• 2015 September 24 16:15

    Scorpio Tankers announces an agreement to sell STI Highlander, newbuilding vessel deliveries, and the upsizing of credit facility

    Scorpio Tankers Inc. announced today an agreement to sell STI Highlander, newbuilding vessel deliveries, and the upsizing of a previously announced credit facility.

    The Company reached an agreement to sell its 2007 built Handymax product tanker, STI Highlander, for approximately $19.35 million. The sale of this vessel is expected to close in October 2015. There will be no debt repayment associated with this sale as this vessel is not collateralized under any of the Company's credit facilities.

    Subsequent to the sale of STI Highlander, all of the Company's owned fleet will have been built in 2012 or later.

    The Company took delivery of two newbuilding product tankers in September 2015:
     STI Carnaby, an LR2 product tanker, was delivered from Sungdong Shipbuilding & Marine Engineering Co., Ltd. Upon delivery, this vessel began a voyage for 53 days at approximately $41,000 per day.
     STI Black Hawk, an MR product tanker, was delivered from Hyundai Mipo Dockyard Co. Ltd. of South Korea. Upon delivery, this vessel began a voyage in the Scorpio MR Pool for 13 days at approximately $31,000 per day.

    In September 2015, the Company executed an agreement to upsize its previously announced $52.0 million credit facility with ING Bank N.V. to $87.0 million.

    The credit facility will be used to finance a portion of the purchase price of two LR2 product tankers currently under construction at Daehan Shipbuilding Co., Ltd., with expected deliveries in the first and second quarters of 2016, partially finance the purchase of STI Black Hawk, and refinance the existing indebtedness on an MR product tanker that was delivered in March 2015.

    The loan facility has a final maturity of seven years from the original date of signing of June 24, 2015 and bears interest at LIBOR plus a margin of 1.95% per annum. The terms and conditions, including covenants, are similar to those in the Company's existing credit facilities.

    About Scorpio Tankers Inc.
    Scorpio Tankers Inc. is a provider of marine transportation of petroleum products worldwide. Scorpio Tankers Inc. currently owns 80 product tankers (18 LR2, 15 Handymax, and 47 MR tankers) with an average age of 1.1 years and time or bareboat charters-in 16 product tankers (four LR2, three LR1, four MR and five Handymax tankers). The Company has contracted for eight newbuilding product tankers (four MR and four LR2 tankers). The four LR2s are expected to be delivered in 2016 (one per quarter), and the four MRs are expected to be delivered within the first half of 2017. The Company has also reached an agreement to sell one of its Handymax product tankers, which is expected to close in October 2015.


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