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Sunday, October 23, 2016

Scorpio Tankers' Latest Sale & Purchase Deals

April 16, 2014

Scorpio tanker: Photo courtesy of the owners

Scorpio tanker: Photo courtesy of the owners

Scorpio Tankers says it recorded a gain of US$51-million from the sale of the 7 VLCC newbuilding contracts announced earlier.

In March 2014, the Company received the proceeds from the sale of the seven VLCC newbuilding contracts and recorded a gain of $51 million in the first quarter of 2014.

In addition Scorpio says it:

  • took delivery of STI Texas City,
  • finalized the previously announced sale agreements of Noemi and Senatore
  • reported that the sale agreement of STI Spirit is expected to be finalized before the end of April 2014.

At the end of March 2014, the Company informs that it took delivery of STI Texas City, an MR product tanker newbuilding from SPP Shipbuilding Co., Ltd. of South Korea, which began a two-year time charter at a current market level plus a profit sharing component upon delivery.

The loss related to the sales of Noemi and Senatore, 2004 built LR1 product tankers, was recorded in the fourth quarter of 2013.

The loss related to the sale for STI Spirit, 2008 built LR2 product tanker, was also recorded in the fourth quarter of 2013.

About Scorpio Tankers Inc. (SBNA)
The Company is a provider of marine transportation of petroleum products worldwide. It currently owns 20 tankers (one LR2 tanker, two LR1 tankers, one Handymax tanker, 15 MR tankers, and one post-Panamax tanker) with an average age of 3.1 years, time charters-in 28 product tankers (eight LR2, five LR1, seven MR and eight Handymax tankers), and has contracted for 55 newbuilding product tankers (29 MR, 12 LR2, and 14 Handymax ice class-1A product tankers), 42 are expected to be delivered to the Company throughout 2014 and 13 in 2015.

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