Scorpio Tankers Continue Spending Spree

Press Release
Friday, May 31, 2013
Scorpio Tankship: Photo courtesy of Scorpio Tankers

Scorpio Tankers Inc. announces 16 newbuilding agreements and US$ 525-million in commitments to its 2013 Credit Facility.

The company has reached agreements with five shipyards in Korea to construct 16 newbuilding vessels consisting of eight LR2, four MR, and four Handymax ice class-1A product tankers. In addition, the Company announced that syndication of the Company's previously announced $267 million Credit Facility has been heavily over-subscribed resulting in an increase of the overall commitments received from new and existing financial institutions to US$ 525-million.

Emanuele Lauro, chief executive officer and chairman of the board, commented, "These 16 orders for fuel efficient vessels, and, as significantly, the over-subscription of our 2013 credit facility, have solidified our unique position in front of an improving cycle in product tankers. We are pleased that our shareholders and lenders alike are showing their support of our strategy."

Details of the 16 tankships on order are as follows:

LR2 Newbuildings
The Company reached agreements to construct eight, 114,000 dwt, LR2 product tankers for approximately $52.0 million each, consisting of four at Samsung Heavy Industries Co., Ltd. ("SHI"), two at Hyundai Samho Heavy Industries Co., Ltd. ("HSHI"), and two at Daewoo Shipbuilding and Marine Engineering Co., Ltd. ("DSME"). These vessels are scheduled to be delivered in the first and second quarters of 2015.

MR Newbuildings
The Company reached an agreement with SPP Shipbuilding Co., Ltd. of South Korea ("SPP") to construct four 52,000 dwt MR product tankers for approximately $32.5 million each. These vessels are scheduled to be delivered in the first and second quarters of 2015.

Handymax Ice Class-1A Newbuildings
The Company reached an agreement with Hyundai Mipo Dockyard Co., Ltd. of South Korea ("HMD") to construct four Handymax ice class-1A (37,000 dwt) product tankers for approximately $31.6 million each. These vessels are scheduled to be delivered in the third quarter of 2014.


 


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