Scorpio Tankers Inc. Announces Six Newbuilding Contracts

Scorpio Tankers Inc. Announces Six Newbuilding Contracts 
MONACO -- (Marketwire) -- 02/28/13 --  Scorpio Tankers Inc. (NYSE:
STNG) (the "Company") announced today that it has exercised options
with Hyundai Mipo Dockyard Co., Ltd. of South Korea ("HMD") for the
construction of four MR Product tankers for approximately $33.0
million each and two Handymax ice class-1A (37,000 DWT) product
tankers for approximately $31.25 million each. The MR Product tankers
were previously reserved for another owner, and two of these vessels
will deliver in the second quarter of 2014 with the third and fourth
vessels to be delivered in the third and fourth quarter of 2014,
respectively. The two Handymax vessels will be delivered early in the
third quarter of 2014.  
These are a continuation of the Company's existing newbuilding
program for fuel-efficient vessels. These newbuildings come with
fixed-price options for the construction of four additional Handymax
vessels as well as an extension on previously obtained fixed-price
options.  
The Company has a total of 26 newbuilding product tanker orders with
HMD and SPP Shipbuilding Co., Ltd. of South Korea which include 20 MR
and six Handymax ice class-1A vessels. Two of the newbuildings are
expected to be delivered to the Company by April 2013 and the
remaining 24 by the end of 2014. The Company also has fixed-price
options to construct a total of 12 additional newbuilding product
tankers at these yards. 
About Scorpio Tankers Inc.  
Scorpio Tankers Inc. is a provider of marine transportation of
petroleum products worldwide. Scorpio Tankers Inc. currently owns 13
tankers (one LR2 tanker, four LR1 tankers, one Handymax tanker, six
MR tankers, and one post-Panamax tanker) with an average age of 4.6
years, time charters-in 20 product tankers (three LR2, three LR1,
nine MR and five Handymax tankers), and has contracted for 26
newbuilding product tankers (20 MR and six Handymax vessels), two of
which are expected to be delivered to the Company by April 2013 and
the remaining 24 by the end of 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 
 
 
Press spacebar to pause and continue. Press esc to stop.