Scorpio Tankers Announces Deals for 16 Newbuildings, $525M in Commitments to '13 Credit Facility

Scorpio Tankers Inc.

(the "Company") announced today that it has reached agreements with five shipyards in Korea to construct 16 newbuilding vessels consisting of eight LR2, four MR, and four Handymax ice class-1A product tankers. In addition, the Company announced that syndication of the Company's previously announced $267 million Credit Facility has been heavily over-subscribed resulting in an increase of the overall commitments received from new and existing financial institutions to $525 million.