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Monaco - June 12, 2014 Scorpio Tankers Inc. (NYSE: STNG) ("Scorpio Tankers," or the "Company") today announced earnings guidance for the three months ended June 30, 2014 and updated the status of its common share acquisitions. The Company expects a second quarter 2014 loss per share to be within a range of $0.00 to $0.04 per share. This estimate includes (i) a gain of $11.1 million, or $0.06 per share, for the previously announced acquisition of the Company's 7,500,000 common shares in exchange for 3,422,665 shares of Dorian LPG Ltd ("Dorian"), and (ii) a write-off of $0.3 million, or $0.00 per share, for deferred financing fees relating to the repayment of the STI Spirit Credit Facility in April 2014. Excluding these items, the Company expects a second quarter loss per share to be within a range of $0.06 to $0.10 per share. Neither of the two estimates includes an estimate for the Company's share of profit or loss (equity in earnings or loss) from Dorian's operating activities for the three months ended June 30, 2014. Common Share Acquisitions During the second quarter of 2014, the Company has acquired 11,493,432 of its common shares that are being held as treasury shares, which includes (i) 3,993,432 common shares that were purchased in the open market under the Stock Buyback Program announced on April 28, 2014 at an average price of $8.87 per share, and (ii) 7,500,000 common shares that were acquired in exchange for 3,422,665 shares in Dorian. The Company has $75.3 million remaining on its $100.0 million Stock Buyback Program. The Company has 189,667,115 shares outstanding as of June 12, 2014. About Scorpio Tankers Inc. Scorpio Tankers Inc. is a provider of marine transportation of petroleum products worldwide. Scorpio Tankers Inc. currently owns 24 tankers (two LR1 tankers, two Handymax tankers, 19 MR tankers, and one post-Panamax tanker) with an average age of 2.5 years, time charters-in 26 product tankers (eight LR2, six LR1, four MR and eight Handymax tankers), and has contracted for 50 newbuilding product tankers (25 MR, 12 LR2, and 13 Handymax ice class-1A product tankers), 36 are expected to be delivered to the Company throughout 2014 and 14 in 2015. The Company also owns approximately 16% 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 |
