Scorpio Tankers Enters Agreement to Sell Product Tanker ‘STI Spirit’

Scorpio Tankers Inc. has entered into an agreement to sell its 2008 built, LR2 product tanker, STI Spirit, for $30.2 million. The sale is expected to close in April 2014.

Scorpio Tankers Inc. currently owns 21 tankers (one LR2 tanker, four LR1 tankers, one Handymax tanker, 14 MR tankers, and one post-Panamax tanker) with an average age of 3.9 years. The company has time charters-in 30 product tankers (nine LR2, five LR1, seven MR and nine Handymax tankers), and has ordered 63 newbuilding vessels (30 MR, 12 LR2, and 14 Handymax ice class-1A product tankers and seven VLCCs). 43 vessels are expected to be delivered to the Company throughout 2014, 16 in 2015 and four in 2016. The Company also owns approximately 26% of Dorian LPG Ltd.

Scorpio Tankers, February 20, 2014