Scorpio Tankers Inc. Announces Delivery of the STI Topaz and

Scorpio Tankers Inc. Announces Delivery of the STI Topaz and Sale of
the STI Diamond 
MONACO -- (Marketwire) -- 08/20/12 --  Scorpio Tankers Inc. (NYSE:
STNG) (the "Company") announced today that it has taken delivery of
the STI Topaz, the second vessel under its previously announced
Newbuilding program and completed the sale of the STI Diamond, the
first of the two vessels previously announced to be sold. 
Delivery of the STI Topaz 
The Company took delivery of the STI Topaz, the second of ten vessels
scheduled for delivery under the Company's Newbuilding program. Upon
delivery, the vessel began a time charter for up to 120 days at
$16,200 per day plus an adjustment based on the fuel consumption. The
vessel was partially financed by drawing down $23.0 million on its
Newbuilding Credit Facility with Credit Agricole Corporate and
Investment Bank and Skandinaviska Enskilda Banken AB.  
Sale of the STI Diamond  
The Company completed the sale of the STI Diamond. The second vessel
to be sold, the STI Coral, is expected to be completed in September
About Scorpio Tankers Inc. 
 Scorpio Tankers Inc. is a provider of
marine transportation of petroleum products worldwide. Scorpio
Tankers Inc. currently owns one LR2 tanker, four LR1 tankers, one
Handymax tanker, three MR tankers, and one post-Panamax tanker with
an average age of 5.1 years, time charters-in twelve vessels (one
LR1, five Handymax and six MR tankers), and has contracted for eight
newbuilding MR's, which are expected to be delivered to the Company
between August 2012 and January 2014. Additional information about
the Company is available at the Company's website, which is not a part of this press release.  
Forward-Looking Statements
 Matters discussed in this press release
may constitute forward-looking statements. The Private Securities
Litigation Reform Act of 1995 provides safe harbor protections for
forward-looking statements in order to encourage companies to provide
prospective information about their business. Forward-looking
statements include statements concerning plans, objectives, goals,
strategies, future events or performance, and underlying assumptions
and other statements, which are other than statements of historical
facts. The Company desires to take advantage of the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995
and is including this cautionary statement in connection with this
safe harbor legislation. The words "believe," "anticipate,"
"intends," "estimate," "forecast," "project," "plan," "potential,"
"may," "should," "expect," "pending" and similar expressions identify
forward-looking statements.  
The forward-looking statements in this press release are based upon
various assumptions, many of which are based, in turn, upon further
assumptions, including without limitation, our management's
examination of historical operating trends, data contained in our
records and other data available from third parties. Although we
believe that these assumptions were reasonable when made, because
these assumptions are inherently subject to significant uncertainties
and contingencies which are difficult or impossible to predict and
are beyond our control, we cannot assure you that we will achieve or
accomplish these expectations, beliefs or projections.  
In addition to these important factors, other important factors that,
in our view, could cause actual results to differ materially from
those discussed in the forward-looking statements include the failure
of counterparties to fully perform their contracts with us, the
strength of world economies and currencies, general market
conditions, including fluctuations in charter rates and vessel
values, changes in demand for tanker vessel capacity, changes in our
operating expenses, including bunker prices, drydocking and insurance
costs, the market for our vessels, availability of financing and
refinancing, charter counterparty performance, ability to obtain
financing and comply with covenants in such financing arrangements,
changes in governmental rules and regulations or actions taken by
regulatory authorities, potential liability from pending or future
litigation, general domestic and international political conditions,
potential disruption of shipping routes due to accidents or political
events, vessels breakdowns and instances of off-hires and other
factors. Please see our filings with the Securities and Exchange
Commission for a more complete discussion of these and other risks
and uncertainties.  
Scorpio Tankers Inc. 
Press spacebar to pause and continue. Press esc to stop.