Scorpio Tankers Takes Delivery of Three Product Tankers

Friday, June 11, 2010

Scorpio Tankers Inc. (NYSE: STNG) announced that it took delivery of three product tankers that the company previously agreed to acquire. Two of the tankers are LR1 ice class-1A sister ships, STI Harmony (73,919 dwt) and STI Heritage (73,919 dwt). The third vessel delivered is a Handymax ice class-1B ship, STI Conqueror (40,158 dwt).

STI Harmony and STI Heritage have existing time charter contracts of $25,500 per day, per ship, plus 50% profit sharing over the base rate. The time charters expire in October 2010 (plus or minus 30 days) for STI Harmony and in January 2011 (plus or minus 30 days) for STI Heritage. The time charters, which were signed in 2007, are with a related party of Scorpio Tankers. STI Conqueror will be deployed in the Scorpio Handymax Tanker Pool, which includes a total fleet of 30 vessels.

STI Harmony and STI Heritage were built in 2007 and 2008, respectively, at the Onomichi Dockyard in Japan and were acquired for an aggregate purchase price of $92m, which includes an estimated $2.5m for the time charter contracts. STI Conqueror was built in 2005 at the Shina Shipbuilding Co. Ltd. in South Korea and acquired for $26m. The three vessels were acquired with the proceeds from the initial public offering, which closed on April 6, 2010, and $19m from the company's $150m credit facility.
 

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