Scorpio Tankers Announces Delivery of STI Topaz, Sells STI Diamond (Monaco)

Scorpio Tankers Inc.  announced today that it has taken delivery of the STI Topaz, the second vessel under its previously announced Newbuilding program and completed the sale of the STI Diamond, the first of the two vessels previously announced to be sold.

Delivery of the STI Topaz

The Company took delivery of the STI Topaz, the second of ten vessels scheduled for delivery under the Company’s Newbuilding program. Upon delivery, the vessel began a time charter for up to 120 days at $16,200 per day plus an adjustment based on the fuel consumption. The vessel was partially financed by drawing down $23.0 million on its Newbuilding Credit Facility with Credit Agricole Corporate and Investment Bank and Skandinaviska Enskilda Banken AB.

Sale of the STI Diamond

The Company completed the sale of the STI Diamond. The second vessel to be sold, the STI Coral, is expected to be completed in September 2012.

About Scorpio Tankers Inc.

Scorpio Tankers Inc. is a provider of marine transportation of petroleum products worldwide. Scorpio Tankers Inc. currently owns one LR2 tanker, four LR1 tankers, one Handymax tanker, three MR tankers, and one post-Panamax tanker with an average age of 5.1 years, time charters-in twelve vessels (one LR1, five Handymax and six MR tankers), and has contracted for eight newbuilding MR’s, which are expected to be delivered to the Company between August 2012 and January 2014.

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Source: Scorpio Tankers Inc., August 21, 2012

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