South Korea: Hyundai Mipo Delivers STI Amber to Scorpio Tankers

On July 18th 2012, Scorpio Tankers Inc took delivery of the STI Amber, the first of eight 52,000 DWT product tankers that are being built by Hyundai Mipo Dockyard of South Korea.

These vessels will be the first to be delivered from the Hyundai Group with new propulsion technology including the ‘B’ type ultra-long stroke electronically controlled main engine.

The delivery of 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.

2011 Newbuilding Credit Facility

The 2011 Newbuilding Credit Facility with CA-CIB and SEB is for the partial financing of the pre-delivery and delivery installments for the newbuildings that the Company contracted for in June 2011 and which are scheduled for delivery between July and October 2012. The facility is for an aggregate of $92.0 million to be made available in four tranches, one for each vessel, in the amount of $23.0 million, which is approximately 61% of contracted price for each vessel. Drawdowns will be available after the first 39% of the contracted price for each vessel is paid by the Company and subject to certain other conditions precedent.

Vessel Particulars:

Length / 174 m

Breadth / 32.2 m

Depth / 19.1 m

Service Speed / 15.4 Knots

DWT(MT) / 51,800

[mappress]
Shipbuilding Tribune Staff, July 23, 2012