Scorpio Tankers Inc. 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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