Scorpio Tankers Inc. STNG (the "Company") announced today that it has reached an
agreement with Hyundai Samho Heavy Industries Co., Ltd. to construct
two 114,000 dwt LR2 Product Tankers for $49.75 million. These vessels
are expected to be delivered to the Company in the third quarter of
2014. This order is a continuation of the Company's existing
newbuilding program for fuel-efficient vessels. These newbuildings
come with fixed-price options for the construction of additional LR2
vessels.
The Company has a total of 28 newbuilding product tanker orders with
Hyundai Mipo Dockyard Co., Ltd., SPP Shipbuilding Co., Ltd. and
Hyundai Samho Heavy Industries Co., Ltd. of South Korea which include
20 MR, six Handymax ice class-1A and two LR2 vessels. Two of the
newbuildings are expected to be delivered to the Company by April
2013 and the remaining 26 by the end of 2014. The Company also has fixed-price options to construct additional newbuilding product
tankers at these yards.
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