Scorpio Tankers Inc. Announces Newbuilding Agreements for Seven VLCCs and an Agreement to Issue Shares in Exchange for Four MR

Scorpio Tankers Inc. Announces Newbuilding Agreements for Seven VLCCs and an 
Agreement to Issue Shares in Exchange for Four MR Product
Tankers Under Construction 
MONACO -- (Marketwired) -- 12/03/13 --  Scorpio Tankers Inc. (NYSE:
STNG) ("Scorpio Tankers," or the "Company") today announced that it
has entered into agreements for the construction of seven Very Large
Crude Carriers ('VLCCs') and entered into an agreement with an
unaffiliated third party to issue shares in exchange for the transfer
of ownership to the Company of four MR product tankers currently
under construction in South Korea. 
VLCC Newbuildings 
The Company has reached agreements with Daewoo Shipbuilding and
Marine Engineering Co., Ltd and Hyundai Samho Heavy Industries for
the construction of seven VLCCs for an aggregate price of
approximately $652.5 million. One vessel is scheduled for delivery in
the third quarter of 2015, two in the fourth quarter of 2015, two in
the first quarter of 2016 and two in the fourth quarter of 2016.  
MR Product Tanker Newbuildings 
The Company has reached an agreement with an unaffiliated third party
to issue shares in exchange for the transfer of ownership to the
Company of four MR product tankers currently under construction in
South Korea. The purchase price of the four vessels, in aggregate, is
approximately $154 million. One vessel is expected to be delivered in
the third quarter of 2014 and the remaining three are expected to be
delivered in the first quarter of 2015. These vessels are similar to
the Company's newbuildings that are also under construction at the
same shipyard. 
Approximately 20% of the total purchase price for the vessels will
consist of newly issued common shares of the Company having a
valuation based on the fair market value of the shares at the time of
issuance. The new common shares will be issued to affiliates of York
Capital and the remainder of the purchase price will be paid to the
shipyard from cash-on-hand and bank debt. 
The transactions remain subject to customary closing conditions and
final documentation. 
About Scorpio Tankers Inc. 
Scorpio Tankers Inc. is a provider of marine transportation of
petroleum products worldwide. Scorpio Tankers Inc. currently owns 19
tankers (one LR2 tanker, four LR1 tankers, one Handymax tanker, 12 MR
tankers, and one post-Panamax tanker) with an average age of 4.1
years, time charters-in 29 product tankers (eight LR2, four LR1,
eight MR and nine Handymax tankers), and has contracted for 65
newbuilding vessels (32 MR, 12 LR2, and 14 Handymax ice class-1A
product tankers and seven VLCCs), 45 are expected to be delivered to
the Company in 2014, 16 in 2015 and four in 2016. The Company also
owns 30% of Dorian LPG Ltd. 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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