France: Scorpio Signs Contract with Hyundai Mipo for Construction of Five Product Tankers

Scorpio Tankers  announced that it has signed contracts with Hyundai Mipo Dockyard Co. Ltd. of South Korea to construct five 52,000 DWT product tankers for approximately $37.4 million each. These vessels will be the first to be delivered from the Hyundai Group with new propulsion technology including the ‘B’ type ultra-long stroke electronically controlled main engine.

These enhancements are expected to reduce the vessels’ consumption of fuel by approximately 10% compared to existing designs. The vessels are scheduled to be delivered to the Company between August 2012 and November 2012.

Emanuele Lauro, the chief executive officer and chairman of the board commented, “These newbuilding contracts represent a milestone for Scorpio Tankers. We are delighted by the cooperation of Hyundai Mipo Dockyard to achieve a design that includes the latest technology available to reduce air emissions, improve fuel consumption, and raise the safety and commercial profile of the vessels.”

About Scorpio Tankers Inc.

Scorpio Tankers Inc. is a provider of marine transportation of petroleum products worldwide. Scorpio Tankers Inc. currently owns one LR2 tanker, four LR1 tankers, four Handymax tankers, two MR tankers, and one post-Panamax tanker with an average age of 5.4 years.

Source: scorpiotankers, June 7, 2011

Posted on June 7, 2011