Scorpio Tankers Sell One Accept New One

Press Release
Tuesday, August 21, 2012

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. They currently owns one LR2 tanker, four LR1 tankers, one Handymax tanker, three MR tankers, and one post-Panamax tanker with an average age of 5.1 years, time charters-in twelve vessels (one LR1, five Handymax and six MR tankers), and has contracted for eight newbuilding MR's, which are expected to be delivered to the Company between August 2012 and January 2014.

 

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