Scorpio Tankers Inc. Announces Time Charter Agreements for Vessels

Scorpio Tankers Inc.

(the "Company" or "Scorpio Tankers") announced today that it has entered into time charter agreements for four vessels. The vessels and terms are summarized as follows: BW Zambesi, a 2010 built LR1 tanker (76,578 DWT), was chartered-in for one year at $13,850 per day. The vessel was delivered in December 2010. The agreement includes an option for Scorpio Tankers to extend the charter for an additional year at $14,850 per day. Krisjanis Valdemars, a 2007 built Handymax ice-class 1B product tanker (37,266 DWT), will be chartered-in for 10 months at $12,000 per day. The agreement also includes a profit and loss sharing provision whereby 50% of all profits and losses (the difference between the vessel's pool earnings and the charter hire expense) will be shared with the owner of the vessel. The vessel is expected to be delivered in February 2011. Kraslava, a 2007 built Handymax ice-class 1B product tanker (37,258 DWT), will be chartered-in for one year at $12,070 per day. The vessel is expected to be delivered in February 2011. Histria Azure, a 2007 built Handymax product tanker (40,394 DWT), will be chartered-in for one year at $12,250 per day. The vessel is expected to be delivered in February 2011. The agreement includes an option for Scorpio Tankers to extend for an additional year at $13,750 per day or $12,250 per day with a 50% profit sharing agreement.