Oct-15
	$13,591,405.53 
	$0.00 

	SBI Bolero
	27-Oct-15
	$13,591,405.53 
	$0.00 

	SBI Thalia
	28-Oct-15
	$11,828,993.89 
	$0.00 

	SBI Sousta
	24-Dec-15
	$12,807,285.98 
	$0.00 

	SBI Rock
	26-Jan-16
	$11,985,711.77 
	$0.00 

	SBI Reggae
	2-Feb-16
	$12,805,948.29 
	$0.00 

	SBI Zeus
	21-Apr-16
	$0.00 
	$11,050,000.00 

	SBI Hera
	25-May-16
	$0.00 
	$11,440,000.00 

	SBI Poseidon
	7-Sep-16
	$0.00 
	$11,440,000.00 

	SBI Apollo
	28-Sep-16
	$0.00 
	$11,440,000.00 

	SBI Zumba
	29-Sep-16
	$0.00 
	$11,440,000.00 

	Total :
	$87,744,440.05 
	$68,411,513.24 

Exhibit 4.54

SCHEDULE VIII

	
									
	Payment Date:
	SBI Athena
	SBI Conga
	SBI Bolero
	SBI Thalia
	SBI Sousta
	SBI Rock
	SBI Reggae
	Total Term Loan Repayment

	Scheduled Term Amortization Payment Amount

	31-Dec-16
	 
	 
	 
	 
	 
	 
	 
	 

	31-Mar-17
	 
	 
	 
	 
	 
	 
	 
	 

	30-Jun-17
	 
	 
	 
	 
	 
	 
	 
	 

	30-Sep-17
	 
	 
	 
	 
	 
	 
	 
	 

	31-Dec-17
	 
	 
	 
	 
	 
	 
	 
	 

	31-Mar-18
	 
	 
	 
	 
	 
	 
	 
	 

	30-Jun-18
	 
	 
	 
	 
	 
	 
	 
	 

	30-Sep-18
	 
	 
	 
	 
	 
	 
	 
	 

	31-Dec-18
	 
	 
	 
	 
	 
	 
	 
	 

	31-Mar-19
	 
	 
	 
	 
	 
	 
	 
	 

	30-Jun-19
	 
	 
	 
	 
	 
	 
	 
	 

	30-Sep-19
	 
	 
	 
	 
	 
	 
	 
	 

	31-Dec-19
	 
	 
	 
	 
	 
	 
	 
	 

	31-Mar-20
	$228,650.01
	$261,373.18
	$261,373.18
	$227,480.66
	 
	 
	 
	$978,877.03

	30-Jun-20
	$228,650.01
	$261,373.18
	$261,373.18
	$227,480.66
	 
	 
	 
	$978,877.03

	30-Sep-20
	$228,650.01
	$261,373.18
	$261,373.18
	$227,480.66
	$261,373.18
	 
	 
	$1,240,250.21

Exhibit 4.54

SCHEDULE VIII

	
								
	Payment Date:
	SBI Echo
	SBI Zeus
	SBI Hera
	SBI Poseidon
	SBI Apollo
	SBI Zumba
	Total Scheduled Revolving Commitment Reduction Amounts

	Scheduled Revolving Commitment Reduction Amounts

	31-Dec-16
	 
	 
	 
	 
	 
	 
	 

	31-Mar-17
	 
	 
	 
	 
	 
	 
	 

	30-Jun-17
	 
	 
	 
	 
	 
	 
	 

	30-Sep-17
	 
	 
	 
	 
	 
	 
	 

	31-Dec-17
	 
	 
	 
	 
	 
	 
	 

	31-Mar-18
	 
	 
	 
	 
	 
	 
	 

	30-Jun-18
	 
	 
	 
	 
	 
	 
	 

	30-Sep-18
	 
	 
	 
	 
	 
	 
	 

	31-Dec-18
	 
	 
	 
	 
	 
	 
	 

	31-Mar-19
	 
	 
	 
	 
	 
	 
	 

	30-Jun-19
	 
	 
	 
	 
	 
	 
	 

	30-Sep-19
	 
	 
	 
	 
	 
	 
	 

	31-Dec-19
	 
	 
	 
	 
	 
	 
	 

	31-Mar-20
	$227,480.66
	 
	 
	 
	 
	 
	$227,480.66

	30-Jun-20
	$227,480.66
	 
	 
	 
	 
	 
	$227,480.66

	30-Sep-20
	$227,480.66
	$212,500.00
	$220,000.00
	 
	 
	 
	$659,980.66

	30-Dec-20
	$10,919,071.26 
	$10,837,500.00
	$11,220,000.00
	$11,440,000.00
	$11,440,000.00
	$11,440,000.00
	$67,296,571.26

Exhibit 4.54

SCHEDULE VIII

	
									
	Payment Date:
	SBI Athena
	SBI Conga
	SBI Bolero
	SBI Thalia
	SBI Sousta
	SBI Rock
	SBI Reggae
	Deferred Amortization Amount

	Deferred Amortization Amount - Term Loan Vessels

	31-Dec-16
	 
	 
	 
	 
	 
	 
	 
	 

	31-Mar-17
	$228,650.01
	$261,373.18
	$261,373.18
	$227,480.66
	 
	 
	 
	$978,877.03

	30-Jun-17
	$228,650.01
	$261,373.18
	$261,373.18
	$227,480.66
	 
	 
	 
	$978,877.03

	30-Sep-17
	$228,650.01
	$261,373.18
	$261,373.18
	$227,480.66
	 
	 
	 
	$978,877.03

	31-Dec-17
	$228,650.01
	$261,373.18
	$261,373.18
	$227,480.66
	 
	 
	 
	$978,877.03

	31-Mar-18
	 
	 
	 
	 
	$261,373.18
	 
	 
	$261,373.18

	30-Jun-18
	 
	 
	 
	 
	$261,373.18
	$245,374.65
	$261,564.28
	$768,312.11

	30-Sep-18
	 
	 
	 
	 
	$261,373.18
	$245,374.65
	$261,564.28
	$768,312.11

	31-Dec-18
	 
	 
	 
	 
	$261,373.18
	$245,374.65
	$261,564.28
	$768,312.11

	31-Mar-19
	$228,650.01
	$261,373.18
	$261,373.18
	$227,480.66
	 
	$245,374.65
	$261,564.28
	$1,485,815.96

	30-Jun-19
	$228,650.01
	$261,373.18
	$261,373.18
	$227,480.66
	 
	 
	 
	$978,877.03

	30-Sep-19
	$228,650.01
	$261,373.18
	$261,373.18
	$227,480.66
	 
	 
	 
	$978,877.03

	31-Dec-19
	$228,650.01
	$261,373.18
	$261,373.18
	$227,480.66
	$261,373.18
	 
	 
	$1,240,250.21

	31-Mar-20
	 
	 
	 
	 
	$261,373.18
	$245,374.65
	$261,564.28
	$768,312.11

	30-Jun-20
	 
	 
	 
	 
	$261,373.18
	$245,374.65
	$261,564.28
	$768,312.11

	30-Sep-20
	 
	 
	 
	 
	 
	$245,374.65
	$261,564.28
	$506,938.93

Exhibit 4.54

SCHEDULE VIII

	
								
	Payment Date:
	SBI Echo
	SBI Zeus
	SBI Hera
	SBI Poseidon
	SBI Apollo
	SBI Zumba
	Deferred Amortization Amount

	Deferred Amortization Amount - Revolving Loan Vessels

	31-Dec-16
	 
	 
	 
	 
	 
	 
	 

	31-Mar-17
	$227,480.66
	 
	 
	 
	 
	 
	$227,480.66

	30-Jun-17
	$227,480.66
	 
	 
	 
	 
	 
	$227,480.66

	30-Sep-17
	$227,480.66
	$212,500.00
	$220,000.00
	 
	 
	 
	$659,980.66

	31-Dec-17
	$227,480.66
	$212,500.00
	$220,000.00
	$220,000.00
	$220,000.00
	$220,000.00
	$1,319,980.66

	31-Mar-18
	 
	$212,500.00
	$220,000.00
	$220,000.00
	$220,000.00
	$220,000.00
	$1,092,500.00

	30-Jun-18
	 
	$212,500.00
	$220,000.00
	$220,000.00
	$220,000.00
	$220,000.00
	$1,092,500.00

	30-Sep-18
	 
	 
	 
	$220,000.00
	$220,000.00
	$220,000.00
	$660,000.00

	31-Dec-18
	 
	 
	 
	 
	 
	 
	$0.00

	31-Mar-19
	$227,480.66
	 
	 
	 
	 
	 
	$227,480.66

	30-Jun-19
	$227,480.66
	 
	 
	 
	 
	 
	$227,480.66

	30-Sep-19
	$227,480.66
	$212,500.00
	$220,000.00
	 
	 
	 
	$659,980.66

	31-Dec-19
	$227,480.66
	$212,500.00
	$220,000.00
	$220,000.00
	$220,000.00
	$220,000.00
	$1,319,980.66

	31-Mar-20
	 
	$212,500.00
	$220,000.00
	$220,000.00
	$220,000.00
	$220,000.00
	$1,092500.00

	30-Jun-20
	 
	$212,500.00
	$220,000.00
	$220,000.00
	$220,000.00
	$220,000.00
	$1,092,500.00

	30-Sep-20
	 
	 
	 
	$220,000.00
	$220,000.00
	$220,000.00
	$660,000.00

	30-Dec-20

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00267-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00267-of-00352.parquet"}]]