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Scorpio Tankers Inc.
STNG (the "Company") announced today that it has reached an
agreement with SPP Shipbuilding Co., Ltd. of South Korea ("SPP") for
the construction of four MR product tankers for approximately $32.5
million each, two of which are the exercise of options from a
previous contract. These vessels will be delivered in the third and
fourth quarters of 2014 and are a continuation of the Company's
existing newbuilding program for fuel-efficient vessels. In
conjunction with these contracts, the Company received extensions on
several previously agreed options and received four new fixed price
options for similar vessels which would be delivered in 2015.
The Company currently has a total of 16 MR product tanker newbuilding
orders with Hyundai Mipo Dockyard Co. Lt. of South Korea and SPP. Two
are expected to be delivered to the Company by April 2013 and the
remaining 14 within 2014. The Company also has fixed-price options to construct a total of 14 additional newbuilding product tankers at
these yards.
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