Scorpio Tankers Arrange Funds for Newbuildings

MarineLink.com
Thursday, August 29, 2013
Scorpio Tankship: Photo courtesy of Scorpio Tankers

Scorpio Tankers (having placed orders for 60 newbuilding vessels) announce a loan facility, market underwriters' share purchase option, as well as two time charter-in agreements.

Scorpio Tankers Inc. has received:
(i) a Commitment Letter from a leading financial institution of $129 million
(ii) a Letter of Intent from The Export-Import Bank of Korea (KEXIM) of up to $300.6 million for a loan facility of up to $429.6 million that is being arranged by the financial institution.
The KEXIM Credit Facility would be used to finance up to 60% of the purchase price of newbuildings upon delivery.

Exercise of Underwriters' Over-Allotment Option
The Company also announced that the underwriters in its previously announced public offering of 20,000,000 common shares exercised their over-allotment option to purchase 3,000,000 additional common shares at the offering price of $9.50 per share, and have received net proceeds of about $209.6 million.

Time Charter-in Agreements
The Company has agreed to time charter-in two Handymax product tankers consisting of:
 •    A Handymax product tanker (37,412 dwt, 2007 built) for one year at approximately $12,500 per day. The Company also has the option to extend the charter for an additional year at $13,250 per day. This vessel is expected to be delivered prior to the middle of October 2013.
    •    A Handymax product tanker (37,455 dwt, 2007 built) for eighteen months at approximately $12,500 per day. The Company also has the option to extend the charter for an additional year at $13,500 per day. This vessel is expected to be delivered prior to the middle of October 2013.
 



 

Maritime Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter May 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Danish Maritime Days Themes Announced

Four themes at this year’s Danish Maritime Days will highlight some of the most important challenges and opportunities which the global maritime industry is facing, organizers said.

CMA CGM Proceeds with NOL Takeover after China Okay

CMA CGM, the world's third-largest container shipping firm, is to go ahead with its planned acquisition of Singapore's Neptune Orient Lines (NOL) after receiving regulatory clearance from China,

Singapore Exchange in Talks to buy Baltic Exchange

Baltic Exchange privately owned by 380 shareholders. The Singapore Exchange (SGX) is in exclusive talks to buy London's Baltic Exchange, which has been at the

Shipbuilding

STX Shipbuilding Likely to Enter Court-lead Restructuring

South Korean shipbuilder STX Offshore & Shipbuilding Co Ltd will likely need to enter court-supervised receivership due to financial difficulties, the firm's lead

Naviera Nabia Orders Newbuild from Gondan

Gondan Shipyard signed a new contract for the construction of a new vessel for Naviera Nabia, part of Acuña Group, from Bueu (Pontevedra-Spain). This new catamaran

ClassNK Updates Steel Ships Survey/Construction Guide

Classification society ClassNK has released printed versions of its 2016 Rules and Guidance for the Survey and Construction of Steel Ships.   ClassNK regularly

Tanker Trends

Statoil Says Sees European Gas Prices Bottoming Out

Norway's Statoil does not expect European gas prices to fall much further as rising demand from the power generation sector would offset an expected increase in liquefied natural gas (LNG) supply,

Nordic Shipholding Profits below Market Expectations

For the 3 months ended 31 March 2016, Nordic Shipholding A/S generated a profit after tax of USD 1.5 million, compared to USD 2.7 million in the same quarter last year.

Euroseas Faces Headwinds, Reports Loss

Euroseas Ltd. (NASDAQ: ESEA), an owner and operator of drybulk and container carrier vessels and provider of seaborne transportation for drybulk and containerized cargoes,

Finance

STX Shipbuilding Likely to Enter Court-lead Restructuring

South Korean shipbuilder STX Offshore & Shipbuilding Co Ltd will likely need to enter court-supervised receivership due to financial difficulties, the firm's lead

Statoil Says Sees European Gas Prices Bottoming Out

Norway's Statoil does not expect European gas prices to fall much further as rising demand from the power generation sector would offset an expected increase in liquefied natural gas (LNG) supply,

Baltic Index Down on Lower Demand for Larger Vessels

The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, fell on Wednesday hurt by sluggish demand for large vessel sizes.

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Maritime Standards Offshore Oil Pipelines Ship Repair Shipbuilding / Vessel Construction Sonar Winch
rss | archive | history | articles | privacy | 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: 0.1139 sec (9 req/sec)