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Scorpio Tankers announces updates of its newbuilding program

Scorpio Tankers Inc. announces that options to construct an additional four MR product tankers, expiring in December, will not be exercised. The Company has currently contracted for 12 newbuilding product tankers (eight MR and four LR2 tankers). The four LR2s are expected to be delivered in 2016 (one per quarter), and the eight MRs are expected to be delivered throughout 2017.

In November 2015, the Company exercised its option to extend the charter of an LR2 that is currently time chartered-in for one year at $22,600 effective February 2016.

The Company currently time charters-in 11 product tankers (two LR2, two LR1, four MR, and three Handymax tankers), and has one LR2 on a bareboat charter, which the Company is scheduled to purchase in April 2016.

In addition, the Company currently owns 79 product tankers (18 LR2, 14 Handymax, and 47 MR tankers) with an average age of 1.2 years

The Company has received a commitment from a leading international financial institution for a loan facility of up to $36.0 million. The loan facility will be used to refinance the existing indebtedness on one LR2 product tanker (2015 built), has a final maturity of three years from the drawdown date and bears interest at LIBOR plus a margin of 1.50% per annum. The loan facility is subject to customary conditions precedent and the execution of definitive documentation.

Source:  Scorpio Tankers Inc.

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