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.


 

Maritime Reporter June 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Shipbuilding

Global Ocean Trade: Latest Shipbuilding Orders

No tankship orders noted the past week by Clarkson Hellas in their latest S&P Weekly Bulletin, but no lack of orders in the dry bulk carrier market, all from Far East shipbuilders.

Scorpio Tankers: Latest Financial & Ship Delivery News

Scorpio Tankers Inc. says it has updated its stock buyback program; lists its latest new vessel deliveries, and gives the release date of its second quarter 2014 earnings report.

Aker Philadelphia Shipyard ASA : Purchase of own shares

Aker Philadelphia Shipyard ASA (the "Company") (Oslo: AKPS) has on 21 July 2014 purchased 2,155 shares in the Company on Oslo Axess at an average price of NOK 160.

Tanker Trends

Scorpio Tankers: Latest Financial & Ship Delivery News

Scorpio Tankers Inc. says it has updated its stock buyback program; lists its latest new vessel deliveries, and gives the release date of its second quarter 2014 earnings report.

Suicide Attack Escalates Libya Violence, Oil Output Slips

Crude output slips for first time since port deal; fresh clashes in Tripoli and Benghazi. Brega oil port seen open in few days. A twin suicide bombing at a Libyan

Oil Products Flow to Primorsk Resumed

Russia resumed oil products shipments to Primorsk after a halt following "criminal tapping" of pipeline, a subsidiary of Russian oil pipeline monopoly Transneft said.

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Naval Architecture Navigation Port Authority Salvage Ship Electronics Ship Repair Sonar Winch
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1554 sec (6 req/sec)