Document:

Exhibit

Exhibit 4.55

SCORPIO BULKERS INC.

May 8, 2015

Nordea Bank Finland Plc, New York Branch, as Agent
437 Madison Avenue, 21st Floor
New York, NY 10022

Re:  Credit Agreement providing for a Term Loan Facility and a Revolving Loan Facility of up to US$408,976,447

Ladies and Gentlemen:

We refer to that certain credit agreement (as amended, amended and restated, supplemented or modified from time to time, including by that certain first amendment dated March 6, 2015, the “Credit Agreement”) dated as of December 30, 2014, by and among, inter alios, (i) Scorpio Bulkers Inc., a corporation incorporated under the laws of the Republic of the Marshall Islands, as borrower (the “Borrower”), (ii) the lenders party thereto, and (iii) Nordea Bank Finland Plc, New York Branch, as administrative agent (in such capacity, the “Agent”) and as collateral agent.  Terms used herein shall have the meaning set forth in the Credit Agreement unless otherwise defined.

Pursuant to Section 3.02 of the Credit Agreement, the Borrower may cancel any part of the Term Loan Commitments and/or the Available Revolving Loan Commitments available to it without premium or penalty.  Section 3.02(a) specifies that any partial cancellation shall be in integral multiples of $1,000,000 and that the Agent receive at least three Business Days’ prior notice.
    
Pursuant to Section 1.01 (Revolving Loan Vessel) of the Credit Agreement, the Borrower may substitute a Revolving Loan Vessel prior to the initial Vessel Acquisition Borrowing Date upon 10 Business Days’ written notice to the Agent.  Section 2.01(c) specifies that the principal amount of the Loan made on the Vessel Acquisition Borrowing Date in respect of such Substitution Vessel shall not exceed the lesser of 55% of its Appraised Value or the applicable maximum loan amount set forth in Schedule VI of the Credit Agreement opposite the vessel being substituted.  

The Borrower hereby requests that Sixty Million Dollars ($60,000,000) of the Term Loan Commitments be cancelled, effective May 13, 2015.  The Borrower is cancelling the part of the Term Loan Commitments corresponding to the following two vessels:

Name                                Hull
SBI CHURCHILL           1059
SBI PERFECTO              1060

The Borrower hereby further requests that Thirteen Million Dollars ($13,000,000) of the Available Revolving Loan Commitments be cancelled, effective May 13, 2015.  The Borrower will be cancelling part of the Available Revolving Loan Commitments relating to the vessel “SBI PRESIDENTE” with Hull Number 1061.  The Borrower requests that the vessel “SBI PRESIDENTE” be substituted with the following Substitution Vessel, effective May 22, 2015:

Exhibit 4.55

	
							
	Name
	Owner
	Vessel Type
	DWT
	Flag
	Yard
	Expected Delivery

	SBI ECHO        
	SBI Echo Shipping Company Limited
	Ultramax
	61,000     
	Marshall Islands
	Imabari Shipbuilding Co. Ltd
	July 1, 2015

    
By its execution of this letter agreement, The Borrower hereby certifies that the vessel “SBI ECHO” meets the requirements of a Substitution Vessel under the Credit Agreement.
    
By its execution of this letter agreement, the Agent hereby agrees to cancel $60,000,000 of the Term Loan Commitments and to cancel $13,000,000 of the Available Revolving Loan Commitments. The Agent further consents to the substitution of the vessel “SBI PRESIDENTE” with the vessel “SBI ECHO” pursuant to the terms of the Credit Agreement and to the updating of Schedule VI thereto with the revised schedule attached hereto as Exhibit A.  

By its execution of this letter agreement, the Borrower hereby represents and warrants that, as of the date hereof, no Event of Default or event which, with the passage of time, giving of notice or both would become an Event of Default, has occurred or is continuing.  The Borrower hereby reaffirms, as of the date hereof, each and every representation and warranty made thereby in the Credit Agreement, except for representations and warranties, if any, given as of a specified date.

By its execution of this letter agreement, the Borrower agrees that all other terms and conditions of the Credit Agreement shall remain in full force and effect and the Credit Agreement shall be read and construed as if the terms of this letter agreement were included therein by way of addition or substitution, as the case may be.  In addition, all rights and obligations of the parties to the Credit Agreement shall remain in full force and effect.

This letter agreement may be executed in any number of counterparts, each of which shall be an original and all of which, when taken together, shall constitute one agreement.  Delivery of an executed counterpart of a signature page of this letter agreement by facsimile or electronic transmission shall be as effective as delivery of a manually executed counterpart hereof.

This letter agreement shall be governed by, and construed in accordance with, the laws of the State of New York, without regard to choice-of-law principles.

Exhibit 4.55

Kindly indicate your acceptance and agreement with the foregoing by executing this letter agreement in the space indicated below.

Very truly yours,

SCORPIO BULKERS INC.,
                            
as Borrower

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

                            
 

 

Exhibit 4.55

CONSENTED TO AND AGREED as of May _8__, 2015.

NORDEA BANK FINLAND PLC, NEW YORK BRANCH,
as Agent

/s/ Henning Lyche Christiansen
By:___________________________________
Name: Henning Lyche Christiansen
Title:   First Vice President

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

Exhibit 4.55

EXHIBIT A
VESSEL SCHEDULE

Exhibit 4.55

SCHEDULE VI

A. Term Loan Vessels

	
									
	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
	$14,987,500

	SBI Conga
	SBI Conga Shipping Company Limited
	Kamsarmax
	Marshall Islands
	82,000
	H1722A
	Q2 2015
	$31,310,000
	$17,220,500

	SBI Behike
	SBI Behike Shipping Company Limited
	Capesize
	Marshall Islands
	180,000
	HN1058
	Q4 2015
	$61,400,000
	$33,770,000

	SBI Bolero
	SBI Bolero Shipping Company Limited
	Kamsarmax
	Marshall Islands
	82,000
	H1723A
	Q3 2015
	$31,310,000
	$33,770,000

	SBI Monterrey
	SBI Monterrey Shipping Company Limited
	Capesize
	Marshall Islands
	180,000
	HN1059
	Q1 2016
	$61,400,000
	$17,220,500

	SBI Sousta
	SBI Sousta Shipping Company Limited
	Kamsarmax
	Marshall Islands
	82,000
	H1724A
	Q3 2015
	$31,310,000
	$17,220,500

	SBI Rock
	SBI Rock Shipping Company Limited
	Kamsarmax
	Marshall Islands
	82,000
	1092
	Q4 2015
	$29,313,000
	$16,122,150

	SBI Thalia
	SBI Thalia Shipping Company Limited
	Ultramax
	Marshall Islands
	64,000
	CX0612
	Q4 2015
	$27,250,000
	$14,987,500

	SBI Twist
	SBI Twist Shipping Company Limited
	Kamsarmax
	Marshall Islands
	82,000
	1093
	Q1 2016
	$29,313,000
	$16,122,150

	SBI Reggae
	SBI Reggae Shipping Company Limited
	Kamsarmax
	Marshall Islands
	82,000
	H1725A
	Q4 2015
	$31,310,000
	$17,220,500

	SBI Parapara
	SBI Parapara Shipping Company Limited
	Kamsarmax
	Marshall Islands
	82,000
	H1735A
	Q1 2016
	$31,310,000
	$17,220,500

1 The 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 4.55

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
	$17,124,523

	SBI Zumba
	SBI Zumba Shipping Company Limited
	Kamsarmax
	Marshall Islands
	82,000
	H1726A
	Q1 2016
	$31,310,000
	$17,220,500

	SBI Mazurka
	SBI Mazurka Shipping Company Limited
	Kamsarmax
	Marshall Islands
	82,000
	H1736A
	Q2 2016
	$31,310,000
	$17,220,500

	SBI Hera
	SBI Hera Shipping Company Limited
	Ultramax
	Marshall Islands
	60,200
	1907
	Q2 2016
	$31,045,490
	$17,075,020

	SBI Zeus
	SBI Zeus Shipping Company Limited
	Ultramax
	Marshall Islands
	60,200
	1906
	Q2 2016
	$31,045,490
	$17,075,020

	SBI Poseidon
	SBI Poseidon Shipping Company Limited
	Ultramax
	Marshall Islands
	60,200
	1911
	Q3 2016
	$31,045,490
	$17,075,020

	SBI Apollo
	SBI Apollo Shipping Company Limited
	Ultramax
	Marshall Islands
	60,200
	1912
	Q3 2016
	$31,045,490
	$17,075,020Exhibit

Exhibit  4.56

SCORPIO BULKERS INC.

January 8, 2016

Nordea Bank Finland Plc, New York Branch, as Agent and Lender
1211 Avenue of the Americas, 23rd Floor
New York, New York 10036
Attn: Shipping, Offshore and Oil Services
Facsimile: +1 212-421-4420

Skandinaviska Enskilda Banken AB (publ), as Lender
Kungsträdgårdsgatan 8
SE-106 40 Stockholm
Sweden
Attn: Johan Lindstrom
Facsimile: +46 8 678 02 06

Re:  Credit Agreement providing for a Term Loan Facility and a Revolving Loan Facility of originally up to US$408,976,447

Ladies and Gentlemen:

We refer to that certain credit agreement (as amended, amended and restated, supplemented or modified from time to time, including by that certain first amendment dated March 6, 2015, that certain second amendment dated October 21, 2015 and that certain third amendment dated December 14, 2015, the “Credit Agreement”) dated as of December 30, 2014, by and among, inter alios, (i) Scorpio Bulkers Inc., a corporation incorporated under the laws of the Republic of the Marshall Islands, as borrower (the “Borrower”), (ii) the lenders party thereto, and (iii) Nordea Bank Finland Plc, New York Branch, as administrative agent (in such capacity, the “Agent”) and as collateral agent.  Terms used herein shall have the meaning set forth in the Credit Agreement unless otherwise defined.

Pursuant to Section 3.02 of the Credit Agreement, the Borrower may cancel any part of the Term Loan Commitments available to it without premium or penalty.  Section 3.02(a) specifies that the Agent receive at least three Business Days’ prior notice of such cancellation.
    
The Borrower hereby requests that Sixty Three Million Thirty Seven Thousand Three Hundred Thirty Three Dollars and Thirty Four Cents ($63,037,333.34) of the Term Loan Commitments be cancelled, effective January 13, 2016.  The Borrower is cancelling the part of the Term Loan Commitments corresponding to the following two vessels:

SK 28055 0005 6982916 v2 

Exhibit  4.56

               Name                      Hull                  Cancellation Amount
               SBI BEHIKE                 HN1058          $31,518,666.67
               SBI MONTERREY       HN1059          $31,518,666.67

By its execution of this letter agreement, the Required Lenders hereby agree to cancel $63,037,333.34 of the Term Loan Commitments. 

By its execution of this letter agreement, the Borrower hereby represents and warrants that, as of the date hereof, no Event of Default or event which, with the passage of time, giving of notice or both would become an Event of Default, has occurred or is continuing.  The Borrower hereby reaffirms, as of the date hereof, each and every representation and warranty made thereby in the Credit Agreement, except for representations and warranties, if any, given as of a specified date.

By its execution of this letter agreement, the Borrower agrees that all other terms and conditions of the Credit Agreement shall remain in full force and effect and the Credit Agreement shall be read and construed as if the terms of this letter agreement were included therein by way of addition or substitution, as the case may be.  In addition, all rights and obligations of the parties to the Credit Agreement shall remain in full force and effect.

This letter agreement may be executed in any number of counterparts, each of which shall be an original and all of which, when taken together, shall constitute one agreement.  Delivery of an executed counterpart of a signature page of this letter agreement by facsimile or electronic transmission shall be as effective as delivery of a manually executed counterpart hereof.

This letter agreement shall be governed by, and construed in accordance with, the laws of the State of New York, without regard to choice-of-law principles.

SK 28055 0005 6982916 v2 

Exhibit  4.56

Kindly indicate your acceptance and agreement with the foregoing by executing this letter agreement in the space indicated below.

Very truly yours,

SCORPIO BULKERS INC.,
                            
as Borrower
                            
/s/ Hugh Baker
By:___________________________________
                  Name: Hugh Baker
                  Title:   Chief Financial Officer

                            
 

 

SK 28055 0005 6982916 v2 

Exhibit  4.56

CONSENTED TO AND AGREED as of January _8__, 2016.

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

By:___________________________________
Name: 
Title:   

By:___________________________________
Name: 
Title:   

SKANDINAVISKA ENSKILDA BANKEN AB (PUBL),
as Lender

By:___________________________________
Name: 
Title:   

By:___________________________________
Name: 
Title:   

SK 28055 0005 6982916 v2

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