Scorpio Tankers Inc. Announces Time Charter-In Agreements for

Scorpio Tankers Inc. Announces Time Charter-In Agreements for Two
Product Tankers 
MONACO -- (Marketwire) -- 11/29/12 --  Scorpio Tankers Inc. (NYSE:
STNG) (the "Company") announced today that it has agreed to time
charter-in two product tankers. The terms of the contracts are
summarized as follows: 


 
--  A 2003 built LR1 product tanker will be time chartered-in for two
    years at $11,250 per day with a 50% profit sharing provision whereby
    the Company splits any of the vessel's profits above $11,250/day with
    the vessel owner. The vessel is expected to be delivered by the end of
    January 2013. The agreement includes an option for the Company to
    extend the charter for an additional year at $12,500 per day with a
    50% profit sharing provision.
--  A 2007 built LR1 product tanker will be time chartered-in for one year
    at $12,500 per day and is expected to be delivered by the end of
    January 2013. The agreement includes an option for the Company to
    extend the charter for an additional six months at $14,250 per day.

  
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, five MR tankers, and one post-Panamax tanker with an
average age of 4.7 years, time charters-in 17 vessels (two LR2, three
LR1, seven MR and five Handymax tankers), and has contracted for five
newbuilding MR's (three are expected to be delivered to the Company
in the first half of 2013 and two in January 2014). Additional
information about the Company is available at the Company's website
www.scorpiotankers.com, 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 d
esires 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. 
212-542-1616 
 
 
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