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Quarterly Dividend On November 10, 2014, the Scorpio Tankers' board of directors declared a quarterly cash dividend of $0.12 per share, payable on December 12, 2014 to all shareholders as of November 25, 2014 (the record date). As of November 10, 2014, there are 163,586,411 shares outstanding. LR2 Newbuildings The Company reached an agreement with an unrelated third party to purchase two LR2 product tankers currently under construction at Daewoo Shipbuilding and Marine Engineering Co., Ltd. ("DSME") for approximately $60.0 million each. These vessels are expected to be delivered in January 2015. Newbuilding Vessel Deliveries The Company recently took delivery of the following vessels: • STI Sloane, an LR2 product tanker, was delivered from Hyundai Samho Heavy Industries in November 2014. Upon delivery, this vessel began a voyage for 45 days at approximately $30,000 per day. • STI Broadway, an LR2 product tanker, was delivered from DSME in November 2014. Upon delivery, this vessel began a voyage for 45 days at approximately $30,000 per day. • STI Milwaukee, an MR product tanker, was delivered from Hyundai Mipo Dockyard of South Korea in November 2014. Upon delivery, this vessel began a time charter for up to 120 days at approximately $18,000 per day. Investment in Dorian The Company has exercised its rights under a shareholders agreement with Dorian (NYSE: LPG) dated November 26, 2013 to cause Dorian to register for re-sale under the Securities Act of 1933, as amended, all of the shares of Dorian that it owns. Scorpio Tankers currently owns approximately 9.4 million shares, or 16.3%, of Dorian. About Scorpio Tankers Inc. Scorpio Tankers Inc. is a provider of marine transportation of petroleum products worldwide. Scorpio Tankers Inc. currently owns 51 tankers (six LR2 tankers, two LR1 tankers, 10 Handymax tankers, 32 MR tankers, and one post-Panamax tanker) with an average age of 1.4 years, time charters-in 24 product tankers (eight LR2, five LR1, four MR and seven Handymax tankers), and has contracted for 26 newbuilding product tankers (13 MR, eight LR2, and five Handymax ice class-1A product tankers), 10 are expected to be delivered to the Company through the remainder of 2014 and 16 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 |
