Scorpio Tankers Announces Six Newbuilding Contracts

Scorpio Tankers Announces Six Newbuilding Contracts

Scorpio Tankers Inc. announced today six newbuilding contracts, three time charter-in agreements, financing update and an investor conference call scheduled for April 4, 2013 at 12:00 PM Eastern Daylight Time (the call-in details will be issued before the call).

Newbuilding vessels

The Company has reached an agreement with an unaffiliated third party for the purchase of four MR tankers currently under construction at Hyundai Mipo Dockyard Co. Ltd. of South Korea (“HMD”) for approximately $36.5 million each. These vessels are substantially identical to the Company’s STI Amber-Class vessels ordered at HMD and have estimated delivery dates between June and September 2013. The transaction will be completed by way of novation of the existing shipbuilding agreements and remains subject to final documentation.

In addition, the Company has exercised options with HMD for two Handymax ice class-1A vessels with estimated delivery dates in the third quarter of 2014. These are the exercise of options from the Company’s previous contracts with HMD and are for approximately $31.5 million each and come with fixed price options for additional vessels.

The Company now has a total of 39 newbuilding product tanker agreements, which include 23 MR, eight LR2, and eight Handymax ice class-1A vessels, at HMD, SPP Shipbuilding Co. Ltd., Hyundai Samho Heavy Industries Co. Ltd., and Daewoo Shipping and Marine Engineering Co. Ltd. Five of the newbuildings are expected to be delivered to the Company by September 2013 and the remaining 34 by the end of 2014. The Company also has fixed-price options to construct additional newbuilding product tankers at these yards.

Time charter-in agreements

The Company agreed to time charter-in the following vessels:

A 2003 built, 37,000 dwt, Handymax product tanker for 24 months at a rate of $12,600 per day. Delivery is expected by the middle of May 2013.

A 2006 built, 106,000 dwt, LR2 product tanker for 24 months at a rate of $15,400 per day. Delivery is expected near the end of July 2013.

A 2009 built, 115,000 dwt, LR2 product tanker for 12 months at a rate of $16,250 per day. Delivery is expected by the end of the second quarter 2013.

Financing Update

DVB Bank SE has agreed to join Nordea Bank Finland plc, acting through its New York branch, ABN AMRO Bank N.V, and Skandinaviska Enskilda Banken AB as underwriters of the Company’s previously announced $267 million credit facility (“2013 Credit Facility”) by signing the commitment letter.

Scorpio Tankers, April 5, 2013

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