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 October 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 October 31, 2018 announcing financial results for the third quarter of 2018 and declaration of a quarterly dividend.

The information contained in this Report on Form 6-K, with the exception of the information contained on page 6 of Exhibit 99.1 under the heading "Conference Call," 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: October 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=12522262&doc=3
Scorpio Tankers Inc. Announces Financial Results for the Third Quarter of 2018 and Declaration of a Quarterly Dividend
MONACO--(GLOBE NEWSWIRE - October 31, 2018) - Scorpio Tankers Inc. (NYSE: STNG) ("Scorpio Tankers", or the "Company") today reported its results for the three and nine months ended September 30, 2018.
Results for the three months ended September 30, 2018 and 2017
For the three months ended September 30, 2018, the Company's adjusted net loss (see Non-IFRS Measures section below) was $64.9 million, or $0.21 basic and diluted loss per share, which excludes from the net loss (i) a $0.9 million loss recorded on the Company's exchange of $15.0 million of its convertible notes (as described below), and (ii) a $5.9 million write-off of deferred financing fees. The adjustments resulted in an aggregate reduction of the Company’s net loss by $6.8 million, or $0.02 per basic and diluted share. For the three months ended September 30, 2018, the Company had a net loss of $71.7 million, or $0.23 basic and diluted loss per share.
For the three months ended September 30, 2017, the Company's adjusted net loss (see Non-IFRS Measures section below) was $34.0 million, or $0.15 basic and diluted loss per share, which excludes from the net loss (i) $2.3 million of transaction costs related to the merger with Navig8 Product Tankers Inc ("NPTI"), and (ii) a $0.6 million write-off of deferred financing fees. The adjustments resulted in an aggregate reduction of the Company’s net loss by $2.9 million, or $0.01 basic and diluted loss per share. For the three months ended September 30, 2017, the Company had a net loss of $36.9 million, or $0.16 basic and diluted loss per share.
Results for the nine months ended September 30, 2018 and 2017
For the nine months ended September 30, 2018, the Company's adjusted net loss was $141.3 million (see Non-IFRS Measures section below), or $0.46 basic and diluted loss per share, which excludes from the net loss (i) an aggregate loss of $17.8 million recorded on the Company's exchange of $203.5 million of its convertible notes (as described below), (ii) a $12.9 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 $31.1 million or $0.10 per basic and diluted share.  For the nine months ended September 30, 2018, the Company had a net loss of $172.4 million, or $0.56 basic and diluted loss per share.
For the nine months ended September 30, 2017, the Company's adjusted net loss was $62.5 million (see Non-IFRS Measures section below), or $0.33 basic and diluted loss per share, which excludes from the net loss (i) a $23.3 million loss on sales of vessels, (ii) $34.8 million of transaction costs related to the merger with NPTI, (iii) a $5.4 million gain recorded on the purchase of the four NPTI subsidiaries that own four LR1 tankers, and (iv) a $1.5 million write-off of deferred financing fees. The adjustments resulted in an aggregate reduction of the Company's net loss by $54.2 million, or $0.28 per basic and diluted share.  For the nine months ended September 30, 2017, the Company had a net loss of $116.7 million, or $0.61 basic and diluted loss per share.


1



Declaration of Dividend
On October 30, 2018, the Company's Board of Directors declared a quarterly cash dividend of $0.01 per share, payable on or about December 13, 2018 to all shareholders of record as of December 5, 2018 (the record date). As of October 30, 2018, there were 515,893,564 shares outstanding.
Summary of Other Recent and Third 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 fourth 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 $13,000 per day for 45% of the days.
For the LR1s in the pool: approximately $12,750 per day for 46% of the days.
For the MRs in the pool: approximately $12,000 per day for 46% of the days.
For the ice-class 1A and 1B Handymaxes in the pool: approximately $11,000 per day for 42% of the days.
Below is a summary of the average daily TCE revenue earned on the Company's vessels during the third quarter of 2018:
For the LR2s in the pool: $12,160 per revenue day.
For the LR1s in the pool: $8,335 per revenue day.
For the MRs in the pool: $9,494 per revenue day.
For the ice-class 1A and 1B Handymaxes in the pool: $8,852 per revenue day.
From June 2018 through October 2018, the Company closed on agreements to refinance a total of 41 of its vessels through a series of bank loans and lease financing arrangements raising $321.7 million in aggregate of new liquidity, after the repayment of the existing secured debt related to these vessels. These agreements are described below.
In September and October 2018, the Company entered into an agreement to retrofit 23 of its LR2s with Exhaust Gas Cleaning Systems (“Scrubbers”), and agreed letters of intent (which are subject to the execution of definitive documentation) with suppliers, engineering firms, and ship repair facilities to cover the purchase and installation of Scrubbers on substantially all of its remaining owned and financed leased LR2, LR1, and MR tanker vessels (approximately 67 vessels) between the second quarter of 2019 and the second quarter of 2020. The Scrubbers and their installation are expected to cost between $1.5 and $2.2 million per vessel, and the Company anticipates that between 60-70% of these costs will be financed.
In October 2018, the Company raised estimated net proceeds of $319.7 million in an underwritten public offering of 182.2 million shares of common stock (including 20.0 million shares of common stock issued when the underwriters partially exercised their overallotment option to purchase additional shares) at a public offering price of $1.85 per share. Scorpio Bulkers Inc., or SALT, and Scorpio Services Holding Limited, or SSH, each a related party, purchased 54.1 million common shares and 5.4 million common shares, respectively, at the public offering price.
In September 2018, the Company entered into an agreement with its commercial manager, Scorpio Commercial Management S.A.M., or SCM, whereby SCM will reimburse certain of the commissions that SCM charges the Company's vessels to effectively reduce such to 0.85% of gross revenue per charter fixture, effective from September 1, 2018 and ending on June 1, 2019.
In September 2018, the Company entered into agreements with certain of its lenders who are party to credit facilities with the Company, to permanently remove the minimum interest coverage ratio financial covenant from the terms of each facility. As a result, the Company is no longer required to maintain a ratio of EBITDA to net interest expense on any of its secured credit facilities or lease financing arrangements.
In September 2018, the Company paid a quarterly cash dividend with respect to the second quarter of 2018 on the Company's common stock of $0.01 per share.
In July 2018, the Company exchanged $15.0 million in aggregate principal amount of its Convertible Senior Notes due 2019 (the "Convertible Notes due 2019") for $15.0 million in aggregate principal amount of its Convertible Senior Notes due 2022 (the "Convertible Notes due 2022").


2



Refinancing Initiatives
The table and discussion set forth below summarizes the Company’s previously announced refinancing initiatives, all of which have closed as of the date of this press release.
 
 
 
In thousands of U.S. dollars
 

Agreement
Closing date
Facility amount
Existing debt repayment
New liquidity
Number of vessels refinanced
1

ABN AMRO/SEB Credit Facility
Q2 2018
$
120,575

$
87,575

$
33,000

Five
2

$88.0 Million Sale and Leaseback
Q3 2018
88,000

57,408

30,592

Four
3

ING Credit Facility Upsize
Q3 2018
38,675

26,854

11,821

Two
4

$35.7 Million Term Loan Facility
Q3 2018
35,658

26,450

9,208

Two
5

China Huarong Shipping Sale and Leaseback
Q3 2018
144,000

92,729

51,271

Six
6

AVIC International Sale and Leaseback
Q3 2018
145,000

100,056

44,944

Five
7

2018 CMB Sale and Leaseback
Q3 2018
141,600

87,491

54,109

Six
8

$116.0 Million Sale and Leaseback
Q3 2018
116,000

73,020

42,980

Four
9

$157.5 Million Sale and Leaseback
Q4 2018
157,500

113,701

43,799

Seven
 
 
 
$
987,008

$
665,284

$
321,724

41 vessels
ABN AMRO/SEB Credit Facility
In June 2018, the Company executed a senior secured term loan facility with ABN AMRO Bank N.V. and Skandinaviska Enskilda Banken AB for $120.6 million. This loan was fully drawn in June 2018, and the proceeds were used to refinance the existing indebtedness of $87.6 million on the K-Sure Credit Facility relating to 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).
The ABN AMRO/SEB Credit Facility has a final maturity of June 2023 and bears interest at LIBOR plus a margin of 2.60% per annum. The loan will be repaid in equal quarterly installments of $2.9 million per quarter, in aggregate, for the first eight installments and $2.5 million per quarter, in aggregate, thereafter, with a balloon payment due upon maturity. The terms and conditions, including financial covenants, of the ABN AMRO/SEB Credit Facility are similar to those in the Company’s existing credit facilities.
$88.0 Million Sale and Leaseback
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 were $21.2 million per Handymax and $22.8 million per MR ($88.0 million in aggregate), and these agreements, which have been accounted for as financing arrangements, closed in September 2018. The proceeds were utilized to repay $14.8 million of the outstanding indebtedness on the DVB 2017 Credit Facility, $12.6 million of the outstanding indebtedness on the K-Sure Credit Facility, and $30.0 million of the outstanding indebtedness on the 2016 Credit Facility for these vessels.
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 leases bear 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. The Company is subject to certain additional terms and conditions under this arrangement, including financial covenants, which are similar to those set forth in its existing lease financing arrangements.
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. In September 2018, the Company drew down $38.7 million from this facility and placed STI Rotherhithe and STI Notting Hill as collateral under this agreement. The proceeds were used to refinance the existing indebtedness of $26.9 million on the Company’s K-Sure Credit Facility relating to one Handymax product tanker (STI Rotherhithe) and one MR product tanker (STI Notting Hill).
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.  The loan will be repaid in equal quarterly installments of $1.0 million per quarter, in aggregate, for the first eight installments and $0.8 million per quarter, in aggregate, thereafter, with a balloon payment due upon maturity.  The remaining terms and

3



conditions of the upsized portion, including financial covenants, are similar to those set forth in the Company’s existing credit facilities.
$35.7 Million Term Loan Facility
In June 2018, the Company executed an agreement with a leading European financial institution for a term loan facility of $35.7 million. The loan facility was drawn in August 2018 and the proceeds were used to repay $26.5 million of the existing indebtedness on the BNP Paribas Credit Facility related to two MR product tankers (STI Memphis and STI Soho).
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 Sale and Leaseback
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. The borrowing amount under the arrangement was $144.0 million in aggregate. These agreements, which have been accounted for as financing arrangements, closed in August 2018, and the proceeds were utilized to repay $92.7 million of the outstanding indebtedness under the 2016 Credit Facility.
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 leases bear 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. The Company is subject to certain additional terms and conditions under this arrangement, including financial covenants, which are similar to those set forth in its existing lease financing arrangements.
AVIC International Sale and Leaseback
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). These agreements, which have been accounted for as financing arrangements, closed in August and September 2018, and the proceeds were utilized to repay $32.7 million of the outstanding indebtedness on the NIBC Credit Facility, $13.0 million of the outstanding indebtedness on the K-Sure Credit Facility, $28.3 million of the outstanding indebtedness on the Scotiabank Credit Facility, and $26.1 million of the outstanding indebtedness on the Credit Suisse Credit Facility for these vessels.
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 leases bear 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. The Company is subject to certain additional terms and conditions under this arrangement, including financial covenants, which are similar to those set forth in its existing lease financing arrangements.
2018 CMB Sale and Leaseback
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 was $141.6 million in aggregate, and these agreements, which have been accounted for as financing arrangements, closed in August 2018. The proceeds were utilized to repay $33.5 million of the outstanding indebtedness on the DVB 2017 Credit Facility, $39.7 million of the outstanding indebtedness on the K-Sure Credit Facility, and $14.4 million of the outstanding indebtedness on the BNP Paribas Credit Facility for these vessels.
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 leases bear 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. The Company is subject to certain additional terms and conditions under this arrangement, including financial covenants, which are similar to those set forth in its existing lease financing arrangements.

4



$116.0 Million Sale and Leaseback
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 were $24.0 million per MR and $34.0 million per LR2 ($116.0 million in aggregate), and these agreements, which have been accounted for as financing arrangements, closed in August 2018. The proceeds were utilized to repay $26.5 million of the outstanding indebtedness on the Credit Suisse Credit Facility and $46.6 million of the outstanding indebtedness on the K-Sure Credit Facility for these vessels.
Under the terms of these agreements, the Company will make a fixed payment, which includes principal and interest, for 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 a purchase obligation for each vessel upon the expiration of each agreement. We are subject to certain additional terms and conditions under this arrangement, which are similar to those set forth in our existing lease financing arrangements.
$157.5 Million Sale and Leaseback
In July 2018, the Company agreed 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 amount under the arrangement was $157.5 million in aggregate, and these agreements, which will be accounted for as financing arrangements, closed in October 2018. In September 2018, the Company repaid the outstanding indebtedness for two vessels consisting of $14.2 million on the HSH Credit Facility and $13.6 million on the K-Sure Credit Facility, in advance of the October closing of these transactions. Upon closing, the proceeds were utilized to repay the outstanding indebtedness of $59.2 million on the 2016 Credit Facility and the outstanding indebtedness of $25.8 million on the DVB 2017 Credit Facility for the remaining five vessels.
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 leases bear interest at LIBOR plus a margin of 3.0% per annum and will be repaid in equal 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. The Company is subject to certain additional terms and conditions under this arrangement, including financial covenants, which are similar to those set forth in its existing lease financing arrangements.
$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, which were issued in June 2014, (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, which were issued in May and July 2018.
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 $6.0 million and $17.5 million during the three and nine months ended September 30, 2018, respectively, were not incurred. Conversion is not assumed if the results of this calculation are anti-dilutive.
For the three and nine months ended September 30, 2018, the Company's basic weighted average number of shares was 310,032,639 and 309,291,442, respectively. The weighted average number of shares, both diluted and under the if-converted method, were anti-dilutive for the three and nine months ended September 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.

5



Amendment of Minimum Interest Coverage Ratio
In September 2018, the Company entered into agreements with certain of its lenders who are party to credit facilities with the Company, to permanently remove the minimum interest coverage ratio financial covenant from the terms of each facility. As a result, the Company is no longer required to maintain a ratio of EBITDA to net interest expense on any of its secured credit facilities or lease financing arrangements.
As part of these agreements, and for certain of the facilities (as detailed below), the minimum threshold for the aggregate fair market value of the vessels as a percentage of the then aggregate principal amount of each facility was revised to be no less than the following:
Facility
Minimum ratio
KEXIM Credit Facility
155%
2017 Credit Facility
155%
2016 Credit Facility
145% through June 30, 2019, 150% thereafter
ABN Credit Facility
145% through June 30, 2019, 150% thereafter
DVB Credit Facility
145% through June 30, 2019, 150% thereafter
Convertible Notes Exchange
In July 2018, the Company exchanged $15.0 million in aggregate principal amount of its Convertible Notes due 2019 for $15.0 million in aggregate principal amount of its Convertible Notes due 2022. The new notes issued in this exchange have identical terms, are fungible with and are part of the series of Convertible Notes due 2022 which were issued in May 2018. This exchange was executed with certain holders of the Convertible Notes due 2019 via separate, privately negotiated agreements.
This transaction was accounted for as an extinguishment of debt and the Company recorded a loss on extinguishment of $0.9 million during the third quarter of 2018 as a result.
The Convertible Notes due 2022 bear interest at 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 252.1317 shares of the Company's common stock per $1,000 principal amount in September 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 Company's Convertible Notes due 2019.
Conference Call
The Company has scheduled a conference call on October 31, 2018 at 8:00 AM Eastern Daylight Time and 1:00 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: 7996914
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/c8zombh7
Current Liquidity
As of October 30, 2018, the Company had $648.8 million in unrestricted cash and cash equivalents.
Drydock Update
Two of the Company’s 2013 built MR product tankers were drydocked in accordance with their scheduled, class required special survey during the third quarter of 2018.  These vessels were offhire for an aggregate of 42 days and the aggregate drydock cost was $1.5 million.

6



The Company has 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 40 days with estimated aggregate drydock costs of approximately $2.0 million.
Debt
Set forth below is a summary of the Company’s outstanding indebtedness as of the dates presented:
 
In thousands of U.S. dollars
 
Outstanding as of June 30, 2018
Drawdowns, (repayments), and exchanges, net
Outstanding as of September 30, 2018
Drawdowns, and (repayments), net
Outstanding as of October 30, 2018
1
K-Sure Credit Facility
 
$
152,345

$
(152,345
)
$

$

$

2
KEXIM Credit Facility
 
316,125

(16,825
)
299,300


299,300

3
Credit Suisse Credit Facility
 
53,488

(53,488
)



4
ABN AMRO Credit Facility
 
108,868

(6,222
)
102,646

(537
)
102,109

5
ING Credit Facility
 
109,844

37,517

147,361

(1,071
)
146,290

6
BNP Paribas Credit Facility
 
40,825

(40,825
)



7
Scotiabank Credit Facility
 
28,860

(28,860
)



8
NIBC Credit Facility
 
33,691

(33,691
)



9
$35.7 Million Term Loan Facility
 

35,658

35,658

(808
)
34,850

10
2016 Credit Facility
 
185,457

(126,268
)
59,189

(59,189
)

11
HSH Nordbank Credit Facility
 
14,620

(14,620
)



12
2017 Credit Facility
 
157,057

(9,659
)
147,398


147,398

13
DVB 2017 Credit Facility
 
75,480

(49,680
)
25,800

(25,800
)

14
Credit Agricole Credit Facility
 
103,579

(2,142
)
101,437


101,437

15
ABN AMRO/K-Sure Credit Facility
 
51,456

(964
)
50,492


50,492

16
Citi/K-Sure Credit Facility
 
107,858

(2,104
)
105,754


105,754

17
ABN AMRO/SEB Credit Facility
 
120,575

(2,875
)
117,700


117,700

18
Ocean Yield Lease Financing
 
165,598

(2,651
)
162,947

(909
)
162,038

19
CMBFL Lease Financing
 
64,425

(1,227
)
63,198


63,198

20
BCFL Lease Financing (LR2s)
 
104,455

(1,822
)
102,633

(614
)
102,019

21
CSSC Lease Financing
 
255,180

(4,326
)
250,854

(1,442
)
249,412

22
BCFL Lease Financing (MRs)
 
104,130

(2,652
)
101,478

(863
)
100,615

23
2018 CMB Sale and Leaseback
 

139,071

139,071


139,071

24
$116.0 Million Sale and Leaseback
 

114,255

114,255

(512
)
113,743


7



25
AVIC International Sale and Leaseback
 

142,052

142,052


142,052

26
China Huarong Shipping Sale and Leaseback
 

140,625

140,625


140,625

27
$157.5 Million Sale and Leaseback
 



155,621

155,621

28
$88.0 Million Sale and Leaseback
 

86,075

86,075


86,075

29
2020 Senior Unsecured Notes
 
53,750


53,750


53,750

30
2019 Senior Unsecured Notes
 
57,500


57,500


57,500

31
Convertible Notes due 2019
 
160,000

(15,000
)
145,000


145,000

32
Convertible Notes due 2022
 
188,500

15,000

203,500


203,500

 
 
 
$
2,813,666

$
142,007

$
2,955,673

$
63,876

$
3,019,549



Set forth below are the expected, estimated future principal repayments on the Company's outstanding indebtedness which includes principal amounts due under lease financing arrangements:
 In millions of U.S. dollars
As of October 30, 2018
Q4 2018 - principal payments made to date (1)
$
8.6

Q4 2018 - remaining principal payments
38.7

Q1 2019
62.9

Q2 2019 (2)
103.9

Q3 2019 (3)
208.3

Q4 2019
46.6

2020 and thereafter
2,559.2

 
 
 
$
3,028.2

(1)
Excludes the repayment of $85.0 million relating to the refinancing of the existing indebtedness on five product tankers that are part of the $157.5 million sale and leaseback that closed in October 2018.
(2)
Repayments include $57.5 million due upon the maturity of the Company's 2019 Senior Unsecured Notes.
(3)
Repayments include $145.0 million due upon the maturity of the Company's Convertible Notes due 2019.

Explanation of Variances on the Third Quarter of 2018 Financial Results Compared to the Third Quarter of 2017
For the three months ended September 30, 2018, the Company recorded a net loss of $71.7 million compared to a net loss of $36.9 million for the three months ended September 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 September 30, 2018 and 2017:
 
 
 
For the three months ended September 30,
In thousands of U.S. dollars
 
2018
 
2017
 
Vessel revenue
 
$
119,281

 
$
123,119

 
Voyage expenses
 
(470
)
 
(1,276
)
 
TCE revenue
 
$
118,811

 
$
121,843


8




TCE revenue for the three months ended September 30, 2018 decreased $3.0 million to $118.8 million, from $121.8 million for the three months ended September 30, 2017. This decrease was the result of a reduction in TCE revenue per day, which decreased to $10,519 per day during the three months ended September 30, 2018, from $12,395 per day during the three months ended September 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, a lack of arbitrage opportunities, and the continued absorption of an influx of prior year newbuilding deliveries. This decrease in TCE revenue per day was partially offset by the growth of the Company's fleet to an average of 124.2 operating vessels during the three months ended September 30, 2018 from an average of 108.9 operating vessels during the three months ended September 30, 2017. This fleet growth was the result of the merger with NPTI, which resulted in the delivery of 23 vessels in September 2017, and the delivery of six vessels under the Company's newbuilding program (four vessels during the third and fourth quarters of 2017 and two vessels during the first quarter of 2018.)
Vessel operating costs for the three months ended September 30, 2018 increased $10.9 million to $69.3 million, from $58.4 million for the three months ended September 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 September 30, 2018 to 119.0 vessels from 99.3 vessels for the three months ended September 30, 2017. This growth was the result of (i) the merger with NPTI, which resulted in the delivery of 23 vessels in September 2017, and (ii) the delivery of a total of six vessels under the Company's newbuilding program during the third and fourth quarters of 2017 and the first quarter of 2018.
Charterhire expense for the three months ended September 30, 2018 decreased $5.1 million to $13.8 million, from $18.9 million for the three months ended September 30, 2017. This decrease was the result of a decrease in the number of time chartered-in vessels during those periods. The Company's time and bareboat chartered-in fleet consisted of an average of 5.2 time chartered-in vessels and 10.0 bareboat chartered-in vessels for the three months ended September 30, 2018, and the Company's time and bareboat chartered-in fleet consisted of an average of 9.6 time chartered-in vessels and 10.0 bareboat chartered-in vessels for the three months ended September 30, 2017. The average daily base rates on the Company's time chartered-in fleet during the three months ended September 30, 2018 and three months ended September 30, 2017 were $14,254 per vessel per day and $13,718 per vessel per day, respectively. The average daily base rates for the Company's bareboat chartered-in fleet during the three months ended September 30, 2018 and three months ended September 30, 2017 were $7,642 per vessel per day and $7,309 per vessel per day, respectively.
Depreciation expense for the three months ended September 30, 2018 increased $8.2 million to $44.6 million, from $36.3 million for the three months ended September 30, 2017. This increase was primarily driven by (i) the delivery of a total of six vessels under the Company's newbuilding program during the third and fourth quarters of 2017 and the first quarter of 2018, and (ii) the delivery of eight LR1 and 15 LR2 vessels acquired from NPTI in September 2017.
Financial expenses for the three months ended September 30, 2018 increased $19.2 million to $50.1 million, from $30.9 million for the three months ended September 30, 2017. The increase in financial expenses was primarily a result of (i) increased interest expense incurred as a result of the assumption of $806.4 million of indebtedness as part of the September 2017 closing of the Company's merger with NPTI, (ii) increases in LIBOR rates when compared to the third quarter of 2017, and (iii) the write-off or acceleration of $5.9 million of deferred financing fees during the third quarter of 2018 as a result of the July 2018 $15.0 million convertible notes exchange, the refinancing of the existing indebtedness on 29 vessels during the third quarter of 2018, and the acceleration of the deferred financing fees related to the existing indebtedness on seven vessels that was refinanced in October 2018.

9



Scorpio Tankers Inc. and Subsidiaries
Condensed Consolidated Statements of Income or Loss
(unaudited)
 
 
For the three months ended September 30,
 
For the nine months ended September 30,
In thousands of U.S. dollars except per share and share data
2018
 
2017
 
2018
 
2017
Revenue
 
 
 
 
 
 
 
 
Vessel revenue
$
119,281

 
$
123,119

 
$
417,521

 
$
364,338

 
 
 
 
 
 
 
 
 
Operating expenses
 
 
 
 
 
 
 
 
Vessel operating costs
(69,337
)
 
(58,418
)
 
(209,241
)
 
(156,403
)
 
Voyage expenses
(470
)
 
(1,276
)
 
(4,842
)
 
(4,720
)
 
Charterhire
(13,819
)
 
(18,886
)
 
(48,988
)
 
(57,790
)
 
Depreciation
(44,584
)
 
(36,341
)
 
(132,131
)
 
(97,883
)
 
General and administrative expenses
(12,373
)
 
(12,539
)
 
(39,344
)
 
(36,141
)
 
Gain / (loss) on sale of vessels

 
7

 

 
(23,345
)
 
Merger transaction related costs

 
(2,285
)
 
(272
)
 
(34,815
)
 
Bargain purchase gain

 

 

 
5,417

 
Total operating expenses
(140,583
)
 
(129,738
)
 
(434,818
)
 
(405,680
)
Operating loss
(21,302
)
 
(6,619
)
 
(17,297
)
 
(41,342
)
Other (expense) and income, net
 
 
 
 
 
 
 
 
Financial expenses
(50,106
)
 
(30,927
)
 
(138,473
)
 
(77,621
)
 
Loss on exchange of convertible notes
(870
)
 

 
(17,838
)
 

 
Realized loss on derivative financial instruments

 

 

 
(116
)
 
Financial income
820

 
665

 
1,550

 
1,154

 
Other expenses, net
(251
)
 
(67
)
 
(346
)
 
1,195

 
Total other expense, net
(50,407
)
 
(30,329
)
 
(155,107
)
 
(75,388
)
Net loss
$
(71,709
)
 
$
(36,948
)
 
$
(172,404
)
 
$
(116,730
)
 
 
 
 
 
 
 
 
 
Loss per share
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Basic
$
(0.23
)
 
$
(0.16
)
 
$
(0.56
)
 
$
(0.61
)
 
Diluted
$
(0.23
)
 
$
(0.16
)
 
$
(0.56
)
 
$
(0.61
)
 
Basic weighted average shares outstanding
310,032,639

 
232,062,058

 
309,291,442

 
192,304,650

 
Diluted weighted average shares outstanding (1)
310,032,639

 
232,062,058

 
309,291,442

 
192,304,650


(1)
The dilutive effect of (i) unvested shares of restricted stock and (ii) the potentially dilutive securities relating to the Company's Convertible Notes due 2019 and Convertible Notes due 2022 were excluded from the computation of diluted earnings per share for the three and nine months ended September 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 the unvested shares of restricted stock, and the Convertible Notes due 2019 and the Convertible Notes due 2022) were 378,781,784 and 363,998,811 for the three and nine months ended September 30, 2018, respectively.

10



Scorpio Tankers Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
(unaudited)
 
As of
In thousands of U.S. dollars
September 30, 2018
 
December 31, 2017
Assets
 
 
 
Current assets
 
 
 
Cash and cash equivalents
$
267,826

 
$
186,462

Accounts receivable
54,862

 
65,458

Prepaid expenses and other current assets
21,564

 
17,720

Inventories
8,355

 
9,713

Total current assets
352,607

 
279,353

Non-current assets
 
 
 
Vessels and drydock
4,040,438

 
4,090,094

Vessels under construction

 
55,376

Other assets
63,275

 
50,684

Goodwill
11,539

 
11,482

Restricted cash
12,285

 
11,387

Total non-current assets
4,127,537

 
4,219,023

Total assets
$
4,480,144

 
$
4,498,376

Current liabilities
 
 
 
Current portion of long-term debt
$
307,719

 
$
113,036

Finance lease liability
100,089

 
50,146

Accounts payable
16,779

 
13,044

Accrued expenses
22,361

 
32,838

Total current liabilities
446,948

 
209,064

Non-current liabilities
 
 
 
Long-term debt
1,277,846

 
1,937,018

Finance lease liability
1,195,982

 
666,993

Total non-current liabilities
2,473,828


2,604,011

Total liabilities
2,920,776

 
2,813,075

Shareholders' equity
 
 
 
Issued, authorized and fully paid-in share capital:
 
 
 
Share capital
3,838

 
3,766

Additional paid-in capital
2,329,987

 
2,283,591

Treasury shares
(443,816
)
 
(443,816
)
Accumulated deficit (1)
(330,641
)
 
(158,240
)
Total shareholders' equity
1,559,368

 
1,685,301

Total liabilities and shareholders' equity
$
4,480,144

 
$
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.
 


11



Scorpio Tankers Inc. and Subsidiaries
Condensed Consolidated Statement of Cash Flows
(unaudited)
 
For the nine months ended September 30,
In thousands of U.S. dollars
2018
 
2017
Operating activities
 
 
 
Net loss
$
(172,404
)
 
$
(116,730
)
Loss on sales of vessels

 
23,345

Depreciation
132,131

 
97,883

Amortization of restricted stock
19,403

 
17,480

Amortization of deferred financing fees
8,271

 
10,369

Write-off of deferred financing fees
12,946

 
1,497

Bargain purchase gain

 
(5,417
)
Share-based transaction costs

 
5,973

Accretion of convertible notes
9,811

 
9,109

Accretion of fair value measurement on debt assumed from NPTI
2,849

 
510

Loss on exchange of convertible notes
17,838

 

 
30,845

 
44,019

Changes in assets and liabilities:
 
 
 
Decrease / (increase) in inventories
1,480

 
(1,761
)
Decrease in accounts receivable
10,556

 
4,230

(Increase) / decrease in prepaid expenses and other current assets
(841
)
 
10,842

Increase in other assets
(1,436
)
 
(18,590
)
Increase in accounts payable
3,459

 
15,222

Decrease in accrued expenses
(9,057
)
 
(14,983
)
 
4,161

 
(5,040
)
Net cash inflow from operating activities
35,006

 
38,979

Investing activities
 
 
 
Acquisition of vessels and payments for vessels under construction
(26,057
)
 
(200,735
)
Proceeds from disposal of vessels

 
127,372

Net cash paid for the merger with NPTI

 
(23,062
)
Drydock, scrubber and BWTS payments (owned and bareboat-in vessels)
(12,543
)
 
(2,803
)
Net cash outflow from investing activities
(38,600
)
 
(99,228
)
Financing activities
 
 
 
Debt repayments
(733,255
)
 
(409,452
)
Issuance of debt
850,958

 
425,890

Debt issuance costs
(21,945
)
 
(12,386
)
(Increase) / decrease in restricted cash
(898
)
 
10,762

Gross proceeds from issuance of common stock

 
200,000

Equity issuance costs
(4
)
 
(11,291
)
Dividends paid
(9,898
)
 
(6,298
)
Redemption of NPTI Redeemable Preferred Shares

 
(39,495
)
Net cash inflow from financing activities
84,958

 
157,730

Increase in cash and cash equivalents
81,364

 
97,481

Cash and cash equivalents at January 1,
186,462

 
99,887

Cash and cash equivalents at September 30,
$
267,826

 
$
197,368




12



Scorpio Tankers Inc. and Subsidiaries
Other operating data for the three and nine months ended September 30, 2018 and 2017
(unaudited)

13



 
 
For the three months ended September 30,
 
For the nine months ended September 30,
 
 
2018
 
2017
 
2018
 
2017
Adjusted EBITDA(1)   (in thousands of U.S. dollars)
 
$
29,254

 
$
37,808

 
$
134,163

 
$
127,844

 
 
 
 
 
 
 
 
 
Average Daily Results
 
 
 
 
 
 
 
 
Time charter equivalent per day(2)
 
$
10,519

 
$
12,395

 
$
12,058

 
$
13,289

Vessel operating costs per day(3)
 
$
6,333

 
$
6,393

 
$
6,448

 
$
6,379

 
 
 
 
 
 
 
 
 
LR2
 
 
 
 
 
 
 
 
TCE per revenue day (2)
 
$
12,532

 
$
13,234

 
$
13,222

 
$
14,768

Vessel operating costs per day(3)
 
$
6,652

 
$
6,469

 
$
6,650

 
$
6,448

Average number of owned or finance leased vessels
 
38.0

 
27.9

 
38.0

 
23.9

Average number of time chartered-in vessels
 
1.6

 
1.6

 
1.7

 
1.3

 
 
 
 
 
 
 
 
 
LR1
 
 
 
 
 
 
 
 
TCE per revenue day (2)
 
$
8,335

 
$
11,787

 
$
9,843

 
$
11,588

Vessel operating costs per day(3)
 
$
6,232

 
$
6,525

 
$
6,612

 
$
6,399

Average number of owned or finance leased vessels
 
12.0

 
6.6

 
12.0

 
2.5

Average number of time chartered-in vessels
 

 

 

 
0.5

 
 
 
 
 
 
 
 
 
MR
 
 
 
 
 
 
 
 
TCE per revenue day (2)
 
$
9,875

 
$
13,041

 
$
12,009

 
$
13,183

Vessel operating costs per day(3)
 
$
6,193

 
$
6,208

 
$
6,319

 
$
6,220

Average number of owned or finance leased vessels
 
45.0

 
40.8

 
44.9

 
41.4

Average number of time chartered-in vessels
 
3.6

 
6.0

 
5.1

 
6.9

Average number of bareboat chartered-in vessels
 
3.0

 
3.0

 
3.0

 
1.8

 
 
 
 
 
 
 
 
 
Handymax
 
 
 
 
 
 
 
 
TCE per revenue day (2)
 
$
9,529

 
$
10,062

 
$
11,273

 
$
12,036

Vessel operating costs per day(3)
 
$
6,135

 
$
6,635

 
$
6,282

 
$
6,631

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

 
0.7

 
2.1

Average number of bareboat chartered-in vessels
 
7.0

 
7.0

 
7.0

 
5.8

 
 
 
 
 
 
 
 
 
Fleet data
 
 
 
 
 
 
 
 
Average number of owned or finance leased vessels
 
109.0

 
89.3

 
108.9

 
81.8

Average number of time chartered-in vessels
 
5.2

 
9.6

 
7.5

 
10.8

Average number of bareboat chartered-in vessels
 
10.0

 
10.0

 
10.0

 
7.5

 
 
 
 
 
 
 
 
 
Drydock
 
 
 
 
 
 
 
 
Drydock, scrubber, and BWTS payments for owned or bareboat-in vessels (in thousands of U.S. dollars)
 
$
10,407

 
$
4,799

 
$
12,543

 
$
5,156




14




(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.
 

15



Fleet list as of October 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
 
 
 
 
 
 
 

16



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
 
SMRP (2)
 
MR
 
 
 
 
 
 
 
48

STI Seneca
 
2015
 
49,990

 
 
SMRP (2)
 
MR
 
 
 
 
 
 
 
49

STI Westminster
 
2015
 
49,687

 
1B
 
SMRP (2)
 
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 (6)
 
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
 
 
 
 
 
 
 

17



96