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15-07-2015

Scorpio Tankers Adds Two More to Newbuild Order List

Scorpio Tankers says it has entered into separate agreements to purchase an MR product tanker, and an LR2 product tanker.

Scorpio Tankers Inc. (Scorpio Tankers) Monday announced that it has\u00a0entered into separate agreements to purchase two more newbuild vessels, an MR product tanker and an LR2 product tanker, both currently under construction.

The company says it has reached an agreement with an unrelated third party to purchase the MR product tanker for approximately $37 million, which is currently under construction at South Korean shipyard, Hyundai Mipo Dockyard Co. Ltd..

The company says it also reached an agreement with another third party to purchase an LR2 product tanker for approximately $58.5 million, which is currently under construction at Daehan Shipbuilding Co., Ltd.

Scorpio tankers says it will bareboat charter-in the LR2 product tanker at $10,000 per day for up to nine months, after which it will take ownership of the vessel.\u00a0

The two vessels are scheduled to be delivered in September and August 2015, respectively.

The company also says it has recently taken delivery of five newbuild vessels and also plans to issue its second quarter 2015 earnings before the market open on July 29, 2015.

The orders come at a buoyant time for the tanker segment, with analysts earlier this year commenting that the market is "exceeding expectations by a wide margin."

In May, Scorpio Tankers purchased four LR2 product tankers, which were already under construction at a cost of approximately $60.0 million each.


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