Scorpio Enters Charter Contracts for Three Product Tankers (Monaco)

Scorpio Tankers Inc. announced today that it has agreed to time charter-in three product tankers.

The terms of the contracts are summarized as follows:

A 2007 built MR ice-class 1B product tanker will be time chartered-in for one year at $13,332 per day and is expected to be delivered by the end of December 2012. The agreement includes an option for the Company to extend the charter for an additional year at $14,319 per day.

A 2008 built LR2 product tanker will be time chartered-in for one year at $16,050 per day and is expected to be delivered by the end of the first quarter 2013. The agreement includes an option for the Company to extend the charter for an additional year at $17,050 per day.

A 2007 built Handymax product tanker, which already is time chartered by the company, will be time chartered-in for one additional year at $12,600 per day and is expected to be delivered by the end of April 2013. The agreement includes an option for the Company to extend the charter for an additional year at $13,550 per day.

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Scorpio Tankers, December 17, 2012