UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13A-16 OR 15D-16 OF THE SECURITIES EXCHANGE ACT OF 1934

For the month of February 2018

Commission File Number: 001-34677

SCORPIO TANKERS INC.
(Translation of registrant’s name into English)

9, Boulevard Charles III, Monaco 98000
(Address of principal executive office)


Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F [X] Form 40-F [  ]

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b) (1): [  ]

Note: Regulation S-T Rule 101(b)(1) only permits the submission in paper of a Form 6-K if submitted solely to provide an attached annual report to security holders.

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): [  ]

Note: Regulation S-T Rule 101(b)(7) only permits the submission in paper of a Form 6-K if submitted to furnish a report or other document that the registrant foreign private issuer must furnish and make public under the laws of the jurisdiction in which the registrant is incorporated, domiciled or legally organized (the registrant’s “home country”), or under the rules of the home country exchange on which the registrant’s securities are traded, as long as the report or other document is not a press release, is not required to be and has not been distributed to the registrant’s security holders, and, if discussing a material event, has already been the subject of a Form 6-K submission or other Commission filing on EDGAR.
















INFORMATION CONTAINED IN THIS FORM 6-K REPORT

Attached to this Report on Form 6-K as Exhibit 99.1 is a press release issued by Scorpio Tankers Inc. (the "Company") on February 14, 2018 announcing financial results for the fourth quarter of 2017.

The information contained in this Report on Form 6-K, with the exception of the comments of the Company's chief executive officer, is hereby incorporated by reference into the Company's registration statement on Form F-3 (File no. 333-210284) that was filed with the U.S. Securities and Exchange Commission effective March 18, 2016.








SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 
 
 
 
 
 
 
 
 
 
 
SCORPIO TANKERS INC.
 
 
 
 
(registrant)
Dated: February 15, 2018
 
 
 
 
 
 
 
 
 
 
By:
 
/s/ Brian Lee
 
 
 
 
 
 
Brian Lee
 
 
 
 
 
 
Chief Financial Officer



Exhibit




Exhibit 99.1
http://api.tenkwizard.com/cgi/image?quest=1&rid=23&ipage=12063743&doc=3
Scorpio Tankers Inc. Announces Financial Results for the Fourth Quarter of 2017
MONACO--(GLOBE NEWSWIRE - February 14, 2018) - Scorpio Tankers Inc. (NYSE: STNG) ("Scorpio Tankers," or the "Company") today reported its results for the three months and year ended December 31, 2017.
Results for the three months ended December 31, 2017 and 2016
For the three months ended December 31, 2017, the Company's adjusted net loss (see Non-IFRS Measures section below) was $39.2 million, or $0.14 basic and diluted loss per share, which excludes from the net loss (i) $1.3 million of transaction costs related to the previously announced merger with Navig8 Product Tankers Inc ("NPTI") (see Merger with Navig8 Product Tankers Inc below) and (ii) a $1.0 million write-off of deferred financing fees. The adjustments resulted in an aggregate reduction of the Company’s net loss by $2.3 million, or $0.01 per basic and diluted share. For the three months ended December 31, 2017, the Company had a net loss of $41.5 million, or $0.15 basic and diluted loss per share.
For the three months ended December 31, 2016, the Company's adjusted net loss (see Non-IFRS Measures section below) was $29.4 million, or $0.18 basic and diluted loss per share, which excludes a $0.2 million, or $0.00 per basic and diluted share, unrealized loss on derivative financial instruments. For the three months ended December 31, 2016, the Company had a net loss of $29.7 million, or $0.18 basic and diluted loss per share.
Results for the years ended December 31, 2017 and 2016
For the year ended December 31, 2017, the Company's adjusted net loss was $101.7 million (see Non-IFRS Measures section below), or $0.47 basic and diluted loss per share, which excludes from the net loss (i) a $23.3 million loss on sales of vessels, (ii$36.1 million of transaction costs related to the previously announced merger with NPTI, (iii) a $5.4 million gain recorded on the previously announced purchase of the four NPTI subsidiaries that own four LR1 tankers, and (iv) a $2.5 million write-off of deferred financing fees. The adjustments resulted in an aggregate reduction of the Company's net loss by $56.5 million, or $0.26 per basic and diluted share. For the year ended December 31, 2017, the Company had a net loss of $158.2 million, or $0.73 basic and diluted loss per share.
For the year ended December 31, 2016, the Company's adjusted net loss (see Non-IFRS Measures section below) was $10.7 million, or $0.07 basic and diluted loss per share, which excludes (i) a $2.1 million loss on sales of vessels, (ii) an aggregate write-off of $14.5 million of deferred financing fees, (iii) a $1.4 million unrealized gain on derivative financial instruments and (iv) a $1.0 million aggregate gain recorded on the repurchase of $10.0 million aggregate principal amount of the Company's Convertible Notes. The adjustments resulted in an aggregate decrease of the Company's net loss by $14.2 million, or $0.08 per basic and diluted share. For the year ended December 31, 2016, the Company had a net loss of $24.9 million, or $0.15 basic and diluted loss per share.
Emanuele Lauro, chief executive officer and chairman of the board commented, “During the fourth quarter of 2017,  we incurred some additional costs and reductions in revenue from the integration of the NPTI fleet.  We believe that these steps were important in order to better capitalize on the improving product tanker market fundamentals. This improvement is being reflected in higher asset values and higher spot and forward time charter rates."
Declaration of Dividend
On February 13, 2018, the Company's Board of Directors declared a quarterly cash dividend of $0.01 per share, payable on or about March 27, 2018 to all shareholders as of March 12, 2018 (the record date). As of February 13, 2018, there were 326,507,544 shares outstanding.





Diluted Weighted Number of Shares
Diluted earnings per share is determined using the if-converted method. Under this method, the Company assumes that the Convertible Notes (which were issued in June 2014) were converted into common shares at the beginning of each period and the interest and non-cash amortization expense associated with these notes of $5.6 million and $22.3 million during the three months and year ended December 31, 2017, respectively, were not incurred. Conversion is not assumed if the results of this calculation are anti-dilutive.
For the three months and year ended December 31, 2017, the Company's basic weighted average number of shares were 283,668,720 and 215,333,402, respectively. The weighted average number of shares, both diluted and under the if-converted method, were anti-dilutive for the three months and year ended December 31, 2017 as the Company incurred net losses.
For the three months and year ended December 31, 2016, the Company's basic weighted average number of shares were 161,868,161 and 161,118,654, respectively. The weighted average number of shares, both diluted and under the if-converted method, were anti-dilutive for the three months and year ended December 31, 2016 as the Company incurred net losses.
As of the date hereof, the Convertible Notes are not eligible for conversion.
Summary of Recent and Fourth Quarter Significant Events
Below is a summary of the average daily TCE revenue (see Non-IFRS Measures section below) and duration for voyages fixed for the Company's vessels thus far in the first quarter of 2018 as of the date hereof (See 'Other operating data' table below for definition of daily TCE revenue):
For the LR2s in the pool: approximately $15,000 per day for 60% of the days.
For the LR1s in the pool: approximately $9,500 per day for 60% of the days.
For the MRs in the pool: approximately $14,750 per day for 60% of the days.
For the ice-class 1A and 1B Handymaxes in the pool: approximately $12,000 per day for 60% of the days.
Below is a summary of the average daily TCE revenue earned on the Company's vessels during the fourth quarter of 2017:
For the LR2s in the pools: $15,465 per revenue day (includes the LR2s purchased from NPTI and operated in the Navig8 Alpha8 pool for a portion of the fourth quarter 2017).
For the LR1s in the pools: $11,408 per revenue day (includes the LR1s purchased from NPTI and operated in the Navig8 LR8 pool for a portion of the fourth quarter 2017).
For the MRs in the pool: $12,012 per revenue day.
For the ice-class 1A and 1B Handymaxes in the pool: $10,140 per revenue day.
Raised estimated net proceeds of $99.5 million in an underwritten public offering of 34.5 million shares of common stock (including 4.5 million shares of common stock that were issued when the underwriters fully exercised their option to purchase additional shares) at an offering price of $3.00 per share. Scorpio Services Holding Limited (a related party affiliate) purchased 6.7 million of these shares at the offering price. This offering, including the exercise of the underwriters’ overallotment option, closed in December 2017.
Accepted delivery of STI Donald C Trauscht, STI Esles II and STI Jardins, three MR product tankers that were under construction, from Hyundai Mipo Dockyard Co. Ltd. of South Korea ("HMD"). STI Donald C Trauscht was delivered in October 2017; STI Esles II and STI Jardins were both delivered in January 2018. As part of these deliveries, the Company drew down $20.7 million, $21.5 million and $21.5 million in October 2017, December 2017, and January 2018, respectively, from its 2017 Credit Facility to partially finance the purchase of these vessels.
Closed on the previously announced finance lease arrangements for STI Onyx and STI Amber in October and November 2017, respectively, which raised $15.2 million in additional liquidity after the repayment of debt.
Paid a quarterly cash dividend on the Company's common stock of $0.01 per share in December 2017.
Merger with Navig8 Product Tankers Inc
On May 23, 2017, the Company entered into definitive agreements to acquire NPTI, including its fleet of 12 LR1 and 15 LR2 product tankers for 55 million common shares of the Company and the assumption of NPTI's debt. The merger was consummated as follows:





On May 30, 2017, the Company issued 50 million shares of common stock in an underwritten public offering at an offering price of $4.00 per share for net proceeds of approximately $188.7 million, after deducting underwriters' discounts and offering expenses. The completion of this offering was a condition to closing the merger with NPTI.
On June 14, 2017, the Company acquired certain of NPTI’s subsidiaries that own four LR1 tankers for an aggregate acquisition price of $156.0 million, consisting of $42.2 million of cash and $113.8 million of assumed indebtedness (including accrued interest). The cash portion of the acquisition price (after considering cash flows from operations) formed part of the balance sheet of the combined company upon the closing of the merger on September 1, 2017.
On September 1, 2017, the Company acquired the remaining eight LR1 and 15 LR2 tankers upon the closing of the merger.
During the fourth quarter of 2017, certain vessels acquired from NPTI transitioned technical managers and/or transitioned from trading crude oil to clean products.  The Company incurred approximately $3.1 million of additional costs as a result of these transitions and also incurred delays as the cargo tanks were cleaned.  In addition, for a portion of the quarter, certain of these vessels operated outside of the Scorpio pools in the spot market at below market rates before regaining their vettings. The costs are discussed below under 'Explanation of Variances on the Fourth Quarter of 2017 Financial Results Compared to the Fourth Quarter of 2016'.
Finance Lease Agreements
In September 2017, the Company entered into finance lease agreements for five 2012 built MR product tankers (STI Amber, STI Topaz, STI Ruby, STI Garnet and STI Onyx) with an unaffiliated third party for a sales price of $27.5 million per vessel. The financing for STI Topaz, STI Ruby and STI Garnet closed in September 2017. The financing for STI Onyx closed in October 2017 and the financing for STI Amber closed in November 2017. The Company's liquidity increased by $36.5 million in aggregate ($21.3 million in the third quarter of 2017 and $15.2 million in the fourth quarter of 2017), after the repayment of outstanding debt, as a result of the closing of these transactions.
Each agreement is for a fixed term of seven years at a bareboat charter rate of $9,025 per vessel per day, and the Company has three consecutive one-year options to extend each charter beyond the initial term. Furthermore, the Company has the option to purchase these vessels beginning at the end of the fifth year of the agreements through the end of the tenth year of the agreements. A deposit of $5.1 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 the Company at the expiration of the agreement (as applicable).
As a result of these transactions, the Company repaid the outstanding debt balance of (i) $44.6 million in aggregate for three vessels on its 2016 Credit Facility in September 2017, (ii) $13.8 million on its HSH Credit Facility for one vessel in October 2017 and (iii) $14.9 million on its 2016 Credit Facility for one vessel in November 2017. These agreements are being accounted for as financing transactions.
Time Charter-in Update
In February 2018, the Company entered into a new time charter-in agreement on a 2013 built, LR2 product tanker for six months at $14,300 per day. The Company has an option to extend the charter for an additional six months at $15,310 per day. This vessel is expected to be delivered before the end of March 2018.
In January 2018, the Company entered into a new time charter-in agreement on a 2012 built, MR product tanker for one year at $14,000 per day. The Company has an option to extend the charter for an additional year at $14,400 per day. This vessel is expected to be delivered before the end of March 2018.
In November 2017, the Company exercised the option to extend the time charter on a 2013 built, MR product tanker for an additional six months at $13,250 per day effective December 2017. The Company also has an option to extend the charter for an additional year at $14,500 per day.
In November 2017, the Company exercised the option to extend the charter on a 2015 built, LR2 product tanker that is currently time chartered-in for an additional six months at $15,750 per day effective January 2018.
In November 2017, the Company entered into a new time charter-in agreement on a 2013 built, MR product tanker that was previously time chartered-in by the Company for one year at $13,950 per day effective January 2018. The Company has an option to extend the charter for an additional year at $15,750 per day.





$250 Million Securities Repurchase Program
In May 2015, the Company's Board of Directors authorized a Securities Repurchase Program to purchase up to an aggregate of $250 million of the Company's securities which, in addition to its common shares, currently consist of its (i) Convertible Notes, which were issued in June 2014, (ii) Unsecured Senior Notes Due 2020 (NYSE: SBNA), which were issued in May 2014 and (iii) Unsecured Senior Notes Due 2019 (NYSE: SBBC), which were issued in March 2017.
In April 2017, the Company acquired an aggregate of 250,419 of its Unsecured Senior Notes due 2017 for aggregate consideration of $6.3 million, which was the result of the cash tender offer of such notes. The remaining notes matured in October 2017 and were repaid in full.
As of the date hereof, the Company has the authority to purchase up to an additional $147.1 million of its securities under its Securities Repurchase Program. The Company expects to repurchase its securities in the open market, at times and prices that are considered to be appropriate by the Company, but is not obligated under the terms of the Securities Repurchase Program to repurchase any of its securities.
Conference Call
The Company has scheduled a conference call on February 14, 2018 at 9:00 AM Eastern Standard Time and 3:00 PM Central European Time. The dial-in information is as follows:
US Dial-In Number: 1 (855) 861-2416
International Dial-In Number: +1 (703) 736-7422
Conference ID: 5389004
Participants should dial into the call 10 minutes before the scheduled time. The information provided on the teleconference is only accurate at the time of the conference call, and the Company will take no responsibility for providing updated information.
Slides and Audio Webcast:
There will also be a simultaneous live webcast over the internet, through the Scorpio Tankers Inc. website www.scorpiotankers.com. Participants to the live webcast should register on the website approximately 10 minutes prior to the start of the webcast.
Webcast URL: https://edge.media-server.com/m6/p/568uhhv6
Current Liquidity
As of February 13, 2018, the Company had $187.9 million in unrestricted cash and cash equivalents.
Drydock Update
Five of the Company’s 2012 built MR product tankers were drydocked in accordance with their scheduled, class required special survey during the third quarter of 2017 and a portion of October 2017. These vessels were offhire for an aggregate of 102 days and the aggregate drydock cost was $6.4 million.
The Company has five MRs that are scheduled for drydock throughout 2018 and estimates that these vessels will be offhire for an aggregate of 100 days with estimated aggregate drydock costs of approximately $4.0 million.





Debt
Set forth below is a summary of the Company’s outstanding indebtedness as of the dates presented:
In millions of U.S. dollars
 
Outstanding as of September 30, 2017
Drawdowns and (repayments), net
Outstanding as of December 31, 2017
Drawdowns and (repayments), net
Outstanding as of February 13, 2018
K-Sure Credit Facility(1)
 
$
283.5

$
(43.5
)
$
240.0

$

$
240.0

KEXIM Credit Facility
 
333.0


333.0

(4.3
)
328.7

Credit Suisse Credit Facility
 
53.5


53.5


53.5

ABN AMRO Credit Facility
 
115.5

(2.2
)
113.3

(1.7
)
111.6

ING Credit Facility
 
109.9


109.9


109.9

BNP Paribas Credit Facility (1)
 
31.0

11.6

42.6


42.6

Scotiabank Credit Facility
 
28.8


28.8


28.8

NIBC Credit Facility
 
34.7


34.7


34.7

2016 Credit Facility (2)
 
216.2

(20.2
)
196.0


196.0

HSH Nordbank Credit Facility (3)
 
29.7

(14.3
)
15.4

(0.4
)
15.0

2017 Credit Facility (4)
 
101.8

40.0

141.8

20.3

162.1

DVB 2017 Credit Facility
 
79.9

(1.5
)
78.4

(1.5
)
76.9

Credit Agricole Credit Facility
 
110.0

(2.1
)
107.9


107.9

ABN AMRO/K-Sure Credit Facility
 
54.3

(0.9
)
53.4


53.4

Citi/K-Sure Credit Facility
 
114.1

(2.0
)
112.1


112.1

Ocean Yield Sale and Leaseback
 
173.3

(2.7
)
170.6

(0.9
)
169.7

CMBFL Sale and Leaseback
 
68.0

(1.1
)
66.9


66.9

BCFL Sale and Leaseback (LR2s)
 
109.9

(1.8
)
108.1

(0.6
)
107.5

CSSC Sale and Leaseback
 
268.1

(4.3
)
263.8

(1.4
)
262.4

BCFL Sale and Leaseback (MRs)(5)
 
66.6

42.6

109.2

(0.9
)
108.3

2020 senior unsecured notes
 
53.8


53.8


53.8

2017 senior unsecured notes (6)
 
45.5

(45.5
)



2019 senior unsecured notes
 
57.5


57.5


57.5

Convertible Notes
 
348.5


348.5


348.5

 
 
$
2,887.1

$
(47.9
)
$
2,839.2

$
8.6

$
2,847.8







(1)
In December 2017, the Company refinanced the amounts borrowed relating to STI Soho under its K-Sure Credit Facility by repaying $13.3 million on the K-Sure Credit Facility and drawing $13.2 million on the BNP Paribas Credit Facility. The BNP Paribas Credit Facility was amended and restated to upsize its availability for purposes of this refinancing. The upsized portion of the credit facility bears interest at LIBOR plus a margin of 2.30%, and the remaining terms and conditions, including financial covenants, are similar to the facility that was in place prior to the refinancing. The Company wrote off $0.5 million of deferred financing fees during the fourth quarter of 2017 as a result of this transaction.
(2)
In November 2017, the Company repaid $14.9 million on its 2016 Credit Facility as a result of the closing of the previously announced finance lease for STI Amber. The Company wrote off $0.2 million of deferred financing fees during the fourth quarter of 2017 as a result of this transaction.
(3)
In October 2017, the Company repaid $13.8 million on its HSH Credit Facility as a result of the closing of the previously announced finance lease for STI Onyx. The Company wrote off $0.2 million of deferred financing fees during the fourth quarter of 2017 as a result of this transaction.
(4)
The Company drew down $20.7 million, $21.5 million and $21.5 million from its 2017 Credit Facility in October 2017, December 2017 and January 2018, respectively, to partially finance the purchases of STI Donald C Trauscht, STI Esles II and STI Jardins, respectively.
(5)
In September 2017, the Company entered into finance lease agreements with BCFL for five 2012 built MR product tankers (STI Amber, STI Topaz, STI Ruby, STI Garnet and STI Onyx) for a sales price of $27.5 million per vessel. The financing for three of the vessels closed in September 2017. The financing for one of the vessels closed in October 2017, and the financing for the remaining vessel closed in November 2017. Each agreement is for a fixed term of seven years at a bareboat rate of $9,025 per vessel per day, and the Company has three consecutive one year options to extend each charter beyond the initial term. The Company also has the option to purchase these vessels beginning at the end of the fifth year of each agreement through the end of the tenth year of each agreement. A deposit of $5.1 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 the Company at the expiration of the agreement (as applicable). These agreements are being accounted for as financing transactions.
(6)
In October 2017, the Company's Unsecured Senior Notes due 2017 matured and were repaid in full.

Set forth below are the expected, estimated future principal repayments on the Company's outstanding indebtedness which includes amounts due under sale and finance leaseback arrangements:
 
 In millions of U.S. dollars
Q1 2018 - principal payments made to date
$
12.9

Q1 2018 - remaining principal payments
33.8

Q2 2018
33.2

Q3 2018
51.1

Q4 2018
39.0

Q1 2019
63.6

Q2 2019
123.2

Q3 2019
411.9

Q4 2019
38.7

2020 and thereafter
2,053.2

 
 
 
$
2,860.6








Newbuilding Program
As of December 31, 2017, the Company had two MR product tankers under construction with HMD. Both of these vessels, STI Esles II and STI Jardins, were delivered in January 2018. The Company refers to these vessels as its Newbuilding Program, which concluded upon the delivery of STI Jardins.
During the fourth quarter of 2017, the Company made installment payments of $54.1 million relating to vessels under its Newbuilding Program, which included the delivery of STI Donald C Trauscht in October 2017 and the final installment for STI Esles II, which was paid in December 2017 in advance of its delivery in January 2018.
During January 2018, the Company paid $23.5 million as the final installment for the delivery of STI Jardins.
As part of these deliveries, the Company drew down $20.7 million, $21.5 million and $21.5 million in October 2017, December 2017 and January 2018, respectively, from its 2017 Credit Facility to partially finance the purchase of these vessels.

Explanation of Variances on the Fourth Quarter of 2017 Financial Results Compared to the Fourth Quarter of 2016
For the three months ended December 31, 2017, the Company recorded a net loss of $41.5 million compared to a net loss of $29.7 million for the three months ended December 31, 2016. The following were the significant changes between the two periods:
Time charter equivalent, or TCE revenue, a Non-IFRS measure, is vessel revenues less voyage expenses (including bunkers and port charges). TCE revenue is included herein because it is a standard shipping industry performance measure used primarily to compare period-to-period changes in a shipping company's performance irrespective of changes in the mix of charter types (i.e., spot charters, time charters, and pool charters), and it provides useful information to investors and management. The following table depicts TCE revenue for the three months ended December 31, 2017 and 2016:
 
 
 
For the three months ended December 31,
In thousands of U.S. dollars
 
2017
 
2016
 
Vessel revenue
 
$
148,394

 
$
106,068

 
Voyage expenses
 
(3,013
)
 
(420
)
 
TCE revenue
 
$
145,381

 
$
105,648


TCE revenue increased $39.7 million to $145.4 million from $105.6 million for the three months ended December 31, 2017 and 2016, respectively. This increase was driven by the growth of the Company's fleet to an average of 125.5 operating vessels during the three months ended December 31, 2017 from an average of 92.7 operating vessels during the three months ended December 31, 2016. This growth was the result of the merger with NPTI, which closed on September 1, 2017, and the delivery of eight vessels under our Newbuilding Program throughout 2017. TCE revenue per day remained consistent with the fourth quarter of 2016, which reflects unfavorable market conditions that have been driven by an unfavorable supply and demand imbalance that began in 2016 and has persisted throughout 2017.
Vessel operating costs increased $27.9 million to $74.8 million from $46.9 million for the three months ended December 31, 2017 and 2016, respectively. This increase was the result of an increase in the average number of owned and bareboat chartered-in vessels to 116.7 vessels from 77.0 vessels for the three months ended December 31, 2017 and 2016, respectively. This fleet growth was primarily the result of the merger with NPTI, which closed on September 1, 2017 in addition to the delivery of eight vessels under the Company's Newbuilding Program throughout 2017. Additionally, the Company incurred approximately $1.2 million of take over costs for 10 vessels acquired from NPTI that transitioned technical management during the fourth quarter. These costs include additional crew severance and repatriation costs along with the costs for new spares, stores and other supplies but exclude termination fees of $0.4 million which were charged by the various technical managers and have been recorded as Merger transaction related costs, discussed below.
Voyage expenses increased $2.6 million to $3.0 million from $0.4 million for the three months ended December 31, 2017 and 2016, respectively. This increase was primarily the result of certain vessels acquired from NPTI that traded in the spot market during the fourth quarter of 2017 as these vessels transitioned technical managers or transitioned from trading crude oil to clean products. The vessels that transitioned from trading crude oil to clean products incurred approximately $0.7 million of bunker costs and port charges while their tanks were cleaned over an aggregate period of 72 days. These vessels also incurred an additional $0.7 million of directly attributable tank cleaning costs (such as labor and materials), which have been recorded as Merger transaction related costs, discussed below.





Charterhire expense decreased $5.6 million to $18.0 million from $23.5 million for the three months ended December 31, 2017 and 2016, respectively. This decrease was driven by lower average daily base rates on the Company's time chartered-in fleet to an average of $13,681 per vessel per day from an average of $16,262 per vessel per day for the three months ended December 31, 2017 and 2016, respectively. The Company's time and bareboat chartered-in fleet increased to an average of 18.8 vessels, (8.8 time chartered-in vessels and 10.0 bareboat chartered-in vessels) from an average of 15.7 time chartered-in vessels for the three months ended December 31, 2017 and 2016, respectively. There were no bareboat chartered-in vessels during the three months ended December 31, 2016. The average daily base rate for the Company's bareboat chartered-in fleet was $7,362 per vessel per day for the three months ended December 31, 2017.
Depreciation expense increased $12.8 million to $43.5 million from $30.7 million for the three months ended December 31, 2017 and 2016, respectively. This increase was primarily driven by the delivery of two LR2 and six MR tankers under the Company's Newbuilding Program during the year ended December 31, 2017, the delivery of the four LR1 vessels acquired from NPTI in June 2017, and the delivery of eight LR1 and 15 LR2 vessels acquired from NPTI in September 2017. These deliveries were offset by the sales of five MR vessels during 2017.
Merger transaction related costs of $1.3 million during the three months ended December 31, 2017 represent (i) $0.4 million of termination fees incurred to transition the technical management of certain vessels acquired from NPTI, (ii) approximately $0.7 million of costs directly attributable to the cleaning of the cargo tanks of certain vessels acquired from NPTI in order to transition these vessels from trading crude oil to trading clean products (includes directly attributable labor and materials costs but excludes bunker and port costs) and (iii) legal and advisory costs incurred as part of the merger with NPTI.
Financial expenses increased $17.0 million to $38.6 million from $21.7 million for the three months ended December 31, 2017 and 2016, respectively. Financial expenses during the three months ended December 31, 2017 reflect a $1.0 million write-off of deferred financing fees that was recorded during the three months ended December 31, 2017. There were no write-offs of deferred financing fees during the three months ended December 31, 2016. The increase in financial expenses, after removing the effect of deferred financing fee write-offs, was primarily a result of (i) increased interest expense incurred as a result of the assumption of $806.4 million of indebtedness upon the closing of the merger with NPTI on September 1, 2017 and (ii) increases in LIBOR rates when compared to the fourth quarter of 2016.





Scorpio Tankers Inc. and Subsidiaries
Condensed Consolidated Statements of Income or Loss
(unaudited)
 
 
For the three months ended December 31,
 
For the year ended December 31,
In thousands of U.S. dollars except per share and share data
2017
 
2016
 
2017
 
2016
Revenue
 
 
 
 
 
 
 
 
Vessel revenue
$
148,394

 
$
106,068

 
$
512,732

 
$
522,747

 
 
 
 
 
 
 
 
 
Operating expenses
 
 
 
 
 
 
 
 
Vessel operating costs
(74,824
)
 
(46,933
)
 
(231,227
)
 
(187,120
)
 
Voyage expenses
(3,013
)
 
(420
)
 
(7,733
)
 
(1,578
)
 
Charterhire
(17,959
)
 
(23,521
)
 
(75,750
)
 
(78,862
)
 
Depreciation
(43,535
)
 
(30,686
)
 
(141,418
)
 
(121,461
)
 
General and administrative expenses
(11,370
)
 
(12,306
)
 
(47,511
)
 
(54,899
)
 
Loss on sales of vessels

 

 
(23,345
)
 
(2,078
)
 
Merger transaction related costs
(1,299
)
 

 
(36,114
)
 

 
Bargain purchase gain

 

 
5,417

 

 
Total operating expenses
(152,000
)
 
(113,866
)
 
(557,681
)
 
(445,998
)
Operating (loss) / income
(3,606
)
 
(7,798
)
 
(44,949
)
 
76,749

Other (expense) and income, net
 
 
 
 
 
 
 
 
Financial expenses
(38,619
)
 
(21,667
)
 
(116,240
)
 
(104,048
)
 
Realized loss on derivative financial instruments

 

 
(116
)
 

 
Unrealized (loss) / gain on derivative financial instruments

 
(229
)
 

 
1,371

 
Financial income
384

 
50

 
1,538

 
1,213

 
Other expenses, net
332

 
(22
)
 
1,527

 
(188
)
 
Total other expense, net
(37,903
)
 
(21,868
)
 
(113,291
)
 
(101,652
)
Net loss
$
(41,509
)
 
$
(29,666
)
 
$
(158,240
)
 
$
(24,903
)
 
 
 
 
 
 
 
 
 
Loss per share
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Basic
$
(0.15
)
 
$
(0.18
)
 
$
(0.73
)
 
$
(0.15
)
 
Diluted
$
(0.15
)
 
$
(0.18
)
 
$
(0.73
)
 
(0.15
)
 
Basic weighted average shares outstanding
283,668,720

 
161,868,161

 
215,333,402

 
161,118,654

 
Diluted weighted average shares outstanding (1)
283,668,720

 
161,868,161

 
215,333,402

 
161,118,654


(1) The dilutive effect of (i) unvested shares of restricted stock and (ii) the potentially dilutive securities relating to the Company's Convertible Notes were excluded from the computation of diluted earnings per share for the three months and year ended December 31, 2017 because their effect would have been anti-dilutive. Weighted average shares under the if-converted method (which includes the potential dilutive effect of both the unvested shares of restricted stock and our Convertible Notes) were 321,904,030 and 255,402,180 for the three months and year ended December 31, 2017, respectively.





Scorpio Tankers Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
(unaudited)
 
As of
In thousands of U.S. dollars
December 31, 2017
 
December 31, 2016
Assets
 
 
 
Current assets
 
 
 
Cash and cash equivalents
$
186,462

 
$
99,887

Accounts receivable
65,458

 
42,329

Prepaid expenses and other current assets
17,720

 
9,067

Derivative financial instruments

 
116

Inventories
9,713

 
6,122

Total current assets
279,353

 
157,521

Non-current assets
 
 
 
Vessels and drydock
4,090,094

 
2,913,254

Vessels under construction
55,376

 
137,917

Other assets
50,684

 
21,495

Goodwill
11,482

 

Restricted cash
11,387

 

Total non-current assets
4,219,023

 
3,072,666

Total assets
$
4,498,376

 
$
3,230,187

Current liabilities
 
 
 
Current portion of long-term debt
$
113,036

 
$
353,012

Finance lease liability
50,146

 

Accounts payable
13,044

 
9,282

Accrued expenses
32,838

 
23,024

Total current liabilities
209,064

 
385,318

Non-current liabilities
 
 
 
Long-term debt
1,937,018

 
1,529,669

Finance lease liability
666,993

 

Total non-current liabilities
2,604,011


1,529,669

Total liabilities
2,813,075

 
1,914,987

Shareholders' equity
 
 
 
Issued, authorized and fully paid-in share capital:
 
 
 
Share capital
3,766

 
2,247

Additional paid-in capital
2,283,591

 
1,756,769

Treasury shares
(443,816
)
 
(443,816
)
Accumulated deficit
(158,240
)
 

Total shareholders' equity
1,685,301

 
1,315,200

Total liabilities and shareholders' equity
$
4,498,376

 
$
3,230,187







Scorpio Tankers Inc. and Subsidiaries
Condensed Consolidated Statement of Cash Flows
(unaudited)
 
For the year ended December 31,
In thousands of U.S. dollars
2017
 
2016
Operating activities
 
 
 
Net loss
$
(158,240
)
 
$
(24,903
)
Loss on sales of vessels
23,345

 
2,078

Depreciation
141,418

 
121,461

Amortization of restricted stock
22,385

 
30,207

Amortization of deferred financing fees
13,381

 
14,149

Write-off of deferred financing fees
2,467

 
14,479

Bargain purchase gain
(5,417
)
 

Share-based transaction costs
5,973

 

Unrealized gain on derivative financial instruments

 
(1,371
)
Amortization of acquired time charter contracts

 
65

Accretion of Convertible Notes
12,211

 
11,562

Accretion of fair value measurement on debt assumed from NPTI
1,478

 

Gain on repurchase of Convertible Notes

 
(994
)
 
59,001

 
166,733

Changes in assets and liabilities:
 
 
 
(Increase) / decrease in inventories
(1,319
)
 
564

(Increase) / decrease in accounts receivable
(1,478
)
 
26,688

Decrease / (increase) in prepaid expenses and other current assets
12,219

 
(5,546
)
(Increase) / decrease in other assets
(22,651
)
 
2,045

Increase / (decrease) in accounts payable
3,694

 
(2,487
)
Decrease in accrued expenses
(7,665
)
 
(9,486
)
 
(17,200
)
 
11,778

Net cash inflow from operating activities
41,801

 
178,511

Investing activities
 
 
 
Acquisition of vessels and payments for vessels under construction
(258,311
)
 
(126,842
)
Proceeds from disposal of vessels
127,372

 
158,175

Net cash paid for the merger with NPTI
(23,062
)
 

Drydock payments
(5,922
)
 

Net cash (outflow) / inflow from investing activities
(159,923
)
 
31,333

Financing activities
 
 
 
Debt repayments
(546,296
)
 
(753,431
)
Issuance of debt
525,642

 
565,028

Debt issuance costs
(11,758
)
 
(10,679
)
Increase in restricted cash
(2,279
)
 

Repayment of Convertible Notes

 
(8,393
)
Gross proceeds from issuance of common stock
303,500

 

Equity issuance costs
(15,056
)
 
(24
)
Dividends paid
(9,561
)
 
(86,923
)
Redemption of NPTI Redeemable Preferred Shares
(39,495
)
 

Repurchase of common stock

 
(16,505
)
Net cash inflow / (outflow) from financing activities
204,697

 
(310,927
)
Increase / (decrease) in cash and cash equivalents
86,575

 
(101,083
)
Cash and cash equivalents at January 1,
99,887

 
200,970

Cash and cash equivalents at December 31,
$
186,462

 
$
99,887












Scorpio Tankers Inc. and Subsidiaries
Other operating data for the three months and year ended December 31, 2017
(unaudited)
 
 
For the three months ended December 31,
 
For the year ended December 31,
 
 
2017
 
2016
 
2017
 
2016
Adjusted EBITDA(1)   (in thousands of U.S. dollars)
 
$
46,464

 
$
29,997

 
$
174,307

 
$
230,307

 
 
 
 
 
 
 
 
 
Average Daily Results
 
 
 
 
 
 
 
 
Time charter equivalent per day(2)
 
$
12,805

 
$
12,465

 
$
13,146

 
$
15,783

Vessel operating costs per day(3)
 
$
6,971

 
$
6,623

 
$
6,559

 
$
6,576

 
 
 
 
 
 

 

LR2
 
 
 
 
 

 

TCE per revenue day (2)
 
$
15,005

 
$
14,523

 
$
14,849

 
$
20,280

Vessel operating costs per day(3)
 
$
7,187

 
$
6,916

 
$
6,705

 
$
6,734

Average number of owned or finance leased vessels
 
38.0

 
21.0

 
27.5

 
20.3

Average number of time chartered-in vessels
 
1.0

 
2.0

 
1.2

 
2.0

 
 
 
 
 
 

 

LR1
 
 
 
 
 

 

TCE per revenue day (2)
 
$
11,275

 
$
14,856

 
$
11,409

 
$
17,277

Vessel operating costs per day(3)
 
$
7,488

 
$

 
$
7,073

 
$

Average number of owned or finance leased vessels
 
12.0

 

 
4.9

 

Average number of time chartered-in vessels
 

 
1.0

 
0.4

 
0.9

 
 
 
 
 
 

 

MR
 
 
 
 
 

 

TCE per revenue day (2)
 
$
12,377

 
$
11,981

 
$
12,975

 
$
14,898

Vessel operating costs per day(3)
 
$
6,662

 
$
6,510

 
$
6,337

 
$
6,555

Average number of owned or finance leased vessels
 
42.7

 
42.0

 
41.7

 
43.4

Average number of time chartered-in vessels
 
5.9

 
7.7

 
6.7

 
5.2

Average number of bareboat chartered-in vessels
 
3.0

 

 
2.1

 

 
 
 
 
 
 

 

Handymax
 
 
 
 
 

 

TCE per revenue day (2)
 
$
10,747

 
$
11,129

 
$
11,706

 
$
12,615

Vessel operating costs per day(3)
 
$
6,956

 
$
6,522

 
$
6,716

 
$
6,404

Average number of owned or finance leased vessels
 
14.0

 
14.0

 
14.0

 
14.0

Average number of time chartered-in vessels
 
2.0

 
5.0

 
2.0

 
4.6

Average number of bareboat chartered-in vessels
 
7.0

 

 
6.1

 

 
 
 
 
 
 

 

Fleet data
 
 
 
 
 

 

Average number of owned or finance leased vessels
 
106.7

 
77.0

 
88.0

 
77.7

Average number of time chartered-in vessels
 
8.8

 
15.7

 
10.3

 
12.7

Average number of bareboat chartered-in vessels
 
10.0

 

 
8.2

 






 
 
 
 
 
 

 

Drydock
 
 
 
 
 

 

Expenditures for drydock (in thousands of U.S. dollars)
 
$
1,197

 
$

 
$
6,353

 
$




(1)
See Non-IFRS Measures section below.
(2)
Freight rates are commonly measured in the shipping industry in terms of time charter equivalent per day (or TCE per 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 or chartered-in less the number of days the vessel is off-hire for drydock and repairs.
(3)
Vessel operating costs per day represent vessel operating costs divided by the number of operating days during the period. Operating days are the total number of available days in a period with respect to the owned 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.






Fleet list as of February 13, 2018

 
Vessel Name
 
Year Built
 
DWT
 
Ice class
 
Employment
 
Vessel type
 
 
 
 
 
 
 
 
Owned or finance leased vessels
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
1

STI Brixton
 
2014
 
38,734

 
1A
 
 SHTP (1)
 
Handymax
 
 
 
 
 
 
 
2

STI Comandante
 
2014
 
38,734

 
1A
 
 SHTP (1)
 
Handymax
 
 
 
 
 
 
 
3

STI Pimlico
 
2014
 
38,734

 
1A
 
Time Charter (5)
 
Handymax
 
 
 
 
 
 
 
4

STI Hackney
 
2014
 
38,734

 
1A
 
 SHTP (1)
 
Handymax
 
 
 
 
 
 
 
5

STI Acton
 
2014
 
38,734

 
1A
 
 SHTP (1)
 
Handymax
 
 
 
 
 
 
 
6

STI Fulham
 
2014
 
38,734

 
1A
 
 SHTP (1)
 
Handymax
 
 
 
 
 
 
 
7

STI Camden
 
2014
 
38,734

 
1A
 
 SHTP (1)
 
Handymax
 
 
 
 
 
 
 
8

STI Battersea
 
2014
 
38,734

 
1A
 
 SHTP (1)
 
Handymax
 
 
 
 
 
 
 
9

STI Wembley
 
2014
 
38,734

 
1A
 
 SHTP (1)
 
Handymax
 
 
 
 
 
 
 
10

STI Finchley
 
2014
 
38,734

 
1A
 
 SHTP (1)
 
Handymax
 
 
 
 
 
 
 
11

STI Clapham
 
2014
 
38,734

 
1A
 
 SHTP (1)
 
Handymax
 
 
 
 
 
 
 
12

STI Poplar
 
2014
 
38,734

 
1A
 
Time Charter (5)
 
Handymax
 
 
 
 
 
 
 
13

STI Hammersmith
 
2015
 
38,734

 
1A
 
 SHTP (1)
 
Handymax
 
 
 
 
 
 
 
14

STI Rotherhithe
 
2015
 
38,734

 
1A
 
 SHTP (1)
 
Handymax
 
 
 
 
 
 
 
15

STI Amber
 
2012
 
49,990

 
 
SMRP (2)
 
MR
 
 
 
 
 
 
 
16

STI Topaz
 
2012
 
49,990

 
 
SMRP (2)
 
MR
 
 
 
 
 
 
 
17

STI Ruby
 
2012
 
49,990

 
 
SMRP (2)
 
MR
 
 
 
 
 
 
 
18

STI Garnet
 
2012
 
49,990

 
 
SMRP (2)
 
MR
 
 
 
 
 
 
 
19

STI Onyx
 
2012
 
49,990

 
 
SMRP (2)
 
MR
 
 
 
 
 
 
 
20

STI Fontvieille
 
2013
 
49,990

 
 
SMRP (2)
 
MR
 
 
 
 
 
 
 
21

STI Ville
 
2013
 
49,990

 
 
SMRP (2)
 
MR
 
 
 
 
 
 
 
22

STI Duchessa
 
2014
 
49,990

 
 
SMRP (2)
 
MR
 
 
 
 
 
 
 
23

STI Opera
 
2014
 
49,990

 
 
SMRP (2)
 
MR
 
 
 
 
 
 
 
24

STI Texas City
 
2014
 
49,990

 
 
SMRP (2)
 
MR
 
 
 
 
 
 
 
25

STI Meraux
 
2014
 
49,990

 
 
SMRP (2)
 
MR
 
 
 
 
 
 
 
26

STI San Antonio
 
2014
 
49,990

 
 
SMRP (2)
 
MR
 
 
 
 
 
 
 
27

STI Venere
 
2014
 
49,990

 
 
SMRP (2)
 
MR
 
 
 
 
 
 
 
28

STI Virtus
 
2014
 
49,990

 
 
SMRP (2)
 
MR
 
 
 
 
 
 
 
29

STI Aqua
 
2014
 
49,990

 
 
SMRP (2)
 
MR
 
 
 
 
 
 
 
30

STI Dama
 
2014
 
49,990

 
 
SMRP (2)
 
MR
 
 
 
 
 
 
 
31

STI Benicia
 
2014
 
49,990

 
 
SMRP (2)
 
MR
 
 
 
 
 
 
 
32

STI Regina
 
2014
 
49,990

 
 
SMRP (2)
 
MR
 
 
 
 
 
 
 
33

STI St. Charles
 
2014
 
49,990

 
 
SMRP (2)
 
MR
 
 
 
 
 
 
 
34

STI Mayfair
 
2014
 
49,990

 
 
SMRP (2)
 
MR
 
 
 
 
 
 
 
35

STI Yorkville
 
2014
 
49,990

 
 
SMRP (2)
 
MR
 
 
 
 
 
 
 
36

STI Milwaukee
 
2014
 
49,990

 
 
SMRP (2)
 
MR
 
 
 
 
 
 
 
37

STI Battery
 
2014
 
49,990

 
 
SMRP (2)
 
MR
 
 
 
 
 
 
 
38

STI Soho
 
2014
 
49,990

 
 
SMRP (2)
 
MR
 
 
 
 
 
 
 
39

STI Memphis
 
2014
 
49,995

 
 
SMRP (2)
 
MR
 
 
 
 
 
 
 
40

STI Tribeca
 
2015
 
49,990

 
 
SMRP (2)
 
MR
 
 
 
 
 
 
 
41

STI Gramercy
 
2015
 
49,990

 
 
SMRP (2)
 
MR
 
 
 
 
 
 
 
42

STI Bronx
 
2015
 
49,990

 
 
SMRP (2)
 
MR
 
 
 
 
 
 
 
43

STI Pontiac
 
2015
 
49,990

 
 
SMRP (2)
 
MR
 
 
 
 
 
 
 
44

STI Manhattan
 
2015
 
49,990

 
 
SMRP (2)
 
MR
 
 
 
 
 
 
 





45

STI Queens
 
2015
 
49,990

 
 
SMRP (2)
 
MR
 
 
 
 
 
 
 
46

STI Osceola
 
2015
 
49,990

 
 
SMRP (2)
 
MR
 
 
 
 
 
 
 
47

STI Notting Hill
 
2015
 
49,687

 
1B
 
Time Charter (6)
 
MR
 
 
 
 
 
 
 
48

STI Seneca
 
2015
 
49,990

 
 
SMRP (2)
 
MR
 
 
 
 
 
 
 
49

STI Westminster
 
2015
 
49,687

 
1B
 
Time Charter (6)
 
MR
 
 
 
 
 
 
 
50

STI Brooklyn
 
2015
 
49,990

 
 
SMRP (2)
 
MR
 
 
 
 
 
 
 
51

STI Black Hawk
 
2015
 
49,990

 
 
SMRP (2)
 
MR
 
 
 
 
 
 
 
52

STI Galata
 
2017
 
49,990

 
 
SMRP (2)
 
MR
 
 
 
 
 
 
 
53

STI Bosphorus
 
2017
 
49,990

 
 
SMRP (2)
 
MR
 
 
 
 
 
 
 
54

STI Leblon
 
2017
 
49,990

 
 
SMRP (2)
 
MR
 
 
 
 
 
 
 
55

STI La Boca
 
2017
 
49,990

 
 
SMRP (2)
 
MR
 
 
 
 
 
 
 
56

STI San Telmo
 
2017
 
49,990

 
1B
 
SMRP (2)
 
MR
 
 
 
 
 
 
 
57

STI Donald C Trauscht
 
2017
 
49,990

 
1B
 
SMRP (2)
 
MR
 
 
 
 
 
 
 
58

STI Esles II
 
2018
 
49,990

 
1B
 
Spot (7)
 
MR
 
 
 
 
 
 
 
59

STI Jardins
 
2018
 
49,990

 
1B
 
Spot (7)
 
MR
 
 
 
 
 
 
 
60

STI Excel
 
2015
 
74,000

 
 
SLR1P (3)
 
LR1
 
 
 
 
 
 
 
61

STI Excelsior
 
2016
 
74,000

 
 
SLR1P (3)
 
LR1
 
 
 
 
 
 
 
62

STI Expedite
 
2016
 
74,000

 
 
SLR1P (3)
 
LR1
 
 
 
 
 
 
 
63

STI Exceed
 
2016
 
74,000

 
 
SLR1P (3)
 
LR1
 
 
 
 
 
 
 
64

STI Executive
 
2016
 
74,000

 
 
SLR1P (3)
 
LR1
 
 
 
 
 
 
 
65

STI Excellence
 
2016
 
74,000

 
 
SLR1P (3)
 
LR1
 
 
 
 
 
 
 
66

STI Experience
 
2016
 
74,000

 
 
SLR1P (3)
 
LR1
 
 
 
 
 
 
 
67

STI Express
 
2016
 
74,000

 
 
SLR1P (3)
 
LR1
 
 
 
 
 
 
 
68

STI Precision
 
2016
 
74,000

 
 
SLR1P (3)
 
LR1
 
 
 
 
 
 
 
69

STI Prestige
 
2016
 
74,000

 
 
SLR1P (3)
 
LR1
 
 
 
 
 
 
 
70

STI Pride
 
2016
 
74,000

 
 
SLR1P (3)
 
LR1
 
 
 
 
 
 
 
71

STI Providence
 
2016
 
74,000

 
 
SLR1P (3)
 
LR1
 
 
 
 
 
 
 
72

STI Elysees
 
2014
 
109,999

 
 
SLR2P (4)
 
LR2
 
 
 
 
 
 
 
73

STI Madison
 
2014
 
109,999

 
 
SLR2P (4)
 
LR2
 
 
 
 
 
 
 
74

STI Park
 
2014
 
109,999

 
 
SLR2P (4)
 
LR2
 
 
 
 
 
 
 
75

STI Orchard
 
2014
 
109,999

 
 
SLR2P (4)
 
LR2
 
 
 
 
 
 
 
76

STI Sloane
 
2014
 
109,999

 
 
SLR2P (4)
 
LR2
 
 
 
 
 
 
 
77

STI Broadway
 
2014
 
109,999

 
 
SLR2P (4)
 
LR2
 
 
 
 
 
 
 
78

STI Condotti
 
2014
 
109,999

 
 
SLR2P (4)
 
LR2
 
 
 
 
 
 
 
79

STI Rose
 
2015
 
109,999

 
 
Time Charter (8)
 
LR2
 
 
 
 
 
 
 
80

STI Veneto
 
2015
 
109,999

 
 
SLR2P (4)
 
LR2
 
 
 
 
 
 
 
81

STI Alexis
 
2015
 
109,999

 
 
SLR2P (4)
 
LR2
 
 
 
 
 
 
 
82

STI Winnie
 
2015
 
109,999

 
 
SLR2P (4)
 
LR2
 
 
 
 
 
 
 
83

STI Oxford
 
2015
 
109,999

 
 
SLR2P (4)
 
LR2
 
 
 
 
 
 
 
84

STI Lauren
 
2015
 
109,999

 
 
SLR2P (4)
 
LR2
 
 
 
 
 
 
 
85

STI Connaught
 
2015
 
109,999

 
 
SLR2P (4)
 
LR2
 
 
 
 
 
 
 
86

STI Spiga
 
2015
 
109,999

 
 
SLR2P (4)
 
LR2
 
 
 
 
 
 
 
87

STI Savile Row
 
2015
 
109,999

 
 
SLR2P (4)
 
LR2
 
 
 
 
 
 
 
88

STI Kingsway
 
2015
 
109,999

 
 
SLR2P (4)
 
LR2
 
 
 
 
 
 
 
89

STI Carnaby
 
2015
 
109,999

 
 
SLR2P (4)
 
LR2
 
 
 
 
 
 
 
90

STI Solidarity
 
2015
 
109,999

 
 
SLR2P (4)
 
LR2
 
 
 
 
 
 
 
91

STI Lombard
 
2015
 
109,999

 
 
SLR2P (4)
 
LR2
 
 
 
 
 
 
 
92

STI Grace
 
2016
 
109,999

 
 
SLR2P (4)
 
LR2
 
 
 
 
 
 
 
93

STI Jermyn
 
2016
 
109,999

 
 
SLR2P (4)
 
LR2
 
 
 
 
 
 
 
94

STI Sanctity
 
2016
 
109,999

 
 
SLR2P (4)
 
LR2
 
 
 
 
 
 
 
95

STI Solace
 
2016
 
109,999

 
 
SLR2P (4)
 
LR2
 
 
 
 
 
 
 





96

STI Stability
 
2016
 
109,999

 
 
SLR2P (4)
 
LR2
 
 
 
 
 
 
 
97

STI Steadfast
  
2016
 
109,999

 
 
SLR2P (4)
 
LR2
 
 
 
 
 
 
 
98

STI Supreme
 
2016
 
109,999

 
 
SLR2P (4)
 
LR2
 
 
 
 
 
 
 
99

STI Symphony
 
2016
 
109,999

 
 
SLR2P (4)
 
LR2
 
 
 
 
 
 
 
100

STI Selatar
 
2017
 
109,999

 
 
SLR2P (4)
 
LR2
 
 
 
 
 
 
 
101

STI Rambla
 
2017
 
109,999

 
 
SLR2P (4)
 
LR2
 
 
 
 
 
 
 
102

STI Gallantry
 
2016
 
113,000

 
 
SLR2P (4)
 
LR2
 
 
 
 
 
 
 
103

STI Goal
 
2016
 
113,000

 
 
SLR2P (4)
 
LR2
 
 
 
 
 
 
 
104

STI Nautilus
 
2016
 
113,000

 
 
SLR2P (4)
 
LR2
 
 
 
 
 
 
 
105

STI Guard
 
2016
 
113,000

 
 
SLR2P (4)
 
LR2
 
 
 
 
 
 
 
106

STI Guide
 
2016
 
113,000

 
 
SLR2P (4)
 
LR2
 
 
 
 
 
 
 
107

STI Gauntlet
 
2017
 
113,000

 
 
SLR2P (4)
 
LR2
 
 
 
 
 
 
 
108

STI Gladiator
 
2017
 
113,000

 
 
SLR2P (4)
 
LR2
 
 
 
 
 
 
 
109