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Fourth quarter 2014 earnings guidance The Company expects fourth quarter 2014 earnings per share to be within a range of $0.10 to $0.14 per share. This range does not include the following items: • An aggregate write-down of $17.6 million, or $0.12 per share, relating to (i) the discontinuation of equity method accounting for our investment in Dorian LPG Ltd. ("Dorian") as of October 29, 2014 and (ii) the designation of STI Harmony and STI Heritage as held for sale at December 31, 2014. • An estimate of the Company's share of profit (equity in earnings) from Dorian for the period through October 29, 2014. Newbuilding vessel deliveries The Company recently took delivery of the following vessels: • STI Rose, an LR2 product tanker, was delivered from Daehan Shipbuilding Co. Ltd. Upon delivery, this vessel began a voyage for 14 days at approximately $30,000 per day. • STI Tribeca and STI Gramercy, MR product tankers, were delivered from SPP Shipbuilding Co., Ltd. of South Korea. Upon delivery, each vessel began a time charter for up to 120 days at approximately $18,000 per day. • STI Hammersmith and STI Rotherhithe, Handymax product tankers, were delivered from Hyundai Mipo Dockyard of South Korea. Upon delivery, each vessel began a time charter for up to 120 days at approximately $14,000 per day. About Scorpio Tankers Inc. Scorpio Tankers Inc. is a provider of marine transportation of petroleum products worldwide. Scorpio Tankers Inc. currently owns 62 tankers (eight LR2 tankers, two LR1 tankers, 15 Handymax tankers, 36 MR tankers, and one post-Panamax tanker) with an average age of 1.3 years, time charters-in 24 product tankers (eight LR2, five LR1, four MR and seven Handymax tankers), and has contracted for 19 newbuilding product tankers (nine MR and 10 LR2), five of which are expected to be delivered in the first quarter of 2015, ten of which are expected to be delivered in the second quarter of 2015 and the remaining four vessels throughout 2016. The Company has also reached agreements to sell three vessels of its older vessels (two LR1 tankers and one post-Panamax tanker). 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 |
