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Monaco - Mar 14, 2014 Scorpio Tankers Inc. (NYSE: STNG) ("Scorpio Tankers," or the "Company") today announced that it has entered into an agreement whereby the Company will sell its seven Very Large Crude Carriers ("VLCCs") under construction for cash and record a gain of approximately $50 million. This transaction is subject to the execution of definitive agreements and satisfaction of customary closing conditions and is expected to close by the end March 2014. Subsequent to this transaction, the Company has 56 newbuilding product tanker orders with HMD, SPP, HSHI and DSME (30 MRs, 14 Handymaxes and 12 LR2s). The estimated future payment dates and amounts are as follows*: Q1 2014 223.4 million** Q2 2014 334.7 million Q3 2014 422.0 million Q4 2014 292.1 million Q1 2015 167.5 million Q2 2015 168.2 million Total $1,607.9 million * These are estimates only and are subject to change as construction progresses. ** $148.2 million has been paid prior to the date of this press release. About Scorpio Tankers Inc. Scorpio Tankers Inc. is a provider of marine transportation of petroleum products worldwide. Scorpio Tankers Inc. currently owns 21 tankers (one LR2 tanker, four LR1 tankers, one Handymax tanker, 14 MR tankers, and one post-Panamax tanker) with an average age of 4.0 years, time charters-in 31 product tankers (ten LR2, five LR1, seven MR and nine Handymax tankers), and has contracted for 56 newbuilding product tankers (30 MR, 12 LR2, and 14 Handymax ice class-1A product tankers), 43 are expected to be delivered to the Company throughout 2014 and 13 in 2015. The Company also owns approximately 26% of Dorian LPG Ltd. Additional information about the Company is available at the Company's website www.scorpiotankers.com, which is not a part of this press release. Scorpio Tankers Inc. press release |
