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Newbuilding Credit Facility News

29 Apr 2014

Scorpio Tankers Increase Q1 2014 Dividend

Scorpio Tankers Inc. has reported its results for the 3 months ended March 31, 2014 including the announcement of a US$100-Million stock buyback program and a quarterly dividend for shareholders. Closed on the previously announced sales agreement of seven VLCCs under construction for a gain of $51.4 million. Took delivery of three MR tankers under the Company's Newbuilding Program, STI Texas City, in March 2014, and STI Opera and STI Duchessa, in January 2014. Converted the Newbuilding Credit Facility from a term loan into a reducing revolving credit facility giving the Company the ability to draw down and repay the available commitments under the facility when needed.

21 Aug 2012

Scorpio Tankers Sell One Accept New One

Scorpio Tankers Inc. announce sale of the 'STI Diamond', accept delivery of newbuild 'STI Topaz'. The Company completed the sale of the 'STI Diamond' and sale of a second vessel, the STI Coral, is expected to be completed in September 2012. Scorpio took delivery of the STI Topaz, the second of ten vessels scheduled for delivery under its newbuilding program. Upon delivery, the vessel began a time charter for up to 120 days at $16,200 per day plus an adjustment based on the fuel consumption. The vessel was partially financed by drawing down $23.0 million on its Newbuilding Credit Facility with Credit Agricole Corporate and Investment Bank and Skandinaviska Enskilda Banken AB. Scorpio Tankers Inc. is a provider of marine transportation of petroleum products worldwide.

30 Sep 2011

Scorpio Tankers Announces Financing for Four Ships

Scorpio Tankers Inc. signed a committed term sheet for a $92m credit facility with Credit Agricole Corporate and Investment Bank and Skandinaviska Enskilda Banken AB to partially finance four of the five newbuilding 52,000 DWT product tankers (MRs) that the Company has contracted to be built at the Hyundai Mipo Dockyard in South Korea. The Company also announced amendments to the financial covenants in its existing credit facilities. Emanuele Lauro, CEO of Scorpio Tankers, commented, "We are pleased to have two additional strong international commercial banks as part of our banking group. We are looking forward to working with CA-CIB and SEB, and the rest of our banking group.