Scorpio Tanks to Construct Four Handymax Ice Class-1A Newbuildings
Scorpio Tankers Inc. (NYSE: STNG) (the "Company") announced today that it has exercised options with Hyundai Mipo Dockyard Co., Ltd. of South Korea ("HMD") for the construction of four Handymax ice class-1A (37,000 DWT) product tankers for approximately $30 million each. These vessels will be delivered in the third quarter of 2014 and are a continuation of the Company's existing newbuilding program for fuel-efficient vessels. These newbuildings come with fixed price options for the construction of four additional Handymax vessels. The Company has a total of 20 newbuilding product tanker orders with HMD and SPP Shipbuilding Co., Ltd. of South Korea which include 16 MR and four Handymax ice class-1A vessels. Two of the newbuildings are expected to be delivered to the Company by April 2013 and the remaining 18 by the end of 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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