DECEMBER 11, 2012 — Scorpio Tankers Inc. (NYSE: STNG) has executed options with Hyundai Mipo Dockyard Co. Ltd. of South Korea for the construction of two MR product tanker newbuildings. It has also executed a letter of intent with SPP Shipbuilding Co., Ltd. of South Korea for the construction of four MR product tanker newbuildings. The six newbuildings are scheduled to be delivered in the second and third quarters of 2014. Scorpio reports that it also has fixed-price options to construct eight additional MR product tankers. The contract price for each of the newbuildings and fixed-price options is approximately $33.0 million.
Emanuele Lauro, chief executive officer and chairman of the board commented, "We are pleased to announce the agreements for six additional 'eco' newbuildings, plus fixed-price options, subsequent to our recently completed equity offering. We are delighted by the support of our shareholders as we establish a leading position in the product tanker market. As we approach what is traditionally the strongest season, we are seeing stronger rates across all of our sectors."