Scorpio Tankers Inc. Announces Update on Fleet and Earnings Guidance

Scorpio Tankers Inc. Announces Update on Fleet and Earnings Guidance 
MONACO -- (Marketwire) -- 01/28/13 --  Scorpio Tankers Inc. (NYSE:
STNG) (the "Company") announced today an update to its fleet and
earnings guidance for the fourth quarter of 2012. 
The Company expects a fourth quarter 2012 adjusted loss per share to
be within a range of $0.04 and $0.09 per share, excluding a $1.0
million, or $0.02 per share, unrealized loss attributable to the
discontinuation of hedge accounting of the Company's interest rate
swaps with an aggregate notional amount of $51,000,000.  
The Company took delivery of the sixth vessel under its Newbuilding
program, STI Sapphire, in January 2013. Upon delivery, the vessel
began a time charter for up to 80 days at $20,750 per day. The vessel
was partially financed by the Company's 2011 Credit Facility. 
The Company's seventh and eighth newbuildings, to be named STI
Emerald and STI Beryl, are expected to be delivered before the end of
March and end of April, respectively. On delivery, both vessels are
expected to be employed on time charters of up to 120 days at $19,250
per day plus an adjustment based on actual fuel consumption. 
In January 2013, the Company took delivery of a 2007 built, 49,999
DWT MR product tanker on a one year time charter-in agreement at
$14,000 per day. The agreement also contains an option for the
Company to extend the charter by one year at $15,000 per day.  
The Company also took delivery of the following previously announced
vessels: 


 
--  A 2003 built, 72,344 DWT LR1 product tanker in January 2013 on a two
    year time charter-in agreement at approximately $11,250 per day. We
    have an option to extend the charter for an additional year at $12,500
    per day. Additionally, we have entered into an agreement with the
    vessel owner whereby we split all of the vessel's profits above the
    daily base rate.
--  A 2008 built, 115,406 DWT LR2 product tanker in January 2013 on a one
    year time charter-in agreement at $16,000 per day. The Company has
    options to extend the charter for three consecutive six month periods
    at $16,250 per day, $16,500 per day, and $16,750 per day respectively.

  
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, six MR tankers, and one post-Panamax tanker with an
average age of 4.5 years, time charters-in 20 vessels (three LR2,
three LR1, nine MR and five Handymax tankers), and has contracted for
12 newbuilding MRs (two are expected to be delivered to the Company
by April 2013 and the remaining 10 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