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 July 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 July 31, 2018 announcing financial results for the second quarter of 2018, declaration of a quarterly dividend, and a new sale and leaseback agreement for four product tankers.

The information contained in this Report on Form 6-K 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: July 31, 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=12380028&doc=3
Scorpio Tankers Inc. Announces Financial Results for the Second Quarter of 2018, Declaration of a Quarterly Dividend, and a New Sale and Leaseback Agreement for Four Product Tankers
MONACO--(GLOBE NEWSWIRE - July 31, 2018) - Scorpio Tankers Inc. (NYSE: STNG) ("Scorpio Tankers", or the "Company") today reported its results for the three and six months ended June 30, 2018.
The Company also announced that its Board of Directors has declared a quarterly cash dividend of $0.01 per share on the Company’s common stock and that it has agreed to sell and leaseback four additional product tankers.
Results for the three months ended June 30, 2018 and 2017
For the three months ended June 30, 2018, the Company's adjusted net loss (see Non-IFRS Measures section below) was $44.9 million, or $0.15 basic and diluted loss per share, which excludes from the net loss (i) a $17.0 million loss recorded on the Company's exchange of its Convertible Notes due 2019 for newly issued Convertible Notes due 2022 (the "Convertible Notes Exchange", which is described below), and (ii) a $7.0 million write-off of deferred financing fees. The adjustments resulted in an aggregate reduction of the Company’s net loss by $24.0 million or $0.08 per basic and diluted share. For the three months ended June 30, 2018, the Company had a net loss of $68.9 million, or $0.22 basic and diluted loss per share.
For the three months ended June 30, 2017, the Company's adjusted net loss (see Non-IFRS Measures section below) was $17.0 million or $0.09 basic and diluted loss per share, which excludes from the net loss (i) a $23.4 million loss on sales of vessels and write-down of vessel held for sale, (ii) $32.5 million of transaction costs related to the merger with Navig8 Product Tankers Inc ("NPTI"), (iii) a $5.4 million gain recorded upon the purchase of the four subsidiaries of NPTI that own four LR1 tankers, and (iv) a $0.8 million write-off of deferred financing fees. The adjustments resulted in an aggregate reduction of the Company’s net loss by $51.3 million or $0.28 per basic and diluted share. For the three months ended June 30, 2017, the Company had a net loss of $68.3 million, or $0.38 basic and diluted loss per share.
Results for the six months ended June 30, 2018 and 2017
For the six months ended June 30, 2018, the Company's adjusted net loss was $76.4 million (see Non-IFRS Measures section below), or $0.25 basic and diluted loss per share, which excludes from the net loss (i) a $17.0 million loss recorded on the Convertible Notes Exchange, (ii) a $7.0 million write off of deferred financing fees and (iii) $0.3 million of transaction costs related to the merger with NPTI. The adjustments resulted in an aggregate reduction of the Company's net loss by $24.3 million or $0.08 per basic and diluted share.  For the six months ended June 30, 2018, the Company had a net loss of $100.7 million, or $0.33 basic and diluted loss per share.
For the six months ended June 30, 2017, the Company's adjusted net loss was $28.5 million (see Non-IFRS Measures section below), or $0.17 basic and diluted loss per share, which excludes from the net loss (i) a $23.4 million loss on sales of vessels and write-down of vessel held for sale, (ii) $32.5 million of transaction costs related to the merger with NPTI, (iii) a $5.4 million gain recorded upon the purchase of the four NPTI subsidiaries that own four LR1 tankers, and (iv) a $0.9 million write-off of deferred financing fees.  The adjustments resulted in an aggregate reduction of the Company's net loss by $51.3 million or $0.30 per basic and diluted share.  For the six months ended June 30, 2017, the Company had a net loss of $79.8 million, or $0.46 basic and diluted loss per share.





Declaration of Dividend
On July 30, 2018, the Company's Board of Directors declared a quarterly cash dividend of $0.01 per share, payable on or about September 27, 2018 to all shareholders of record as of September 20, 2018 (the record date). As of July 30, 2018, there were 331,629,992 shares outstanding.
Summary of Other Recent and Second Quarter Significant Events
Below is a summary of the average daily Time Charter Equivalent (TCE) revenue (see Non-IFRS Measures section below) and duration for voyages fixed for the Company's vessels thus far in the third quarter of 2018 as of the date hereof (See footnotes to 'Other operating data' table below for the definition of daily TCE revenue):
For the LR2s in the pool: approximately $12,000 per day for 45% of the days.
For the LR1s in the pool: approximately $8,000 per day for 35% of the days.
For the MRs in the pool: approximately $11,000 per day for 40% of the days.
For the ice-class 1A and 1B Handymaxes in the pool: approximately $8,000 per day for 40% of the days.
Below is a summary of the average daily TCE revenue earned on the Company's vessels during the second quarter of 2018:
For the LR2s in the pool: $12,669 per revenue day.
For the LR1s in the pool: $11,090 per revenue day.
For the MRs in the pool: $12,305 per revenue day.
For the ice-class 1A and 1B Handymaxes in the pool: $10,635 per revenue day.
In May and July 2018, the Company closed offers to exchange $203.5 million ($188.5 million in May 2018 and $15.0 million in July 2018) aggregate principal amount of its existing convertible senior notes due 2019 (the "Convertible Notes due 2019") for the same aggregate principal amount of new convertible senior notes due 2022 (the "Convertible Notes due 2022"). The terms and conditions of the Convertible Notes due 2022 are described below.
In July 2018, the Company reached an agreement (which has not previously been announced) to sell and leaseback two Handymax product tankers (STI Battersea and STI Wembley) and two MR product tankers (STI Texas City and STI Meraux) to an international financial institution. The Company expects to raise an aggregate of $31.8 million in new liquidity, after the repayment of the existing debt, upon completion. These transactions are expected to close before September 30, 2018 and are subject to customary conditions precedent and the execution of definitive documentation.
In June 2018, the Company executed a $120.6 million senior secured term loan facility with ABN AMRO Bank N.V. and Skandinaviska Enskilda Banken AB (the "ABN/SEB Credit Facility"). This loan was fully drawn in June 2018 and the proceeds were used to refinance the existing indebtedness on five vessels which were previously financed under the Company's K-Sure Credit Facility. The Company raised $33.0 million in new liquidity, after the repayment of the existing debt, as a result of this transaction.
Excluding the ABN/SEB Credit Facility (described above), the Company has entered into agreements to refinance a total of 36 vessels through a series of bank loans and lease financing arrangements during the second and third quarters of 2018. These transactions, which are described below, are expected to raise $286.6 million in aggregate of new liquidity after the repayment of the existing secured debt related to these vessels, and are expected to close by September 30, 2018.
In May 2018, the Company entered into an agreement to time charter-in a 2015 built LR2 product tanker for six months at $14,800 per day.
In June 2018, the Company paid a quarterly cash dividend with respect to the first quarter of 2018 on the Company's common stock of $0.01 per share.
Convertible Notes Exchange
In May and July 2018, the Company closed separate exchange offers pursuant to which certain holders of the Company’s Convertible Notes due 2019 exchanged $203.5 million in aggregate principal amount of such notes for the same aggregate principal amount of newly issued Convertible Notes due 2022. These transactions closed on two separate dates whereby $188.5 million aggregate principal amount of notes were exchanged in May 2018 and $15.0 million aggregate principal amount of notes were exchanged in July 2018.





The Convertible Notes due 2022 bear a coupon rate of 3.0%, which is payable semi-annually on November 15 and May 15 of each year and carried an initial conversion rate of 250 shares of the Company's common stock per $1,000 principal amount ($4.00 per share). The conversion rate is subject to adjustment from time to time upon the occurrence of certain events (such as the payment of dividends). The conversion rate was adjusted to 250.8117 shares of the Company's common stock per $1,000 principal amount on June 6, 2018 due to the scheduled payment of a quarterly dividend. The Convertible Notes due 2022 mature on May 15, 2022 and are non-redeemable. The remaining terms and conditions are similar to those set forth in the Convertible Notes due 2019.
During the second quarter of 2018, the Company recorded a loss on extinguishment of the Convertible Notes due 2019 of $17.0 million, and wrote off $1.1 million of deferred financing fees, as a result of the May 2018 exchange.
Update on Refinancing Initiatives
The table and discussion set forth below summarizes the status of the Company’s previously announced refinancing initiatives.
 
Agreement
Closing date (1)
Expected new liquidity (2) 

In millions of U.S. dollars
Number of vessels to be refinanced
1

$90.0 million sale and leaseback
Q3 2018
$
31.8

Four
2

ABN AMRO/SEB Credit Facility
June 2018
33.0

Five
3

ING Credit Facility Upsize
Q3 2018
11.8

Two
4

$36.7 million Term Loan Facility
Q3 2018
9.2

Two
5

China Huarong Shipping sale and leaseback
Q3 2018
51.3

Six
6

AVIC International sale and leaseback
Q3 2018
43.9

Five
7

CMB sale and leaseback
Q3 2018
54.1

Six
8

$116.0 million sale and leaseback
Q3 2018
42.5

Four
9

$157.5 million sale and leaseback
Q3 2018
42.0

Seven

 
 
$
319.6

41 vessels
(1)    Represents the actual (if in Q2 2018) or expected (if in Q3 2018) closing date of each facility.
(2)    Represents the approximate amount of new liquidity the Company raised, or expects to raise (depending on the closing date), after the repayment of the existing indebtedness.

Sale and Leasebacks of Four Product Tankers (a new agreement which has not previously been announced)
In July 2018, the Company reached an agreement to sell and leaseback two Handymax product tankers (STI Battersea and STI Wembley) and two MR product tankers (STI Texas City and STI Meraux) to an international financial institution. The borrowing amounts under the arrangement are up to $22.0 million per Handymax and $23.0 million per MR ($90.0 million in aggregate), and the Company expects to raise an aggregate of $31.8 million in new liquidity, after the repayment of the existing debt, upon completion.
Each agreement is for a fixed term of eight years, and the Company has options to purchase the vessels beginning at the end of the second year of each agreement. The facility bears interest at LIBOR plus a margin of 3.6% per annum and will be repaid in quarterly installments of $0.5 million per vessel. Each agreement also has a purchase obligation at the end of the eighth year, which is equal to the outstanding principal balance at that date. These transactions are expected to close before September 30, 2018 and are subject to customary conditions precedent and the execution of definitive documentation.
ABN AMRO/SEB Credit Facility
In June 2018, the Company executed the ABN/SEB Credit Facility, a $120.6 million senior secured term loan facility with ABN AMRO Bank N.V. and Skandinaviska Enskilda Banken AB. This loan was fully drawn in June 2018 and the proceeds were used to refinance the existing indebtedness on five vessels consisting of one Handymax product tanker (STI Hammersmith), one MR product tanker (STI Westminster), and three LR2 product tankers (STI Connaught, STI Winnie and STI Lauren). These five vessels were previously financed under the K-Sure Credit Facility. As a result of this transaction, the Company raised $33.0 million in new liquidity, after the repayment of the existing debt, and wrote off $3.3 million of deferred financing fees during the second quarter of 2018.





The ABN/SEB Credit Facility has a final maturity of June 2023 and bears interest at LIBOR plus a margin of 2.60% per annum. Principal payments will be an aggregate of $2.9 million per quarter for the first eight installments and $2.5 million per quarter thereafter, with a balloon payment due upon maturity. The remaining terms and conditions, including financial covenants, are similar to those set forth in the Company’s existing credit facilities.
ING Credit Facility Upsize
In June 2018, the Company executed an agreement to upsize its $132.5 million credit facility with ING Bank N.V. to $171.2 million. The upsized portion of the loan facility will be used to finance up to 65% of the fair market value of one Handymax product tanker (STI Rotherhithe) and one MR product tanker (STI Notting Hill), which are currently financed under the Company’s K-Sure Credit Facility. This transaction is expected to close before September 30, 2018, and the Company expects to raise $11.8 million in new liquidity, after the repayment of the existing debt, upon closing. The Company accelerated $0.5 million of deferred financing fee amortization during the second quarter of 2018 as a result of this agreement and expects to write off an additional $0.5 million of deferred financing fees upon closing.
The upsized portion of the loan facility has a final maturity of June 2022 and bears interest at LIBOR plus a margin of 2.40% per annum. Principal payments will be an aggregate of $1.0 million per quarter for the first eight installments and $0.8 million per quarter thereafter, with a balloon payment due upon maturity. The remaining terms and conditions, including financial covenants, are similar to those set forth in the Company’s existing credit facilities.
$36.7 million Term Loan Facility
In June 2018, the Company executed an agreement with a leading European financial institution for a loan facility of up to $36.7 million. The loan facility will be used to refinance the existing indebtedness related to two MR product tankers (STI Memphis and STI Soho), which are currently financed under the BNP Paribas Credit Facility. This transaction is expected to close before September 30, 2018 and the Company expects to raise $9.2 million in new liquidity, after the repayment of the existing debt, upon closing. The Company accelerated $0.1 million of deferred financing fee amortization during the second quarter of 2018 as a result of this agreement and expects to write off an additional $0.1 million of deferred financing fees upon closing.
The loan facility has a final maturity of June 2021, bears interest at LIBOR plus a margin of 2.50% per annum and will be repaid in equal quarterly installments of $0.8 million, in aggregate, with a balloon payment due upon maturity. The remaining terms and conditions, including financial covenants, are similar to those set forth in the Company’s existing credit facilities.
China Huarong Shipping Financial Leases
In May 2018, the Company reached an agreement to sell and leaseback six 2014 built MR product tankers, (STI Opera, STI Virtus, STI Venere, STI Aqua, STI Dama and STI Regina) to China Huarong Shipping Financial Leasing Co., Ltd. These vessels are currently financed under the Company's 2016 Credit Facility. The borrowing amount under the arrangement is $144.0 million in aggregate, and the Company expects to raise an aggregate of $51.3 million in new liquidity, after the repayment of the existing debt, upon completion. These agreements are expected to close before September 30, 2018. The Company accelerated $0.4 million of deferred financing fee amortization during the second quarter of 2018 as a result of this agreement and expects to write off an additional $0.8 million of deferred financing fees upon closing.
Each agreement is for a fixed term of eight years, and the Company has options to purchase the vessels beginning at the end of the third year of each agreement. The lease bears interest at LIBOR plus a margin of 3.5% per annum and will be repaid in equal quarterly principal installments of $0.6 million per vessel. Each agreement also has a purchase obligation at the end of the eighth year, which is equal to the outstanding principal balance at that date. These agreements are subject to customary conditions precedent and the execution of definitive documentation.





AVIC International Financial Leases
In July 2018, the Company executed an agreement to sell and leaseback three MR product tankers (STI Ville, STI Fontvieille and STI Brooklyn) and two LR2 product tankers (STI Rose and STI Rambla) to AVIC International Leasing Co., Ltd. The borrowing amounts under the arrangement are $24.0 million per MR and $36.5 million per LR2 ($145.0 million in aggregate), and the Company expects to raise an aggregate of $43.9 million in new liquidity, after the repayment of the existing debt, upon completion. These agreements are expected to close before September 30, 2018. The Company accelerated $0.8 million of deferred financing fee amortization during the second quarter of 2018 as a result of this agreement and expects to write off an additional $1.2 million of deferred financing fees upon closing.
Each agreement is for a fixed term of eight years, and the Company has options to purchase the vessels beginning at the end of the second year of each agreement. The lease bears interest at LIBOR plus a margin of 3.7% per annum and will be repaid in quarterly principal installments of $0.5 million per MR and $0.8 million per LR2. Each agreement also has a purchase obligation at the end of the eighth year, which is equal to the outstanding principal balance at that date. These agreements are subject to customary conditions precedent and the execution of definitive documentation.
CMB Financial Leases
In July 2018, the Company executed an agreement to sell and leaseback six MR product tankers (STI Battery, STI Milwaukee, STI Tribeca, STI Bronx, STI Manhattan, and STI Seneca) to CMB Financial Leasing Co., Ltd. The borrowing amount under the arrangement is $141.6 million in aggregate, and the Company expects to raise an aggregate of $54.1 million in new liquidity, after the repayment of the existing debt, upon completion. These agreements are expected to close before September 30, 2018. The Company accelerated $0.6 million of deferred financing fee amortization during the second quarter of 2018 as a result of this agreement and expects to write off an additional $1.5 million of deferred financing fees upon closing.
Each agreement is for a fixed term of eight years, and the Company has options to purchase the vessels at the start of the fourth year of each agreement. The lease bears interest at LIBOR plus a margin of 3.2% per annum and will be repaid in quarterly principal installments of $0.4 million per vessel. Each agreement also has a purchase obligation at the end of the eighth year, which is equal to the outstanding principal balance at that date.
Sale and Leasebacks of Four Product Tankers
In June 2018, the Company reached an agreement to sell and leaseback two MR product tankers (STI Gramercy and STI Queens) and two LR2 product tankers (STI Oxford and STI Selatar) in two separate transactions to an international financial institution. The borrowing amounts under the arrangement are $24.0 million per MR and $34.0 million per LR2 ($116.0 million in aggregate), and the Company expects to raise an aggregate of $42.5 million in new liquidity, after the repayment of the existing debt, upon completion. These agreements are expected to close before September 30, 2018. The Company accelerated $0.2 million of deferred financing fee amortization during the second quarter of 2018 as a result of this agreement and expects to write off an additional $2.2 million of deferred financing fees upon closing.
As part of the agreements, the Company will bareboat charter-in the vessels for a period of seven years at $7,935 per day for each MR and $11,040 per day for each LR2. In addition, the Company has purchase options beginning at the end of the third year of each agreement, and there is also a purchase obligation for each vessel upon the expiration of each agreement. These agreements are subject to customary conditions precedent and the execution of definitive documentation.
Sale and Leasebacks of Seven Product Tankers
In July 2018, the Company reached an agreement to sell and leaseback six MR product tankers (STI San Antonio, STI Benicia, STI St. Charles, STI Yorkville, STI Mayfair and STI Duchessa) and one LR2 product tanker (STI Alexis) to an international financial institution. The borrowing amounts under the arrangement are up to $21.3 million per MR and $29.7 million for the LR2 ($157.5 million in aggregate), and the Company expects to raise an aggregate of $42.0 million in new liquidity, after the repayment of the existing debt, upon completion.
Each agreement is for a fixed term of seven years, and the Company has options to purchase the vessels beginning at the end of the third year of each agreement. The lease bears interest at LIBOR plus a margin of 3.0% per annum and will be repaid in quarterly principal installments of $0.5 million per MR and $0.6 million for the LR2. Each agreement also has a purchase obligation at the end of the seventh year, which is equal to the outstanding principal balance at that date. These agreements are expected to close before September 30, 2018 and are subject to customary conditions precedent and the execution of definitive documentation.
Time Charter-in Update
In May 2018, the Company entered into a new time charter-in agreement on a 2015 built, LR2 product tanker for six months at $14,800 per day. The Company has an option to extend the charter for an additional six months at $15,350 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 due 2019 (ii) Unsecured Senior Notes Due 2020 (NYSE: SBNA), which were issued in May 2014, (iii) Unsecured Senior Notes Due 2019 (NYSE: SBBC), which were issued in March 2017, and (iv) Convertible Notes due 2022.
No securities were repurchased under this program during the period commencing January 1, 2018 and ending on the date of this press release.
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.
Diluted Weighted Number of Shares
Diluted earnings per share is determined using the if-converted method. Under this method, the Company assumes that its Convertible Notes due 2019 and Convertible Notes due 2022 (which were issued in June 2014 and May 2018, respectively) were converted into common shares at the beginning of each period and the interest and non-cash amortization expense associated with these notes of $5.7 million and $11.5 million during the three and six months ended June 30, 2018, respectively, were not incurred. Conversion is not assumed if the results of this calculation are anti-dilutive.
For the three and six months ended June 30, 2018, the Company's basic weighted average number of shares was 309,575,449 and 308,914,701, respectively. The weighted average number of shares, both diluted and under the if-converted method, were anti-dilutive for the three and six months ended June 30, 2018, respectively, as the Company incurred net losses.
As of the date hereof, the Convertible Notes due 2019 and Convertible Notes due 2022 are not eligible for conversion.
Conference Call
The Company has scheduled a conference call on July 31, 2018 at 8:00 AM Eastern Daylight Time and 2:00 PM Central European Summer 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: 3267939
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/iu4fdpep
Current Liquidity
As of July 30, 2018, the Company had $148.4 million in unrestricted cash and cash equivalents.
Drydock Update
Three of the Company’s 2013 built MR product tankers, which are currently operating under operating lease bareboat charter-in arrangements, were drydocked in accordance with their scheduled, class required special survey during the second quarter of 2018.  These vessels were offhire for an aggregate of 52 days and the aggregate drydock cost was $2.7 million.
The Company has two 2013 built MRs and two 2014 built MRs that are scheduled for drydock during the remainder of 2018 and estimates that these vessels will be offhire for an aggregate of 80 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 March 31, 2018
Drawdowns, (repayments), and exchanges, net
Outstanding as of June 30, 2018
Drawdowns, (repayments), and exchanges, net
Outstanding as of July 30, 2018
1
K-Sure Credit Facility
 
$
240.0

$
(87.6
)
$
152.4

$

$
152.4

2
KEXIM Credit Facility
 
316.1


316.1

(4.3
)
311.8

3
Credit Suisse Credit Facility
 
53.5


53.5


53.5

4
ABN AMRO Credit Facility
 
111.1

(2.2
)
108.9

(0.6
)
108.3

5
ING Credit Facility
 
109.9


109.9


109.9

6
BNP Paribas Credit Facility
 
42.6

(1.7
)
40.9


40.9

7
Scotiabank Credit Facility
 
28.8


28.8


28.8

8
NIBC Credit Facility
 
34.7

(1.0
)
33.7

(1.0
)
32.7

9
2016 Credit Facility
 
190.7

(5.3
)
185.4


185.4

10
HSH Nordbank Credit Facility
 
15.0

(0.4
)
14.6


14.6

11
2017 Credit Facility
 
160.4

(3.3
)
157.1

(1.7
)
155.4

12
DVB 2017 Credit Facility
 
76.9

(1.5
)
75.4

(1.5
)
73.9

13
Credit Agricole Credit Facility
 
105.7

(2.1
)
103.6


103.6

14
ABN AMRO/K-Sure Credit Facility
 
52.4

(1.0
)
51.4


51.4

15
Citi/K-Sure Credit Facility
 
110.0

(2.1
)
107.9


107.9

16
ABN AMRO/SEB Credit Facility
 

120.6

120.6


120.6

17
Ocean Yield Lease Financing
 
168.1

(2.6
)
165.5

(0.9
)
164.6

18
CMBFL Lease Financing
 
65.7

(1.2
)
64.5


64.5

19
BCFL Lease Financing (LR2s)
 
106.3

(1.8
)
104.5

(0.6
)
103.9

20
CSSC Lease Financing
 
259.5

(4.3
)
255.2

(1.4
)
253.8

21
BCFL Lease Financing (MRs)
 
106.7

(2.6
)
104.1

(0.8
)
103.3

22
2020 Senior Unsecured Notes
 
53.8


53.8


53.8

23
2019 Senior Unsecured Notes
 
57.5


57.5


57.5

24
Convertible Notes due 2019
 
348.5

(188.5
)
160.0

(15.0
)
145.0

25
Convertible Notes due 2022
 

188.5

188.5

15.0

203.5

 
 
 
$
2,813.9

$
(0.1
)
$
2,813.8

$
(12.8
)
$
2,801.0








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
As of July 30, 2018 (1)
Pro-forma for new financing agreements (2)
Q3 2018 - principal payments made to date
$
12.8

$
12.8

Q3 2018 - remaining principal payments
41.1

49.9

Q4 2018
41.9

46.3

Q1 2019
66.5

63.1

Q2 2019 (3)
126.1

104.0

Q3 2019 (4)
211.2

208.5

Q4 2019
41.6

46.7

2020 and thereafter
2,272.6

2,569.1

 
 
 
 
$
2,813.8

$
3,100.4


(1)    Amounts represent the estimated principal payments due on the Company's outstanding indebtedness as of July 30, 2018, which do not incorporate the impact of the Company's new financing initiatives which have not closed as of that date.
(2)    Amounts represent the estimated principal payments due on the Company's outstanding indebtedness after incorporating the impact of the Company's new financing initiatives which have been agreed to as of July 30, 2018 but have not closed.
(3)    Repayments include $57.5 million due upon the maturity of the Company's 2019 Senior Unsecured Notes.
(4)    Repayments include $145.0 million due upon the maturity of the Company's Convertible Notes due 2019.

Explanation of Variances on the Second Quarter of 2018 Financial Results Compared to the Second Quarter of 2017
For the three months ended June 30, 2018, the Company recorded a net loss of $68.9 million compared to a net loss of $68.3 million for the three months ended June 30, 2017. The following were the significant changes between the two periods:
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 June 30, 2018 and 2017:
 
 
 
For the three months ended June 30,
In thousands of U.S. dollars
 
2018
 
2017
 
Vessel revenue
 
$
141,795

 
$
118,418

 
Voyage expenses
 
(1,033
)
 
(912
)
 
TCE revenue
 
$
140,762

 
$
117,506


TCE revenue for the three months ended June 30, 2018 increased $23.3 million to $140.8 million, from $117.5 million for the three months ended June 30, 2017. This increase was driven by the growth of the Company's fleet to an average of 127.0 operating vessels during the three months ended June 30, 2018 from an average of 98.3 operating vessels during the three months ended June 30, 2017. This growth was the result of the merger with NPTI, which resulted in the delivery of four vessels in June 2017 and 23 vessels in September 2017. In addition, the Company took delivery of eight vessels under its newbuilding program throughout 2017 and two vessels under its newbuilding program during the first quarter of 2018. The increase in TCE revenue resulting from the increase in the size of the Company's fleet was offset by a reduction in TCE revenue per day, which decreased to $12,301 per day during the three months ended June 30, 2018, from $13,227 per day during the three months ended June 30, 2017. The spot market for product tankers continues to face adverse market conditions as a result of an unfavorable global supply and demand imbalance resulting primarily from weaker global refining margins and the continued absorption of an influx of prior year newbuilding deliveries. In particular the LR2 segment further deteriorated during the second quarter of 2018 primarily as a result of a reduction in light distillates heading from Europe to the Far East.





Vessel operating costs for the three months ended June 30, 2018 increased $19.6 million to $69.5 million, from $49.8 million for the three months ended June 30, 2017. This increase was the result of an increase in the average number of owned and bareboat chartered-in vessels for the three months ended June 30, 2018 to 119.0 vessels from 87.9 vessels for the three months ended June 30, 2017. This growth was the result of (i) the merger with NPTI, which resulted in the delivery of four vessels in June 2017 and 23 vessels in September 2017, and (ii) the delivery of eight vessels under the Company's newbuilding program throughout 2017 and two vessels under the Company's newbuilding program during the first quarter of 2018. These additions were offset by the sales of two MR tankers in June and July 2017.
Charterhire expense for the three months ended June 30, 2018 decreased $2.3 million to $17.2 million, from $19.5 million for the three months ended June 30, 2017. This decrease was the result of the change in the composition of the Company's time and bareboat chartered-in fleet during those periods. The Company's time and bareboat chartered-in fleet consisted of an average 8.0 time chartered-in vessels and 10.0 bareboat chartered-in vessels for the three months ended June 30, 2018, and the Company's time and bareboat chartered-in fleet consisted of an average of 10.4 time chartered-in vessels and 9.3 bareboat chartered-in vessels for the three months ended June 30, 2017. The average daily base rates on the Company's time chartered-in fleet during the three months ended June 30, 2018 and three months ended June 30, 2017 were $14,231 per vessel per day and $14,110 per vessel per day, respectively. The average daily base rates for the Company's bareboat chartered-in fleet during the three months ended June 30, 2018 and three months ended June 30, 2017 were $7,672 per vessel per day and $7,175 per vessel per day, respectively.
Depreciation expense for the three months ended June 30, 2018 increased $13.1 million to $44.1 million, from $31.0 million for the three months ended June 30, 2017. This increase was primarily driven by (i) the delivery of two LR2 and six MR vessels under the Company's newbuilding program during 2017, (ii) the delivery of the four LR1 vessels acquired from NPTI in June 2017, (iii) the delivery of eight LR1 and 15 LR2 vessels acquired from NPTI in September 2017, and (iv) the delivery of two MR vessels under the Company's newbuilding program in January 2018. These deliveries were offset by the sales of five MR vessels throughout 2017, of which three were leased back under bareboat charter-in operating lease arrangements.
Financial expenses for the three months ended June 30, 2018 increased $23.9 million to $48.9 million, from $25.0 million for the three months ended June 30, 2017. The increase in financial expenses was primarily a result of (i) increased interest expense incurred as a result of the assumption of $924.8 million of indebtedness as part of the Company's merger with NPTI ($118.3 million in June 2017 and $806.4 million in September 2017), (ii) increases in LIBOR rates when compared to the second quarter of 2017, and (iii) the write-off of $7.0 million of deferred financing fees during the second quarter of 2018 as a result of the May 2018 Convertible Notes Exchange, the refinancing of the existing indebtedness on five vessels into the ABN/SEB Credit Facility and the acceleration of a portion of the deferred financing fees related to the credit facilities that are expected to be refinanced in the third quarter of 2018.





Scorpio Tankers Inc. and Subsidiaries
Condensed Consolidated Statements of Income or Loss
(unaudited)
 
 
For the three months ended June 30,
 
For the six months ended June 30,
In thousands of U.S. dollars except per share and share data
2018
 
2017
 
2018
 
2017
Revenue
 
 
 
 
 
 
 
 
Vessel revenue
$
141,795

 
$
118,418

 
$
298,241

 
$
241,219

 
 
 
 
 
 
 
 
 
Operating expenses
 
 
 
 
 
 
 
 
Vessel operating costs
(69,474
)
 
(49,838
)
 
(139,904
)
 
(97,986
)
 
Voyage expenses
(1,033
)
 
(912
)
 
(4,372
)
 
(3,444
)
 
Charterhire
(17,157
)
 
(19,473
)
 
(35,169
)
 
(38,904
)
 
Depreciation
(44,092
)
 
(31,039
)
 
(87,547
)
 
(61,541
)
 
General and administrative expenses
(13,346
)
 
(11,692
)
 
(26,972
)
 
(23,602
)
 
Loss on sale of vessels and write-down of vessel held for sale

 
(23,352
)
 

 
(23,352
)
 
Merger transaction related costs
(7
)
 
(32,530
)
 
(271
)
 
(32,530
)
 
Bargain purchase gain

 
5,417

 

 
5,417

 
Total operating expenses
(145,109
)
 
(163,419
)
 
(294,235
)
 
(275,942
)
Operating (loss) / income
(3,314
)
 
(45,001
)
 
4,006

 
(34,723
)
Other (expense) and income, net
 
 
 
 
 
 
 
 
Financial expenses
(48,949
)
 
(25,030
)
 
(88,367
)
 
(46,694
)
 
Loss on exchange of convertible notes
(16,968
)
 

 
(16,968
)
 

 
Realized loss on derivative financial instruments

 

 

 
(116
)
 
Financial income
345

 
436

 
730

 
489

 
Other expenses, net
(15
)
 
1,345

 
(96
)
 
1,262

 
Total other expense, net
(65,587
)
 
(23,249
)
 
(104,701
)
 
(45,059
)
Net loss
$
(68,901
)
 
$
(68,250
)
 
$
(100,695
)
 
$
(79,782
)
 
 
 
 
 
 
 
 
 
Loss per share
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Basic
$
(0.22
)
 
$
(0.38
)
 
$
(0.33
)
 
$
(0.46
)
 
Diluted
$
(0.22
)
 
$
(0.38
)
 
$
(0.33
)
 
$
(0.46
)
 
Basic weighted average shares outstanding
309,575,449

 
181,378,540

 
308,914,701

 
172,096,465

 
Diluted weighted average shares outstanding (1)
309,575,449

 
181,378,540

 
308,914,701

 
172,096,465


(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 and six months ended June 30, 2018 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 the Convertible Notes) were 362,955,633 and 354,768,910 for the three and six months ended June 30, 2018, respectively.





Scorpio Tankers Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
(unaudited)
 
As of
In thousands of U.S. dollars
June 30, 2018
 
December 31, 2017
Assets
 
 
 
Current assets
 
 
 
Cash and cash equivalents
$
164,578

 
$
186,462

Accounts receivable
50,302

 
65,458

Prepaid expenses and other current assets
13,276

 
17,720

Inventories
8,362

 
9,713

Total current assets
236,518

 
279,353

Non-current assets
 
 
 
Vessels and drydock
4,084,167

 
4,090,094

Vessels under construction

 
55,376

Other assets
55,538

 
50,684

Goodwill
11,643

 
11,482

Restricted cash
12,284

 
11,387

Total non-current assets
4,163,632

 
4,219,023

Total assets
$
4,400,150

 
$
4,498,376

Current liabilities
 
 
 
Current portion of long-term debt
$
230,743

 
$
113,036

Finance lease liability
50,622

 
50,146

Accounts payable
15,762

 
13,044

Accrued expenses
25,192

 
32,838

Total current liabilities
322,319

 
209,064

Non-current liabilities
 
 
 
Long-term debt
1,810,869

 
1,937,018

Finance lease liability
641,584

 
666,993

Total non-current liabilities
2,452,453


2,604,011

Total liabilities
2,774,772

 
2,813,075

Shareholders' equity
 
 
 
Issued, authorized and fully paid-in share capital:
 
 
 
Share capital
3,817

 
3,766

Additional paid-in capital
2,324,309

 
2,283,591

Treasury shares
(443,816
)
 
(443,816
)
Accumulated deficit (1)
(258,932
)
 
(158,240
)
Total shareholders' equity
1,625,378

 
1,685,301

Total liabilities and shareholders' equity
$
4,400,150

 
$
4,498,376


(1)    Accumulated deficit reflects the impact of the adoption of IFRS 15, Revenue from Contracts with Customers, which is effective for annual periods beginning on January 1, 2018. The standard may be applied retrospectively to each prior period presented or retrospectively with the cumulative effect recognized as of the date of adoption (the "modified retrospective method"). We have applied the modified retrospective method upon the date of transition. Accordingly, the cumulative effect of the application of this standard resulted in a $3,888 reduction in the opening balance of Accumulated deficit on January 1, 2018.
 






Scorpio Tankers Inc. and Subsidiaries
Condensed Consolidated Statement of Cash Flows
(unaudited)
 
For the six months ended June 30,
In thousands of U.S. dollars
2018
 
2017
Operating activities
 
 
 
Net loss
$
(100,695
)
 
$
(79,782
)
Loss on sales of vessels and write-down of vessel held for sale

 
23,352

Depreciation
87,547

 
61,541

Amortization of restricted stock
13,180

 
11,605

Amortization of deferred financing fees
6,191

 
6,640

Write-off of deferred financing fees
7,035

 
867

Bargain purchase gain

 
(5,417
)
Share-based transaction costs

 
5,973

Accretion of convertible notes
6,435

 
6,009

Accretion of fair value measurement on debt assumed from NPTI
1,909

 
37

Loss on exchange of convertible notes
16,968

 

 
38,570

 
30,825

Changes in assets and liabilities:
 
 
 
Decrease in inventories
1,473

 
132

Decrease in accounts receivable
15,039

 
8,715

Decrease / (increase) in prepaid expenses and other current assets
4,620

 
(2,639
)
Increase in other assets
(3,576
)
 
(3,141
)
Increase / (decrease) in accounts payable
2,767

 
(1,110
)
(Decrease) / increase in accrued expenses
(6,165
)
 
27,092

 
14,158

 
29,049

Net cash inflow from operating activities
52,728

 
59,874

Investing activities
 
 
 
Acquisition of vessels and payments for vessels under construction
(26,057
)
 
(148,197
)
Proceeds from disposal of vessels

 
99,909

Net cash paid for the acquisition of the four LR1 vessels from NPTI

 
(38,211
)
Drydock payments (owned and bareboat-in vessels)
(2,136
)
 
(357
)
Net cash outflow from investing activities
(28,193
)
 
(86,856
)
Financing activities
 
 
 
Debt repayments
(167,491
)
 
(283,473
)
Issuance of debt
142,025

 
317,775

Debt issuance costs
(13,473
)
 
(10,305
)
Increase in restricted cash
(897
)
 
(1,708
)
Gross proceeds from issuance of common stock

 
200,000

Equity issuance costs
(4
)
 
(11,291
)
Dividends paid
(6,579
)
 
(3,493
)
Net cash (outflow) / inflow from financing activities
(46,419
)
 
207,505

(Decrease) / increase in cash and cash equivalents
(21,884
)
 
180,523

Cash and cash equivalents at January 1,
186,462

 
99,887

Cash and cash equivalents at June 30,
$
164,578

 
$
280,410








Scorpio Tankers Inc. and Subsidiaries
Other operating data for the three and six months ended June 30, 2018 and 2017
(unaudited)
 
 
For the three months ended June 30,
 
For the six months ended June 30,
 
 
2018
 
2017
 
2018
 
2017
Adjusted EBITDA(1)   (in thousands of U.S. dollars)
 
$
47,300

 
$
43,165

 
$
104,908

 
$
90,034

 
 
 
 
 
 
 
 
 
Average Daily Results
 
 
 
 
 
 
 
 
Time charter equivalent per day(2)
 
$
12,301

 
$
13,227

 
$
12,816

 
$
13,799

Vessel operating costs per day(3)
 
$
6,391

 
$
6,233

 
$
6,507

 
$
6,370

 
 
 
 
 
 
 
 
 
LR2
 
 
 
 
 
 
 
 
TCE per revenue day (2)
 
$
12,861

 
$
15,021

 
$
13,572

 
$
15,760

Vessel operating costs per day(3)
 
$
6,436

 
$
6,320

 
$
6,650

 
$
6,433

Average number of owned or finance leased vessels
 
38.0

 
22.6

 
38.0

 
21.9

Average number of time chartered-in vessels
 
2.0

 
1.0

 
1.7

 
1.1

 
 
 
 
 
 
 
 
 
LR1
 
 
 
 
 
 
 
 
TCE per revenue day (2)
 
$
11,090

 
$
8,889

 
$
10,608

 
$
10,986

Vessel operating costs per day(3)
 
$
6,613

 
$
5,316

 
$
6,805

 
$
5,316

Average number of owned or finance leased vessels
 
12.0

 
0.7

 
12.0

 
0.4

Average number of time chartered-in vessels
 

 
0.5

 

 
0.8

 
 
 
 
 
 
 
 
 
MR
 
 
 
 
 
 
 
 
TCE per revenue day (2)
 
$
12,567

 
$
13,082

 
$
13,049

 
$
13,254

Vessel operating costs per day(3)
 
$
6,392

 
$
6,135

 
$
6,384

 
$
6,224

Average number of owned or finance leased vessels
 
45.0

 
41.3

 
44.8

 
41.7

Average number of time chartered-in vessels
 
5.6

 
6.9

 
5.9

 
7.4

Average number of bareboat chartered-in vessels
 
3.0

 
2.3

 
3.0

 
1.1

 
 
 
 
 
 
 
 
 
Handymax
 
 
 
 
 
 
 
 
TCE per revenue day (2)
 
$
11,267

 
$
11,908

 
$
12,096

 
$
13,100

Vessel operating costs per day(3)
 
$
6,183

 
$
6,349

 
$
6,357

 
$
6,626

Average number of owned or finance leased vessels
 
14.0

 
14.0

 
14.0

 
14.0

Average number of time chartered-in vessels
 
0.3

 
2.0

 
1.1

 
2.1

Average number of bareboat chartered-in vessels
 
7.0

 
7.0

 
7.0

 
5.2

 
 
 
 
 
 
 
 
 
Fleet data
 
 
 
 
 
 
 
 
Average number of owned or finance leased vessels
 
109.0

 
78.6

 
108.8

 
77.9






Average number of time chartered-in vessels
 
8.0

 
10.4

 
8.7

 
11.4

Average number of bareboat chartered-in vessels
 
10.0

 
9.3

 
10.0

 
6.3

 
 
 
 
 
 
 
 
 
Drydock
 
 
 
 
 
 
 
 
Drydock payments for owned or bareboat-in vessels (in thousands of U.S. dollars)
 
$
1,698

 
$
357

 
$
2,136

 
$
357




(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 July 30, 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
 
49,990

 
 
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
 
SMRP (2)
 
MR
 
 
 
 
 
 
 
59

STI Jardins
 
2018
 
49,990

 
1B
 
SMRP (2)
 
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 (7)
 
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 Gallantry
 
2016
 
113,000

 
 
SLR2P (4)
 
LR2
 
 
 
 
 
 
 
101

STI Goal
 
2016
 
113,000

 
 
SLR2P (4)
 
LR2
 
 
 
 
 
 
 
102

STI Nautilus
 
2016