|
• Krisjanis Valdemars, a 2007 built Handymax ice-class 1B product tanker (37,266 DWT), will be chartered-in for 10 months at $12,000 per day. The agreement also includes a profit and loss sharing provision whereby 50% of all profits and losses (the difference between the vessel's pool earnings and the charter hire expense) will be shared with the owner of the vessel. The vessel is expected to be delivered in February 2011. • Kraslava, a 2007 built Handymax ice-class 1B product tanker (37,258 DWT), will be chartered-in for one year at $12,070 per day. The vessel is expected to be delivered in February 2011. • Histria Azure, a 2007 built Handymax product tanker (40,394 DWT), will be chartered-in for one year at $12,250 per day. The vessel is expected to be delivered in February 2011. The agreement includes an option for Scorpio Tankers to extend for an additional year at $13,750 per day or $12,250 per day with a 50% profit sharing agreement. The BW Zambesi will participate in the Scorpio Panamax Tanker Pool. The Krisjanis Valdemars, Kraslava and Histria Azure will participate in the Scorpio Handymax Tanker Pool. The Scorpio Panamax Tanker Pool and Scorpio Handymax Tanker Pool are owned and operated by a related party. Emanuele Lauro, the CEO of Scorpio Tankers, commented, "Our strong balance sheet and liquidity position give us the ability to add these attractive time charters. Although our markets are still recovering from a period of severe weakness, we are presently experiencing improved rates in our key trading routes." Mr. Lauro continued, "The charters, and particularly the options to extend two of the contracts, provide us an attractive position in a recovering product tanker market. These agreements also broaden our platform for growth and demonstrate our continued commitment of identifying and executing on opportunities in the market." About Scorpio Tankers Inc. Scorpio Tankers Inc. is a provider of marine transportation of petroleum products worldwide. Scorpio Tankers Inc. currently owns one LR2 tanker, four LR1 tankers, four Handymax tankers, and one post-Panamax tanker with an average age of 5.3 years. Additional information about the Company is available at the Company's website www.scorpiotankers.com. Scorpio Tankers Inc. press release |
