Scorpio Tankers (STNG) Takes Delivery of STI Topaz, Sells STI Diamond

August 20, 2012 5:03 PM EDT
Scorpio Tankers Inc. (NYSE: STNG) 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.

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.

Also, 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.

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