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

People & Company News

WSC CEO Koch to Retire in 2015

Chris Koch, current president and CEO of the World Shipping Council (WSC), will retire from his position on July 31, 2015, and WSC Senior Vice-President and General Counsel,

Cecon Secures Finances to Complete Newbuild

Cecon ASA has petitioned for a debt restructuring agreement (in Norwegian: gjeldsforhandling). Certain funds managed by York Capital Management Global Advisors,

HII Board of Directors Elects Two VPs

Huntington Ingalls Industries’ (HII) board of directors has elected Kellye Walker to serve as corporate vice president and general counsel and Charles R. “Chuck” Monroe Jr.

Shipbuilding

Cecon Secures Finances to Complete Newbuild

Cecon ASA has petitioned for a debt restructuring agreement (in Norwegian: gjeldsforhandling). Certain funds managed by York Capital Management Global Advisors,

NMEA Updates Installation Standards

2014 edition of NMEA 0400, Version 4.00 features extensive updates and new information   The National Marine Electronics Association (NMEA) has published Edition 2014, Version 4.

HII Board of Directors Elects Two VPs

Huntington Ingalls Industries’ (HII) board of directors has elected Kellye Walker to serve as corporate vice president and general counsel and Charles R. “Chuck” Monroe Jr.

Tanker Trends

NASSCO Cuts Steel on APT "ECO Tanker"

General Dynamics NASSCO started construction of another ship in its commercial shipbuilding backlog, starting construction of a second “ECO” tanker to be built

Oil Prices Retreat from Short-covering Rebound

Global crude prices fell more than $1 a barrel on Thursday, retreating from a short-covering charged rally as traders bet the market had not shaken off a six-month long rout on oversupply concerns.

INTERTANKO Launches ECA Bunker Surcharge Clauses

INTERTANKO’s documentary committee has launched bunker surcharge clauses for Emission Control Areas (ECA).   Rising bunker prices due to rising oil prices and

Finance

Cecon Secures Finances to Complete Newbuild

Cecon ASA has petitioned for a debt restructuring agreement (in Norwegian: gjeldsforhandling). Certain funds managed by York Capital Management Global Advisors,

Libyan State Oil Firm NOC Will Remain Independent

Libya's Tripoli-based state firm National Oil Corp (NOC) will remain independent, it said on Thursday, in an apparent attempt to reassure foreign oil buyers it will stay out of the country's conflict.

Oil Prices Retreat from Short-covering Rebound

Global crude prices fell more than $1 a barrel on Thursday, retreating from a short-covering charged rally as traders bet the market had not shaken off a six-month long rout on oversupply concerns.

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Naval Architecture Navigation Pipelines Salvage Ship Electronics Ship Repair Shipbuilding / Vessel Construction
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: 0.1580 sec (6 req/sec)