Scorpio Tankers Inc. Announces Agreements to Acquire Four LR2 Product Tankers and Newbuilding Vessel Deliveries

MONACO — (Marketwired) — 05/11/15 — Scorpio Tankers Inc. (NYSE: STNG) (the “Company”) announced today that it has entered into agreements to purchase four LR2 product tankers and has recently taken delivery of three newbuilding vessels.

LR2 Newbuildings

The Company reached agreements with two unrelated third parties to purchase an aggregate of four LR2 product tankers currently under construction at Sungdong Shipbuilding and Marine Engineering Co., Ltd. and Daehan Shipbuilding Co., Ltd. for approximately $60.0 million each. These vessels are expected to be delivered between June and August 2015.

Newbuilding Vessel Deliveries
The Company recently took delivery of the following vessels:

• STI Lauren, an LR2 product tanker, was delivered from Daewoo Shipbuilding and Marine Engineering of South Korea in April 2015. Upon delivery, this vessel began a voyage for 57 days at approximately $37,000 per day
• STI Connaught, an LR2 product tanker, was delivered from Hyundai Samho Heavy Industries of South Korea in May 2015. Upon delivery, this vessel began a voyage for 60 days at approximately $34,000 per day.
• STI Osceola, an MR product tanker, was delivered from Hyundai Mipo Dockyard of South Korea in April 2015. Upon delivery, this vessel began a time charter for up to 120 days at approximately $19,500 per day.

About Scorpio Tankers Inc.

Scorpio Tankers Inc. is a provider of marine transportation of petroleum products worldwide. Scorpio Tankers Inc. currently owns 70 tankers (14 LR2 tankers, 15 Handymax tankers, and 41 MR tankers) with an average age of 0.8 years, time charters-in 21 product tankers (five LR2, five LR1, four MR and seven Handymax tankers), and has contracted for 12 newbuilding product tankers (four MR and eight LR2), five of which are expected to be delivered in the second quarter of 2015, three in the third quarter of 2015 and the remaining four vessels throughout 2016. 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.

Source: Scorpio Tankers Inc.