Scorpio Tankers Inc. Announces Agreements
Wednesday, 22 February 2012 | 12:57
Scorpio Tankers Inc. announced yesterday that it has (i) signed a contract with Hyundai Mipo Dockyard Co., Ltd. of South Korea ("HMD") to construct a 52,000 DWT MR product tanker ("seventh newbuilding"), (ii) entered into agreements to sell three of its Handymax vessels, and (iii) agreed to time charter-in two MR product tankers. In addition, the Company plans to announce its fourth quarter 2011 earnings after the market close on Wednesday, February 22, 2012 and to have a conference call on Thursday, February 23, 2012 at 2:00 PM Eastern standard time.
Newbuilding Vessel Agreement
The Company signed a contract with HMD to construct a newbuilding for $36.0 million, which is the Company's seventh 52,000 DWT MR product tanker newbuilding with HMD. The seventh newbuilding is scheduled to be delivered to the Company in April 2013.
The Company has entered into agreements to sell three of its Handymax vessels: the STI Conqueror for $21.0 million, the STI Gladiator for $16.2 million, and the STI Matador for $16.2 million. The sales of the three vessels are expected to close in April 2012.
Time charter-in agreements
The Company also announced that it has chartered-in two MR product tankers:
• The Pacific Duchess, a 2009 built MR product tanker (46,697 DWT), will be chartered-in for one year and is expected to be delivered in early March 2012. The agreement includes an option to extend the charter for an additional year.
• The Targale, a 2007 built MR product tanker (49,999 DWT), will be chartered in for two years and is expected to be delivered in May 2012. The agreement includes three consecutive options to extend the charter, each for an additional year.
Earnings Release Date
Scorpio Tankers plans to release its fourth quarter 2011 earnings after the NYSE close on Wednesday, February 22, 2012 and to have a conference call on Thursday, February 23, 2012 at 2:00 PM Eastern standard time.
Source: Scorpio Tankers Inc.