Scorpio Orders Four New Tankships

Scorpio Tankers contracts with Korea's SPP Shipbuilding for the construction of 4 MR product tankers.

The cost of each tankship is about US$32.5-million.

These vessels will be delivered in the third and fourth quarters of 2014 and are a continuation of the Company's existing newbuilding program for fuel-efficient vessels. In conjunction with these contracts, the Company received extensions on several previously agreed options and received four new fixed price options for similar vessels which would be delivered in 2015.

The Company currently has a total of 16 MR product tanker newbuilding orders with Hyundai Mipo Dockyard Co. Lt. of South Korea and SPP. Two are expected to be delivered to the Company by April 2013 and the remaining 14 within 2014. The Company also has fixed-price options to construct a total of 14 additional newbuilding product tankers at these yards.

Scorpio Tankers Inc. is a provider of marine transportation of petroleum products worldwide. They currently own one LR2 tanker, four LR1 tankers, one Handymax tanker, six MR tankers, and one post-Panamax tanker with an average age of 4.6 years, time charters-in 20 vessels (three LR2, three LR1, nine MR and five Handymax tankers).