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Scorpio Tankers Inc. Announcement on Six Newbuilding Contracts

Scorpio Tankers Inc. Announcement on Six Newbuilding Contracts 
MONACO -- (Marketwire) -- 12/10/12 --  Scorpio Tankers Inc. (NYSE:
STNG) ("Scorpio Tankers," or the "Company") announced that it has
executed options with Hyundai Mipo Dockyard Co. Ltd. of South Korea
for the construction of two MR product tanker newbuildings, and it
has also executed a letter of intent with SPP Shipbuilding Co., Ltd.
of South Korea for the construction of four MR product tanker
newbuildings. The six newbuildings are scheduled to be delivered to
the Company in the second and third quarters of 2014. The Company
also has fixed-price options to construct eight additional MR product
tankers. The contract price for each of the newbuildings and
fixed-price options is approximately $33.0 million. 
Emanuele Lauro, chief executive officer and chairman of the board
commented, "We are pleased to announce the agreements for six
additional 'eco' newbuildings, plus fixed-price options, subsequent
to our recently completed equity offering. We are delighted by the
support of our shareholders as we establish a leading position in the
product tanker market. As we approach what is traditionally the
strongest season, we are seeing stronger rates across all of our
sectors." 
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 18 vessels (three LR2,
three LR1, seven MR and five Handymax tankers), and has contracted
for eleven newbuilding MR's (three are expected to be delivered to
the Company in the first half of 2013 and the remaining eight by the
end of September 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 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. 
212-542-1616
 
 
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