Title of Each Class of Securities to be Registered (1)
|
Proposed Maximum
Aggregate Offering Price |
Amount of
Registration Fee (2) |
|||
7.00% Fixed Rate Senior Unsecured Notes due 2025
|
$75,000,000
|
$8,182.50
|
|||
(1)
|
The securities registered herein are offered pursuant to an automatic shelf registration statement on Form F-3 (Registration No. 333-230469) filed by Scorpio Tankers Inc., effective March 22,
2019.
|
(2)
|
Calculated in accordance with Rule 457(r) and made in accordance with Rule 456(b) under the Securities Act of 1933, as amended.
|
ABOUT THIS PROSPECTUS
|
S-i
|
ENFORCEMENT OF CIVIL LIABILITIES
|
S-ii
|
PROSPECTUS SUMMARY
|
S-1
|
THE OFFERING
|
S-8
|
SUMMARY HISTORICAL CONSOLIDATED FINANCIAL AND OPERATING DATA |
S-11 |
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS
|
S-14
|
RISK FACTORS
|
S-17
|
USE OF PROCEEDS
|
S-22
|
CAPITALIZATION
|
S-23
|
BUSINESS
|
S-25
|
MANAGEMENT
|
S-32
|
DESCRIPTION OF NOTES
|
S-36
|
DESCRIPTION OF OTHER INDEBTEDNESS
|
S-60
|
MATERIAL UNITED STATES FEDERAL INCOME TAX CONSIDERATIONS
|
S-64
|
MARSHALL ISLANDS TAX CONSIDERATIONS
|
S-67
|
PLAN OF DISTRIBUTION
|
S-68
|
EXPENSES
|
S-70
|
LEGAL MATTERS
|
S-71
|
EXPERTS
|
S-71
|
WHERE YOU CAN FIND ADDITIONAL INFORMATION
|
S-72
|
ABOUT THIS PROSPECTUS
|
1
|
PROSPECTUS SUMMARY
|
1
|
RISK FACTORS
|
2
|
CAUTIONARY STATEMENT REGARDING FORWARD LOOKING STATEMENTS
|
3
|
USE OF PROCEEDS
|
5
|
CAPITALIZATION
|
6
|
PLAN OF DISTRIBUTION
|
7
|
DESCRIPTION OF CAPITAL STOCK
|
9
|
DESCRIPTION OF DEBT SECURITIES
|
10
|
DESCRIPTION OF WARRANTS
|
15
|
DESCRIPTION OF PURCHASE CONTRACTS
|
16
|
DESCRIPTION OF RIGHTS
|
17
|
DESCRIPTION OF UNITS
|
18
|
TAX CONSIDERATIONS
|
19
|
SERVICE OF PROCESS AND ENFORCEMENT OF CIVIL LIABILITIES
|
20
|
EXPENSES
|
21
|
LEGAL MATTERS
|
22
|
EXPERTS
|
22
|
WHERE YOU CAN FIND ADDITIONAL INFORMATION
|
22
|
Vessel Name
|
Year Built
|
DWT
|
Ice class
|
Employment
|
Vessel type
|
Scrubber
|
||||||||
Owned, sale leaseback and bareboat chartered-in vessels
|
||||||||||||||
1
|
STI Brixton
|
2014
|
38,734
|
1A
|
SHTP (1)
|
Handymax
|
N/A
|
|||||||
2
|
STI Comandante
|
2014
|
38,734
|
1A
|
SHTP (1)
|
Handymax
|
N/A
|
|||||||
3
|
STI Pimlico
|
2014
|
38,734
|
1A
|
SHTP (1)
|
Handymax
|
N/A
|
|||||||
4
|
STI Hackney
|
2014
|
38,734
|
1A
|
SHTP (1)
|
Handymax
|
N/A
|
|||||||
5
|
STI Acton
|
2014
|
38,734
|
1A
|
SHTP (1)
|
Handymax
|
N/A
|
|||||||
6
|
STI Fulham
|
2014
|
38,734
|
1A
|
SHTP (1)
|
Handymax
|
N/A
|
|||||||
7
|
STI Camden
|
2014
|
38,734
|
1A
|
SHTP (1)
|
Handymax
|
N/A
|
|||||||
8
|
STI Battersea
|
2014
|
38,734
|
1A
|
SHTP (1)
|
Handymax
|
N/A
|
|||||||
9
|
STI Wembley
|
2014
|
38,734
|
1A
|
SHTP (1)
|
Handymax
|
N/A
|
|||||||
10
|
STI Finchley
|
2014
|
38,734
|
1A
|
SHTP (1)
|
Handymax
|
N/A
|
|||||||
11
|
STI Clapham
|
2014
|
38,734
|
1A
|
SHTP (1)
|
Handymax
|
N/A
|
|||||||
12
|
STI Poplar
|
2014
|
38,734
|
1A
|
SHTP (1)
|
Handymax
|
N/A
|
|||||||
13
|
STI Hammersmith
|
2015
|
38,734
|
1A
|
SHTP (1)
|
Handymax
|
N/A
|
|||||||
14
|
STI Rotherhithe
|
2015
|
38,734
|
1A
|
SHTP (1)
|
Handymax
|
N/A
|
|||||||
15
|
STI Amber
|
2012
|
49,990
|
—
|
SMRP (2)
|
MR
|
Yes
|
|||||||
16
|
STI Topaz
|
2012
|
49,990
|
—
|
SMRP (2)
|
MR
|
Yes
|
|||||||
17
|
STI Ruby
|
2012
|
49,990
|
—
|
SMRP (2)
|
MR
|
Not Yet Installed
|
|||||||
18
|
STI Garnet
|
2012
|
49,990
|
—
|
SMRP (2)
|
MR
|
Yes
|
|||||||
19
|
STI Onyx
|
2012
|
49,990
|
—
|
SMRP (2)
|
MR
|
Yes
|
20
|
STI Fontvieille
|
2013
|
49,990
|
—
|
SMRP (2)
|
MR
|
Not Yet Installed
|
|||||||
21
|
STI Ville
|
2013
|
49,990
|
—
|
SMRP (2)
|
MR
|
Not Yet Installed
|
|||||||
22
|
STI Duchessa
|
2014
|
49,990
|
—
|
SMRP (2)
|
MR
|
Not Yet Installed
|
|||||||
23
|
STI Opera
|
2014
|
49,990
|
—
|
SMRP (2)
|
MR
|
Not Yet Installed
|
|||||||
24
|
STI Texas City
|
2014
|
49,990
|
—
|
SMRP (2)
|
MR
|
Yes
|
|||||||
25
|
STI Meraux
|
2014
|
49,990
|
—
|
SMRP (2)
|
MR
|
Yes
|
|||||||
26
|
STI San Antonio
|
2014
|
49,990
|
—
|
SMRP (2)
|
MR
|
Yes
|
|||||||
27
|
STI Venere
|
2014
|
49,990
|
—
|
SMRP (2)
|
MR
|
Yes
|
|||||||
28
|
STI Virtus
|
2014
|
49,990
|
—
|
SMRP (2)
|
MR
|
Yes
|
|||||||
29
|
STI Aqua
|
2014
|
49,990
|
—
|
SMRP (2)
|
MR
|
Yes
|
|||||||
30
|
STI Dama
|
2014
|
49,990
|
—
|
SMRP (2)
|
MR
|
Yes
|
|||||||
31
|
STI Benicia
|
2014
|
49,990
|
—
|
SMRP (2)
|
MR
|
Yes
|
|||||||
32
|
STI Regina
|
2014
|
49,990
|
—
|
SMRP (2)
|
MR
|
Yes
|
|||||||
33
|
STI St. Charles
|
2014
|
49,990
|
—
|
SMRP (2)
|
MR
|
Yes
|
|||||||
34
|
STI Mayfair
|
2014
|
49,990
|
—
|
SMRP (2)
|
MR
|
Yes
|
|||||||
35
|
STI Yorkville
|
2014
|
49,990
|
—
|
SMRP (2)
|
MR
|
Yes
|
|||||||
36
|
STI Milwaukee
|
2014
|
49,990
|
—
|
SMRP (2)
|
MR
|
Yes
|
|||||||
37
|
STI Battery
|
2014
|
49,990
|
—
|
SMRP (2)
|
MR
|
Yes
|
|||||||
38
|
STI Soho
|
2014
|
49,990
|
—
|
SMRP (2)
|
MR
|
Yes
|
|||||||
39
|
STI Memphis
|
2014
|
49,990
|
—
|
SMRP (2)
|
MR
|
Yes
|
|||||||
40
|
STI Tribeca
|
2015
|
49,990
|
—
|
SMRP (2)
|
MR
|
Yes
|
|||||||
41
|
STI Gramercy
|
2015
|
49,990
|
—
|
SMRP (2)
|
MR
|
Yes
|
|||||||
42
|
STI Bronx
|
2015
|
49,990
|
—
|
SMRP (2)
|
MR
|
Yes
|
|||||||
43
|
STI Pontiac
|
2015
|
49,990
|
—
|
SMRP (2)
|
MR
|
Yes
|
|||||||
44
|
STI Manhattan
|
2015
|
49,990
|
—
|
SMRP (2)
|
MR
|
Yes
|
|||||||
45
|
STI Queens
|
2015
|
49,990
|
—
|
SMRP (2)
|
MR
|
Yes
|
|||||||
46
|
STI Osceola
|
2015
|
49,990
|
—
|
SMRP (2)
|
MR
|
Yes
|
|||||||
47
|
STI Notting Hill
|
2015
|
49,687
|
1B
|
SMRP (2)
|
MR
|
Yes
|
|||||||
48
|
STI Seneca
|
2015
|
49,990
|
—
|
SMRP (2)
|
MR
|
Yes
|
|||||||
49
|
STI Westminster
|
2015
|
49,687
|
1B
|
SMRP (2)
|
MR
|
Yes
|
|||||||
50
|
STI Brooklyn
|
2015
|
49,990
|
—
|
SMRP (2)
|
MR
|
Yes
|
|||||||
51
|
STI Black Hawk
|
2015
|
49,990
|
—
|
SMRP (2)
|
MR
|
Yes
|
|||||||
52
|
STI Galata
|
2017
|
49,990
|
—
|
SMRP (2)
|
MR
|
Yes
|
|||||||
53
|
STI Bosphorus
|
2017
|
49,990
|
—
|
SMRP (2)
|
MR
|
Not Yet Installed
|
|||||||
54
|
STI Leblon
|
2017
|
49,990
|
—
|
SMRP (2)
|
MR
|
Yes
|
|||||||
55
|
STI La Boca
|
2017
|
49,990
|
—
|
SMRP (2)
|
MR
|
Yes
|
56
|
STI San Telmo
|
2017
|
49,990
|
1B
|
SMRP (2)
|
MR
|
Not Yet Installed
|
|||||||
57
|
STI Donald C Trauscht
|
2017
|
49,990
|
1B
|
SMRP (2)
|
MR
|
Not Yet Installed
|
|||||||
58
|
STI Esles II
|
2018
|
49,990
|
1B
|
SMRP (2)
|
MR
|
Not Yet Installed
|
|||||||
59
|
STI Jardins
|
2018
|
49,990
|
1B
|
SMRP (2)
|
MR
|
Not Yet Installed
|
|||||||
60
|
STI Magic
|
2019
|
50,000
|
—
|
SMRP (2)
|
MR
|
Yes
|
|||||||
61
|
STI Majestic
|
2019
|
50,000
|
—
|
SMRP (2)
|
MR
|
Yes
|
|||||||
62
|
STI Mystery
|
2019
|
50,000
|
—
|
SMRP (2)
|
MR
|
Yes
|
|||||||
63
|
STI Marvel
|
2019
|
50,000
|
—
|
SMRP (2)
|
MR
|
Yes
|
|||||||
64
|
STI Magnetic
|
2019
|
50,000
|
—
|
SMRP (2)
|
MR
|
Yes
|
|||||||
65
|
STI Millennia
|
2019
|
50,000
|
—
|
SMRP (2)
|
MR
|
Yes
|
|||||||
66
|
STI Master
|
2019
|
50,000
|
—
|
SMRP (2)
|
MR
|
Yes
|
|||||||
67
|
STI Mythic
|
2019
|
50,000
|
—
|
SMRP (2)
|
MR
|
Yes
|
|||||||
68
|
STI Marshall
|
2019
|
50,000
|
—
|
SMRP (2)
|
MR
|
Yes
|
|||||||
69
|
STI Modest
|
2019
|
50,000
|
—
|
SMRP (2)
|
MR
|
Yes
|
|||||||
70
|
STI Maverick
|
2019
|
50,000
|
—
|
SMRP (2)
|
MR
|
Yes
|
|||||||
71
|
STI Miracle
|
2020
|
50,000
|
—
|
SMRP (2)
|
MR
|
Yes
|
|||||||
72
|
STI Maestro
|
2020
|
50,000
|
—
|
SMRP (2)
|
MR
|
Yes
|
|||||||
73
|
STI Mighty
|
2020
|
50,000
|
—
|
SMRP (2)
|
MR
|
Yes
|
|||||||
74
|
STI Maximus
|
2020
|
50,000
|
—
|
SMRP (2)
|
MR
|
Yes
|
|||||||
75
|
STI Excel
|
2015
|
74,000
|
—
|
SLR1P (3)
|
LR1
|
Not Yet Installed
|
|||||||
76
|
STI Excelsior
|
2016
|
74,000
|
—
|
SLR1P (3)
|
LR1
|
Not Yet Installed
|
|||||||
77
|
STI Expedite
|
2016
|
74,000
|
—
|
SLR1P (3)
|
LR1
|
Not Yet Installed
|
|||||||
78
|
STI Exceed
|
2016
|
74,000
|
—
|
SLR1P (3)
|
LR1
|
Not Yet Installed
|
|||||||
79
|
STI Executive
|
2016
|
74,000
|
—
|
SLR1P (3)
|
LR1
|
Yes
|
|||||||
80
|
STI Excellence
|
2016
|
74,000
|
—
|
SLR1P (3)
|
LR1
|
Yes
|
|||||||
81
|
STI Experience
|
2016
|
74,000
|
—
|
SLR1P (3)
|
LR1
|
Not Yet Installed
|
|||||||
82
|
STI Express
|
2016
|
74,000
|
—
|
SLR1P (3)
|
LR1
|
Yes
|
|||||||
83
|
STI Precision
|
2016
|
74,000
|
—
|
SLR1P (3)
|
LR1
|
Yes
|
|||||||
84
|
STI Prestige
|
2016
|
74,000
|
—
|
SLR1P (3)
|
LR1
|
Yes
|
|||||||
85
|
STI Pride
|
2016
|
74,000
|
—
|
SLR1P (3)
|
LR1
|
Yes
|
|||||||
86
|
STI Providence
|
2016
|
74,000
|
—
|
SLR1P (3)
|
LR1
|
Yes
|
|||||||
87
|
STI Elysees
|
2014
|
109,999
|
—
|
SLR2P (4)
|
LR2
|
Yes
|
|||||||
88
|
STI Madison
|
2014
|
109,999
|
—
|
SLR2P (4)
|
LR2
|
Yes
|
|||||||
89
|
STI Park
|
2014
|
109,999
|
—
|
SLR2P (4)
|
LR2
|
Yes
|
|||||||
90
|
STI Orchard
|
2014
|
109,999
|
—
|
SLR2P (4)
|
LR2
|
Yes
|
|||||||
91
|
STI Sloane
|
2014
|
109,999
|
—
|
SLR2P (4)
|
LR2
|
Yes
|
|||||||
92
|
STI Broadway
|
2014
|
109,999
|
—
|
SLR2P (4)
|
LR2
|
Yes
|
93
|
STI Condotti
|
2014
|
109,999
|
—
|
SLR2P (4)
|
LR2
|
Yes
|
|||||||
94
|
STI Rose
|
2015
|
109,999
|
—
|
SLR2P (4)
|
LR2
|
Yes
|
|||||||
95
|
STI Veneto
|
2015
|
109,999
|
—
|
SLR2P (4)
|
LR2
|
Yes
|
|||||||
96
|
STI Alexis
|
2015
|
109,999
|
—
|
SLR2P (4)
|
LR2
|
Yes
|
|||||||
97
|
STI Winnie
|
2015
|
109,999
|
—
|
SLR2P (4)
|
LR2
|
Yes
|
|||||||
98
|
STI Oxford
|
2015
|
109,999
|
—
|
SLR2P (4)
|
LR2
|
Yes
|
|||||||
99
|
STI Lauren
|
2015
|
109,999
|
—
|
SLR2P (4)
|
LR2
|
Yes
|
|||||||
100
|
STI Connaught
|
2015
|
109,999
|
—
|
SLR2P (4)
|
LR2
|
Yes
|
|||||||
101
|
STI Spiga
|
2015
|
109,999
|
—
|
SLR2P (4)
|
LR2
|
Yes
|
|||||||
102
|
STI Savile Row
|
2015
|
109,999
|
—
|
SLR2P (4)
|
LR2
|
Yes
|
|||||||
103
|
STI Kingsway
|
2015
|
109,999
|
—
|
SLR2P (4)
|
LR2
|
Yes
|
|||||||
104
|
STI Carnaby
|
2015
|
109,999
|
—
|
SLR2P (4)
|
LR2
|
Yes
|
|||||||
105
|
STI Solidarity
|
2015
|
109,999
|
—
|
SLR2P (4)
|
LR2
|
Yes
|
|||||||
106
|
STI Lombard
|
2015
|
109,999
|
—
|
SLR2P (4)
|
LR2
|
Yes
|
|||||||
107
|
STI Grace
|
2016
|
109,999
|
—
|
SLR2P (4)
|
LR2
|
Not Yet Installed
|
|||||||
108
|
STI Jermyn
|
2016
|
109,999
|
—
|
SLR2P (4)
|
LR2
|
Yes
|
|||||||
109
|
STI Sanctity
|
2016
|
109,999
|
—
|
SLR2P (4)
|
LR2
|
Yes
|
|||||||
110
|
STI Solace
|
2016
|
109,999
|
—
|
SLR2P (4)
|
LR2
|
Yes
|
|||||||
111
|
STI Stability
|
2016
|
109,999
|
—
|
SLR2P (4)
|
LR2
|
Yes
|
|||||||
112
|
STI Steadfast
|
2016
|
109,999
|
—
|
SLR2P (4)
|
LR2
|
Yes
|
|||||||
113
|
STI Supreme
|
2016
|
109,999
|
—
|
SLR2P (4)
|
LR2
|
Not Yet Installed
|
|||||||
114
|
STI Symphony
|
2016
|
109,999
|
—
|
SLR2P (4)
|
LR2
|
Yes
|
|||||||
115
|
STI Gallantry
|
2016
|
113,000
|
—
|
SLR2P (4)
|
LR2
|
Yes
|
|||||||
116
|
STI Goal
|
2016
|
113,000
|
—
|
SLR2P (4)
|
LR2
|
Yes
|
|||||||
117
|
STI Nautilus
|
2016
|
113,000
|
—
|
SLR2P (4)
|
LR2
|
Yes
|
|||||||
118
|
STI Guard
|
2016
|
113,000
|
—
|
SLR2P (4)
|
LR2
|
Yes
|
|||||||
119
|
STI Guide
|
2016
|
113,000
|
—
|
SLR2P (4)
|
LR2
|
Yes
|
|||||||
120
|
STI Selatar
|
2017
|
109,999
|
—
|
SLR2P (4)
|
LR2
|
Yes
|
|||||||
121
|
STI Rambla
|
2017
|
109,999
|
—
|
SLR2P (4)
|
LR2
|
Yes
|
|||||||
122
|
STI Gauntlet
|
2017
|
113,000
|
—
|
SLR2P (4)
|
LR2
|
Yes
|
|||||||
123
|
STI Gladiator
|
2017
|
113,000
|
—
|
SLR2P (4)
|
LR2
|
Yes
|
|||||||
124
|
STI Gratitude
|
2017
|
113,000
|
—
|
SLR2P (4)
|
LR2
|
Yes
|
|||||||
125
|
STI Lobelia
|
2019
|
110,000
|
—
|
SLR2P (4)
|
LR2
|
Yes
|
|||||||
126
|
STI Lotus
|
2019
|
110,000
|
—
|
SLR2P (4)
|
LR2
|
Yes
|
|||||||
127
|
STI Lily
|
2019
|
110,000
|
—
|
SLR2P (4)
|
LR2
|
Yes
|
|||||||
128
|
STI Lavender
|
2019
|
110,000
|
—
|
SLR2P (4)
|
LR2
|
Yes
|
|||||||
129
|
Sky
|
2007
|
37,847
|
1A
|
SHTP (1)
|
Handymax
|
N/A(5)
|
|||||||
130
|
Steel
|
2008
|
37,847
|
1A
|
SHTP (1)
|
Handymax
|
N/A(5)
|
|||||||
131
|
Stone I
|
2008
|
37,847
|
1A
|
SHTP (1)
|
Handymax
|
N/A(5)
|
|||||||
132
|
Style
|
2008
|
37,847
|
1A
|
SHTP (1)
|
Handymax
|
N/A(5)
|
|||||||
133
|
STI Beryl
|
2013
|
49,990
|
—
|
SMRP (2)
|
MR
|
Not Yet Installed(6)
|
|||||||
134
|
STI Le Rocher
|
2013
|
49,990
|
—
|
SMRP (2)
|
MR
|
Not Yet Installed(6)
|
|||||||
135
|
STI Larvotto
|
2013
|
49,990
|
—
|
SMRP (2)
|
MR
|
Not Yet Installed(6)
|
|||||||
Total owned, sale leaseback and bareboat chartered-in fleet DWT
|
9,374,548
|
(1) |
This vessel operates in the Scorpio Handymax Tanker Pool, or SHTP. SHTP is a Scorpio Pool and is operated by Scorpio Commercial Management S.A.M. (SCM). SHTP and SCM are related parties
to the Company.
|
(2) |
This vessel operates in or is expected to operate in, the Scorpio MR Pool, or SMRP. SMRP is a Scorpio Pool and is operated by SCM. SMRP and SCM are related parties to the Company.
|
(3) |
This vessel operates in the Scorpio LR1 Pool, or SLR1P. SLR1P is a Scorpio Pool and is operated by SCM. SLR1P and SCM are related parties to the Company.
|
(4) |
This vessel operates in or is expected to operate in the Scorpio LR2 Pool, or SLR2P. SLR2P is a Scorpio Pool and is operated by SCM. SLR2P and SCM are related parties to the Company.
|
(5) |
In March 2019, we entered into addendum no.2 to the bareboat charter-in agreement for this vessel, pursuant to which the bareboat charter was extended for two years until March 31, 2021
at a bareboat rate of $6,300 per day.
|
(6) |
In April 2017, we sold and leased back this vessel, on a bareboat basis, for a period of up to eight years for $8,800 per day. The sales price was $29.0 million per vessel, and we have
the option to purchase this vessel beginning at the end of the fifth year of the agreement through the end of the eighth year of the agreement, at market-based prices. Additionally, a deposit of $4.35 million per vessel was retained by
the buyer and will either be applied to the purchase price of the vessel if a purchase option is exercised or refunded to us at the expiration of the agreement.
|
Issuer
|
Scorpio Tankers Inc.
|
Securities Offered
|
Up to $75,000,000 million aggregate principal amount of 7.00% Fixed Rate Senior Unsecured Notes due 2025.
The Notes offered hereby are Additional Notes issued under the Indenture, pursuant to which we previously issued the Initial Notes.
|
Manner of Offering
|
The Notes may be offered and sold into the existing trading market for the Initial Notes at other than a fixed price pursuant to Rule 415 under the Securities Act,
from time to time through the Agent, as sales agent or as principal, subject to our instruction as to amount and timing. The Agent is not required to sell any specific principal amount of the Notes, but the Agent will make all sales using
commercially reasonable efforts consistent with its normal trading and sales practices on mutually agreed terms between the Agent and us. See “Plan of Distribution”.
|
Maturity Date
|
The Notes will mature on June 30, 2025, unless redeemed prior to maturity.
|
Interest
|
The Notes will bear interest at 7.00% per year from the most recent interest payment date immediately preceding the respective dates of issuance of the Notes from time
to time, except that Notes purchased after the record dates noted below, but prior to the interest payment date immediately following such record date (or if settlement of a purchase of Notes otherwise occurs after such record date but
prior to the interest payment date immediately following such record date), will not begin to accrue interest until the interest payment date immediately following such record date. Interest on the Notes is payable quarterly in arrears on
the 30th day of March, June, September and December of each year, to holders of record of the Notes at the close of business on the 15th day of March, June, September and December, respectively of each year, immediately preceding such
interest payment date.
|
Use of Proceeds
|
We intend to use any net proceeds of the sale of the Notes for general corporate purposes and working capital. Please see “Use of Proceeds.”
|
Ranking
|
The Notes will be our senior unsecured obligations and will rank senior to any of our future subordinated debt and rank equally in right of payment with all of our
existing and future senior unsecured debt. The Notes will effectively rank junior to our existing and future secured debt, to the extent of the value of the assets securing such debt, as well as to existing and future debt of our
subsidiaries. As of January 8, 2021, we had approximately $3.1 billion of outstanding indebtedness (of which approximately $2.9 billion was secured or part of vessel leasing arrangements).
|
||
Guarantors
|
The Notes will not be guaranteed by any of our subsidiaries or affiliates.
|
||
Optional Redemption
|
We may redeem the Notes for cash, in whole or in part, at any time at our option (i) on or after June 30, 2022 and prior to June 30, 2023, at a redemption price equal
to 102% of the principal amount to be redeemed, (ii) on or after June 30, 2023 and prior to June 30, 2024, at a redemption price equal to 101% of the principal amount to be redeemed, and (iii) on or after June 30, 2024 and prior to
maturity, at a redemption price equal to 100% of the principal amount to be redeemed, in each case, plus accrued and unpaid interest to, but excluding, the date of redemption, as described under “Description of Notes—Optional Redemption.”
In addition, we may redeem the Notes, in whole, but not in part, at any time at our option prior to June 30, 2022, at a redemption price equal to 104% of the principal
amount to be redeemed plus accrued and unpaid interest to, but excluding, the date of redemption, upon the occurrence of certain change of control events, as described under “Description of Notes—Optional Redemption Upon Change of
Control.”
|
||
Certain Covenants
|
The Notes offered hereby are Additional Notes under the Indenture, which contains certain covenants, including, but not limited to, restrictions on our ability to
merge or consolidate with or into any other entity.
|
||
In addition, the Indenture contains certain restrictive covenants, including limitations on:
|
|||
•
|
the amount of debt we may incur;
|
||
•
|
maintaining a certain minimum net worth;
|
||
•
|
restricted payments;
|
||
•
|
our line of business; and
|
||
•
|
certain asset sales.
|
These covenants are subject to important qualifications and exceptions, as described under “Description of Notes.”
|
Additional Notes
|
The Notes offered hereby are Additional Notes under the Indenture and will have the same terms as (other than date of issuance), form a single series of debt
securities with and have the same CUSIP number and be fungible with, the Initial Notes immediately upon issuance, including for purposes of notices, consents, waivers, amendments and any other action permitted under the Indenture.
We may continue to “reopen” the Notes at any time without the consent of the holders of the Notes and issue Additional Notes with the same terms as the Initial
Notes and the Notes offered hereby (except for the issue date), which will thereafter constitute a single series with the Notes; provided that if any Additional Notes are not fungible with the Initial Notes and the Notes offered
hereby for U.S. federal income tax purposes, then such Additional Notes will have a separate CUSIP number.
|
Defeasance
|
The Notes are subject to legal and covenant defeasance by us.
|
Sinking Fund
|
The Notes are not entitled to the benefit of any sinking fund.
|
Events of Default
|
Events of default generally include (i) failure to pay principal or interest on the Notes, (ii) failure to observe or perform any other covenant or warranty in the
Notes or in the Indenture, and (iii) certain events of bankruptcy, insolvency or reorganization.
|
Ratings
|
The Notes will not be rated by any nationally recognized statistical rating organization.
|
Listing
|
The Initial Notes are, and the Notes offered hereby (when issued) will be, listed for trading on the NYSE under the symbol “SBBA.”
|
Form and Denomination
|
The Notes will be issued in book-entry form in minimum denominations of $25.00 and integral multiples in excess thereof. The Notes will be represented by a
permanent global certificate deposited with the trustee as custodian for The Depository Trust Company (“DTC”) and registered in the name of a nominee of DTC. Beneficial interests in any of the Notes will be shown on, and transfers
will be effected only through, records maintained by DTC and its direct and indirect participants and any such interest may not be exchanged for certificated securities, except in limited circumstances.
|
Settlement
|
Delivery of the Notes offered hereby will be made against payment therefor on or about the second trading date following purchase.
|
Trustee
|
Deutsche Bank Trust Company Americas
|
Governing Law
|
The Indenture is and the Notes will be governed by and construed in accordance with the laws of the State of New York.
|
Risk Factors
|
An investment in the Notes involves risks. You should consider carefully the factors set forth in the section entitled “Risk Factors” beginning on page S-17 of
this prospectus supplement and on page 2 of the accompanying base prospectus to determine whether an investment in the Notes is appropriate for you.
|
For the nine months ended September 30,
|
For the year ended December 31,
|
|||||||||||||||||||
In thousands of U.S. dollars
except per share and share data
|
2020
|
2019
|
2019
|
2018
|
2017
|
|||||||||||||||
Revenue
|
||||||||||||||||||||
Vessel revenue
|
$
|
777,656
|
$
|
482,703
|
$
|
704,325
|
$
|
585,047
|
$
|
512,732
|
||||||||||
Operating expenses
|
||||||||||||||||||||
Vessel operating costs
|
(246,973
|
)
|
(209,119
|
)
|
(294,531
|
)
|
(280,460
|
)
|
(231,227
|
)
|
||||||||||
Voyage expenses
|
(7,718
|
)
|
(3,678
|
)
|
(6,160
|
)
|
(5,146
|
)
|
(7,733
|
)
|
||||||||||
Charterhire
|
—
|
(4,399
|
)
|
(4,399
|
)
|
(59,632
|
)
|
(75,750
|
)
|
|||||||||||
Depreciation—owned or sale and leaseback
|
(144,320
|
)
|
(133,575
|
)
|
(180,052
|
)
|
(176,723
|
)
|
(141,418
|
)
|
||||||||||
Depreciation—right of use assets for vessels (1)
|
(38,972
|
)
|
(14,280
|
)
|
(26,916
|
)
|
—
|
—
|
||||||||||||
General and administrative expenses
|
(51,870
|
)
|
(46,536
|
)
|
(62,295
|
)
|
(52,272
|
)
|
(47,511
|
)
|
||||||||||
Loss on sales of vessels
|
—
|
—
|
—
|
—
|
(23,345
|
)
|
||||||||||||||
Merger transaction related costs
|
—
|
—
|
—
|
(272
|
)
|
(36,114
|
)
|
|||||||||||||
Bargain purchase gain
|
—
|
—
|
—
|
—
|
5,417
|
|||||||||||||||
Total operating expenses
|
(489,853
|
)
|
(411,587
|
)
|
(574,353
|
)
|
(574,505
|
)
|
(557,681
|
)
|
||||||||||
Operating income / (loss)
|
287,803
|
71,116
|
129,972
|
10,542
|
(44,949
|
)
|
||||||||||||||
Other (expense) and income, net
|
||||||||||||||||||||
Financial expenses
|
(119,084
|
)
|
(138,948
|
)
|
(186,235
|
)
|
(186,628
|
)
|
(116,240
|
)
|
||||||||||
Realized loss on derivative financial instruments
|
(116
|
)
|
||||||||||||||||||
Loss on exchange of convertible notes
|
—
|
—
|
—
|
(17,838
|
)
|
—
|
||||||||||||||
Gain on repurchase of convertible notes
|
1,013
|
—
|
—
|
—
|
—
|
|||||||||||||||
Financial income
|
1,068
|
7,426
|
8,182
|
4,458
|
1,538
|
|||||||||||||||
Other expenses, net
|
(417
|
)
|
(126
|
)
|
(409
|
)
|
(605
|
)
|
1,527
|
|||||||||||
Total other expense, net
|
(117,420
|
)
|
(131,648
|
)
|
(178,462
|
)
|
(200,613
|
)
|
(113,291
|
)
|
||||||||||
Net income / (loss)
|
$
|
170,383
|
$
|
(60,532
|
)
|
$
|
(48,490
|
)
|
$
|
(190,071
|
)
|
$
|
(158,240
|
)
|
||||||
(1) |
Reflects the adoption of IFRS 16 – Leases, which was effective for annual periods beginning on January 1, 2019.
|
For the nine months ended September 30,
|
For the year ended December 31,
|
|||||||||||||||||||
In thousands of U.S. dollars
except per share and share data
|
2020
|
2019
|
2019
|
2018
|
2017
|
|||||||||||||||
Earnings / (loss) per share
|
||||||||||||||||||||
Basic
|
$
|
3.11
|
$
|
(1.25
|
)
|
$
|
(0.97
|
)
|
$
|
(5.46
|
)
|
$
|
(7.35
|
)
|
||||||
Diluted
|
$
|
2.95
|
$
|
(1.25
|
)
|
$
|
(0.97
|
)
|
$
|
(5.46
|
)
|
$
|
(7.35
|
)
|
||||||
Basic weighted average shares outstanding
|
54,800,402
|
48,251,159
|
49,857,998
|
34,824,311
|
21,533,340
|
|||||||||||||||
Diluted weighted average shares outstanding (1)
|
61,578,016
|
48,251,159
|
49,857,998
|
34,824,311
|
21,533,340
|
(1) |
The computation of diluted earnings per share includes the effect of potentially dilutive unvested shares of restricted stock and the Convertible Notes due 2022 for the nine months ended
September 30, 2020. The effect of potentially dilutive unvested shares of restricted stock and Convertible Notes due 2022 were excluded from the computation of diluted earnings per share for the nine months ended September 30, 2019
because their effect would have been anti-dilutive. The effect of potentially dilutive shares of restricted stock and the Convertible Notes due 2022 and 2019 were excluded from the calculation of diluted loss per share for the years ended
December 31, 2019, 2018, and 2017 because their effect would have been anti-dilutive.
|
As of
|
||||||||||||||||
In thousands of U.S. dollars
|
September 30, 2020
|
December 31, 2019
|
December 31, 2018
|
December 31, 2017
|
||||||||||||
Balance sheet data
|
||||||||||||||||
Cash and cash equivalents
|
$
|
218,095
|
$
|
202,303
|
$
|
593,652
|
$
|
186,462
|
||||||||
Vessels and drydock
|
4,044,288
|
4,008,158
|
3,997,789
|
4,090,094
|
||||||||||||
Right of use assets accounted for under IFRS 16—Leases
|
819,444
|
697,903
|
—
|
—
|
||||||||||||
Total assets
|
5,256,329
|
5,164,010
|
4,784,164
|
4,498,376
|
||||||||||||
Current and non-current secured and unsecured debt
|
1,181,038
|
1,234,750
|
1,489,934
|
2,050,054
|
||||||||||||
Current and non-current obligations under sale and leaseback arrangements
|
1,238,357
|
1,317,723
|
1,420,381
|
717,139
|
||||||||||||
Current and non-current obligations under leases accounted for under IFRS 16—Leases
|
649,963
|
569,974
|
—
|
—
|
||||||||||||
Shareholders’ equity
|
2,141,455
|
1,976,989
|
1,839,012
|
1,685,301
|
For the nine months ended September 30,
|
For the year ended December 31,
|
|||||||||||||||||||
In thousands of U.S. dollars
|
2020
|
2019
|
2019
|
2018
|
2017
|
|||||||||||||||
Cash flow data
|
||||||||||||||||||||
Operating activities
|
$
|
402,740
|
$
|
140,448
|
$
|
209,512
|
$
|
57,790
|
$
|
41,801
|
||||||||||
Investing activities
|
(152,614
|
)
|
(128,569
|
)
|
(206,973
|
)
|
(52,737
|
)
|
(159,923
|
)
|
||||||||||
Financing activities
|
(234,334
|
)
|
(361,051
|
)
|
(393,888
|
)
|
402,137
|
204,697
|
Operating Data
|
For the nine months ended September 30,
|
For the year ended December 31,
|
||||||||||||||||||
2020
|
2019
|
2019
|
2018
|
2017
|
||||||||||||||||
Average Daily Results
|
||||||||||||||||||||
Time charter equivalent per day (1)
|
$
|
22,447
|
$
|
15,538
|
$
|
16,682
|
$
|
12,782
|
$
|
13,146
|
||||||||||
Vessel operating costs per day (2)
|
$
|
6,649
|
$
|
6,426
|
$
|
6,563
|
$
|
6,463
|
$
|
6,559
|
||||||||||
LR2
|
||||||||||||||||||||
TCE per revenue day (1)
|
$
|
30,492
|
$
|
18,689
|
$
|
20,254
|
$
|
13,968
|
$
|
14,849
|
||||||||||
Vessel operating costs per day (2)
|
$
|
6,876
|
$
|
6,726
|
$
|
6,829
|
$
|
6,631
|
$
|
6,705
|
||||||||||
Average number of vessels (3)
|
42.0
|
38.1
|
39.1
|
39.5
|
28.7
|
|||||||||||||||
LR1
|
||||||||||||||||||||
TCE per revenue day (1)
|
$
|
24,899
|
$
|
15,243
|
$
|
15,846
|
$
|
10,775
|
$
|
11,409
|
||||||||||
Vessel operating costs per day (2)
|
$
|
6,834
|
$
|
6,350
|
$
|
6,658
|
$
|
6,608
|
$
|
7,073
|
||||||||||
Average number of vessels (3)
|
12.0
|
12.0
|
12.0
|
12.0
|
5.2
|
|||||||||||||||
MR
|
||||||||||||||||||||
TCE per revenue day (1)
|
$
|
18,515
|
$
|
14,246
|
$
|
15,095
|
$
|
12,589
|
$
|
12,975
|
||||||||||
Vessel operating costs per day (2)
|
$
|
6,472
|
$
|
6,230
|
$
|
6,312
|
$
|
6,366
|
$
|
6,337
|
||||||||||
Average number of vessels (3)
|
61.6
|
48.3
|
51.0
|
52.2
|
50.4
|
|||||||||||||||
Handymax
|
||||||||||||||||||||
TCE per revenue day (1)
|
$
|
16,990
|
$
|
13,057
|
$
|
14,575
|
$
|
12,196
|
$
|
11,706
|
||||||||||
Vessel operating costs per day (2)
|
$
|
6,605
|
$
|
6,375
|
$
|
6,621
|
$
|
6,295
|
$
|
6,716
|
||||||||||
Average number of vessels (3)
|
20.0
|
21.0
|
21.0
|
21.5
|
22.1
|
|||||||||||||||
Fleet data
|
||||||||||||||||||||
Average number of vessels (3)
|
135.6
|
119.3
|
123.0
|
125.2
|
106.5
|
(1) |
Freight rates are commonly measured in the shipping industry in terms of time charter equivalent, or TCE (a measure not prepared in accordance with IFRS, or a Non-IFRS Measure), per
revenue day, which is calculated by subtracting voyage expenses, including bunkers and port charges, from vessel revenue and dividing the net amount (time charter equivalent revenues) by the number of revenue days in the period. Revenue
days are the number of days the vessel is owned, finance leased or chartered-in less the number of days the vessel is off-hire for drydock and repairs.
|
(2) |
Vessel operating costs per day represent vessel operating costs divided by the number of days the vessel is owned during the period. Operating days are the total number of available days
in a period with respect to the owned, finance leased or bareboat chartered-in vessels, before deducting available days due to off-hire days and days in drydock. Operating days is a measurement that is only applicable to our owned,
finance leased or bareboat chartered-in vessels, not our time chartered-in vessels.
|
(3) |
Historical average number of vessels consists of the average number of vessels that were in our possession during a period (whether owned or leased).
|
• |
our future operating or financial results;
|
• |
the strength of world economies and currencies;
|
• |
fluctuations in interest rates and foreign exchange rates;
|
• |
general market conditions, including the market for our vessels, fluctuations in spot and charter rates and vessel values;
|
• |
the length and severity of the ongoing novel coronavirus (COVID-19) outbreak, including its impact on the demand for seaborne transportation of petroleum products;
|
• |
availability of financing and refinancing;
|
• |
our business strategy and other plans and objectives for growth and future operations;
|
• |
our ability to successfully employ our vessels;
|
• |
planned capital expenditures and availability of capital resources to fund capital expenditures;
|
• |
planned, pending or recent acquisitions, business strategy and expected capital spending or operating expenses, including drydocking, surveys, upgrades and insurance costs;
|
• |
our ability to realize the expected benefits from acquisitions;
|
• |
potential liability from pending or future litigation;
|
• |
general domestic and international political conditions;
|
• |
potential disruption of shipping routes due to accidents or political events;
|
• |
vessel breakdowns and instances of off-hire;
|
• |
competition within our industry;
|
• |
the supply of and demand for vessels comparable to ours;
|
• |
corruption, piracy, militant activities, political instability, terrorism, and ethnic unrest in locations where we may operate;
|
• |
delays and cost overruns in construction projects;
|
• |
our level of indebtedness;
|
• |
our ability to obtain financing and to comply with the restrictive and other covenants in our financing arrangements;
|
• |
our need for cash to meet our debt service obligations;
|
• |
our levels of operating and maintenance costs, including bunker prices, drydocking and insurance costs;
|
• |
our ability to successfully identify, consummate, integrate, and realize the expected benefits from acquisitions;
|
• |
reputational risks;
|
• |
availability of skilled workers and the related labor costs and related costs;
|
• |
the recent implementation of the MARPOL convention, Annex VI Prevention of Air Pollution from Ships which reduced the maximum amount of sulfur that ships can emit into the air and our ability
to successfully complete the installation of exhaust gas cleaning systems, or scrubbers, on all of our vessels;
|
• |
the recent implementation of the International Convention for the Control and Management of Ships’ Ballast Water and Sediments (BWM) in September 2019;
|
• |
compliance with governmental, tax, environmental and safety regulation;
|
• |
any non-compliance with the U.S. Foreign Corrupt Practices Act of 1977 or other applicable regulations relating to bribery;
|
• |
general economic conditions and conditions in the oil and natural gas industry;
|
• |
effects of new products and new technology in our industry;
|
• |
the failure of counterparties to fully perform their contracts with us;
|
• |
our dependence on key personnel;
|
• |
adequacy of insurance coverage;
|
• |
our ability to obtain indemnities from customers;
|
• |
changes in laws, treaties or regulations applicable to us;
|
• |
the volatility of the price of our common shares and our other securities;
|
• |
other factors that may affect our future results; and
|
• |
these factors and other risk factors described in this prospectus supplement and other reports that we furnish or file with the Commission.
|
• |
our ability to obtain additional financing, if necessary, for working capital, capital expenditures, acquisitions or other purposes may be impaired or such financing may not be available on
favorable terms;
|
• |
we may need to use a substantial portion of our cash from operations to make charter hire payments or principal and interest payments relating to our debt obligations, reducing the funds that
would otherwise be available for operations and future business opportunities;
|
• |
our debt level could make us more vulnerable than our competitors with less debt to competitive pressures or a downturn in our business or the economy generally; and
|
• |
our debt level may limit our flexibility in responding to changing business and economic conditions.
|
• |
pay dividends and make capital expenditures if we do not repay amounts drawn under our debt facilities or if there is another default under our debt facilities;
|
• |
incur additional indebtedness, including the issuance of guarantees;
|
• |
create liens on our assets;
|
• |
change the flag, class or management of our vessels or terminate or materially amend the management agreement relating to each vessel;
|
• |
sell our vessels;
|
• |
merge or consolidate with, or transfer all or substantially all our assets to, another person; or
|
• |
enter into a new line of business.
|
• |
an actual basis;
|
• |
an as adjusted basis to give effect to the following:
|
• |
scheduled principal payments in the amount of $30.0 million under our secured credit facilities, $30.2 million under our sale and leaseback arrangements and $17.6 million under our lease
arrangements which are being accounted for under IFRS 16—Leases;
|
• |
the refinancing of certain credit facilities and lease financing arrangements consisting of the following:
|
• |
the repayment of an aggregate of $199.7 million consisting of $81.7 million on our CSSC Lease Financing arrangement, $92.2 million on our 2017 Credit Facility, and $25.8 million on our KEXIM
Credit Facility;
|
• |
the drawdown of an aggregate of $239.2 million consisting of $71.8 million on our $225 Million Credit Facility, $23.7 million on our 2019 DNB/GIEK Credit Facility, $47.3 million on our 2020
$47.3 Million Lease Financing arrangement, and $96.5 million on our 2020 SPDB FL Lease Financing arrangement;
|
• |
the drawdown of an aggregate of $15.6 million on certain scrubber financing arrangements consisting of $1.4 million on our ABN AMRO /SEB Credit Facility, $9.6 million on our BNPP Sinosure
Credit Facility, and $4.6 million on our AVIC Lease Financing arrangement; and
|
• |
the payment of a quarterly cash dividend of $5.8 million, or $0.10 per share, in December 2020; and
|
• |
an as further adjusted basis to give effect to this offering and the application of the net proceeds therefrom. The calculation assumes the issuance and sale of $75.0 million aggregate
principal amount of Notes, resulting in assumed net proceeds of approximately $73.0 million, after deducting the Agent’s commissions and our estimated offering expenses. The actual number of Notes issued, and the price at which they are
issued, may differ depending on the timing of the sales.
|
As of September 30, 2020
|
||||||||||||
In thousands of U.S. dollars
|
Actual
|
As adjusted
|
As further adjusted
|
|||||||||
Cash and cash equivalents (1)
|
$
|
218,095
|
$
|
189,586
|
$
|
262,611
|
||||||
Current debt:
|
||||||||||||
Current portion of long term debt (2)
|
199,407
|
196,592
|
196,592
|
|||||||||
Lease liability - sale and leasebacks (3)
|
128,979
|
134,925
|
134,925
|
|||||||||
Lease liability - IFRS 16
|
60,511
|
60,511
|
60,511
|
|||||||||
Non-current debt:
|
||||||||||||
Long term debt (2)
|
981,631
|
942,845
|
1,015,870
|
|||||||||
Lease liability - sale and leasebacks (3)
|
1,109,378
|
1,139,905
|
1,139,905
|
|||||||||
Lease liability - IFRS 16
|
589,452
|
571,872
|
571,872
|
|||||||||
Total debt
|
$
|
3,069,358
|
$
|
3,046,649
|
3,119,674
|
|||||||
Shareholders' equity:
|
||||||||||||
Share capital
|
655
|
655
|
655
|
|||||||||
Additional paid-in capital
|
2,849,635
|
2,843,835
|
2,843,835
|
|||||||||
Treasury shares
|
(480,172
|
)
|
(480,172
|
)
|
(480,172
|
)
|
||||||
Accumulated deficit
|
(228,663
|
)
|
(228,663
|
)
|
(228,663
|
)
|
||||||
Total shareholders' equity
|
$
|
2,141,455
|
$
|
2,135,655
|
$
|
2,135,655
|
||||||
Total capitalization
|
$
|
5,210,813
|
$
|
5,182,304
|
5,255,329
|
(1) |
Cash, as adjusted, does not include the impact of cash flows from operations from October 1, 2020 through the date of this prospectus.
|
(2) |
The current portion of long-term debt at September 30, 2020 is net of unamortized deferred financing fees of $1.9 million and the non-current portion of long-term debt is net
of unamortized deferred financing fees of $12.4 million.
|
(3) |
The current portion of Lease liability – sale and leaseback obligations at September 30, 2020 is net of unamortized deferred financing fees of $0.8 million and
the non-current portion of long-term debt is net of unamortized deferred financing fees of $6.4 million.
|
Vessel Name
|
Year Built
|
DWT
|
Ice class
|
Employment
|
Vessel type
|
Scrubber
|
||||||||
Owned, sale leaseback and bareboat chartered-in vessels
|
||||||||||||||
1
|
STI Brixton
|
2014
|
38,734
|
1A
|
SHTP (1)
|
Handymax
|
N/A
|
|||||||
2
|
STI Comandante
|
2014
|
38,734
|
1A
|
SHTP (1)
|
Handymax
|
N/A
|
|||||||
3
|
STI Pimlico
|
2014
|
38,734
|
1A
|
SHTP (1)
|
Handymax
|
N/A
|
|||||||
4
|
STI Hackney
|
2014
|
38,734
|
1A
|
SHTP (1)
|
Handymax
|
N/A
|
|||||||
5
|
STI Acton
|
2014
|
38,734
|
1A
|
SHTP (1)
|
Handymax
|
N/A
|
|||||||
6
|
STI Fulham
|
2014
|
38,734
|
1A
|
SHTP (1)
|
Handymax
|
N/A
|
|||||||
7
|
STI Camden
|
2014
|
38,734
|
1A
|
SHTP (1)
|
Handymax
|
N/A
|
|||||||
8
|
STI Battersea
|
2014
|
38,734
|
1A
|
SHTP (1)
|
Handymax
|
N/A
|
|||||||
9
|
STI Wembley
|
2014
|
38,734
|
1A
|
SHTP (1)
|
Handymax
|
N/A
|
|||||||
10
|
STI Finchley
|
2014
|
38,734
|
1A
|
SHTP (1)
|
Handymax
|
N/A
|
|||||||
11
|
STI Clapham
|
2014
|
38,734
|
1A
|
SHTP (1)
|
Handymax
|
N/A
|
|||||||
12
|
STI Poplar
|
2014
|
38,734
|
1A
|
SHTP (1)
|
Handymax
|
N/A
|
|||||||
13
|
STI Hammersmith
|
2015
|
38,734
|
1A
|
SHTP (1)
|
Handymax
|
N/A
|
|||||||
14
|
STI Rotherhithe
|
2015
|
38,734
|
1A
|
SHTP (1)
|
Handymax
|
N/A
|
|||||||
15
|
STI Amber
|
2012
|
49,990
|
—
|
SMRP (2)
|
MR
|
Yes
|
|||||||
16
|
STI Topaz
|
2012
|
49,990
|
—
|
SMRP (2)
|
MR
|
Yes
|
|||||||
17
|
STI Ruby
|
2012
|
49,990
|
—
|
SMRP (2)
|
MR
|
Not Yet Installed
|
18
|
STI Garnet
|
2012
|
49,990
|
—
|
SMRP (2)
|
MR
|
Yes
|
|||||||
19
|
STI Onyx
|
2012
|
49,990
|
—
|
SMRP (2)
|
MR
|
Yes
|
|||||||
20
|
STI Fontvieille
|
2013
|
49,990
|
—
|
SMRP (2)
|
MR
|
Not Yet Installed
|
|||||||
21
|
STI Ville
|
2013
|
49,990
|
—
|
SMRP (2)
|
MR
|
Not Yet Installed
|
|||||||
22
|
STI Duchessa
|
2014
|
49,990
|
—
|
SMRP (2)
|
MR
|
Not Yet Installed
|
|||||||
23
|
STI Opera
|
2014
|
49,990
|
—
|
SMRP (2)
|
MR
|
Not Yet Installed
|
|||||||
24
|
STI Texas City
|
2014
|
49,990
|
—
|
SMRP (2)
|
MR
|
Yes
|
|||||||
25
|
STI Meraux
|
2014
|
49,990
|
—
|
SMRP (2)
|
MR
|
Yes
|
|||||||
26
|
STI San Antonio
|
2014
|
49,990
|
—
|
SMRP (2)
|
MR
|
Yes
|
|||||||
27
|
STI Venere
|
2014
|
49,990
|
—
|
SMRP (2)
|
MR
|
Yes
|
|||||||
28
|
STI Virtus
|
2014
|
49,990
|
—
|
SMRP (2)
|
MR
|
Yes
|
|||||||
29
|
STI Aqua
|
2014
|
49,990
|
—
|
SMRP (2)
|
MR
|
Yes
|
|||||||
30
|
STI Dama
|
2014
|
49,990
|
—
|
SMRP (2)
|
MR
|
Yes
|
|||||||
31
|
STI Benicia
|
2014
|
49,990
|
—
|
SMRP (2)
|
MR
|
Yes
|
|||||||
32
|
STI Regina
|
2014
|
49,990
|
—
|
SMRP (2)
|
MR
|
Yes
|
|||||||
33
|
STI St. Charles
|
2014
|
49,990
|
—
|
SMRP (2)
|
MR
|
Yes
|
|||||||
34
|
STI Mayfair
|
2014
|
49,990
|
—
|
SMRP (2)
|
MR
|
Yes
|
|||||||
35
|
STI Yorkville
|
2014
|
49,990
|
—
|
SMRP (2)
|
MR
|
Yes
|
|||||||
36
|
STI Milwaukee
|
2014
|
49,990
|
—
|
SMRP (2)
|
MR
|
Yes
|
|||||||
37
|
STI Battery
|
2014
|
49,990
|
—
|
SMRP (2)
|
MR
|
Yes
|
|||||||
38
|
STI Soho
|
2014
|
49,990
|
—
|
SMRP (2)
|
MR
|
Yes
|
|||||||
39
|
STI Memphis
|
2014
|
49,990
|
—
|
SMRP (2)
|
MR
|
Yes
|
|||||||
40
|
STI Tribeca
|
2015
|
49,990
|
—
|
SMRP (2)
|
MR
|
Yes
|
|||||||
41
|
STI Gramercy
|
2015
|
49,990
|
—
|
SMRP (2)
|
MR
|
Yes
|
|||||||
42
|
STI Bronx
|
2015
|
49,990
|
—
|
SMRP (2)
|
MR
|
Yes
|
|||||||
43
|
STI Pontiac
|
2015
|
49,990
|
—
|
SMRP (2)
|
MR
|
Yes
|
|||||||
44
|
STI Manhattan
|
2015
|
49,990
|
—
|
SMRP (2)
|
MR
|
Yes
|
|||||||
45
|
STI Queens
|
2015
|
49,990
|
—
|
SMRP (2)
|
MR
|
Yes
|
|||||||
46
|
STI Osceola
|
2015
|
49,990
|
—
|
SMRP (2)
|
MR
|
Yes
|
|||||||
47
|
STI Notting Hill
|
2015
|
49,687
|
1B
|
SMRP (2)
|
MR
|
Yes
|
|||||||
48
|
STI Seneca
|
2015
|
49,990
|
—
|
SMRP (2)
|
MR
|
Yes
|
|||||||
49
|
STI Westminster
|
2015
|
49,687
|
1B
|
SMRP (2)
|
MR
|
Yes
|
|||||||
50
|
STI Brooklyn
|
2015
|
49,990
|
—
|
SMRP (2)
|
MR
|
Yes
|
|||||||
51
|
STI Black Hawk
|
2015
|
49,990
|
—
|
SMRP (2)
|
MR
|
Yes
|
|||||||
52
|
STI Galata
|
2017
|
49,990
|
—
|
SMRP (2)
|
MR
|
Yes
|
|||||||
53
|
STI Bosphorus
|
2017
|
49,990
|
—
|
SMRP (2)
|
MR
|
Not Yet Installed
|
|||||||
54
|
STI L |