Scorpio Tankers (STNG) Announces Multiple Corporate Updates

Scorpio Tankers Inc. (NYSE: STNG) announced that it has signed a contract with Hyundai Mipo Dockyard Co., Ltd. of South Korea to construct a 52,000 DWT MR product tanker for approximately $36.4 million, executed a $92.0 million credit facility with Credit Agricole Corporate and Investment Bank and Skandinaviska Enskilda Banken AB to partially finance four previously announced newbuilding 52,000 DWT product tankers that the Company contracted for in June 2011 with HMD in South Korea,reached an agreement with its lenders to extend the availability for the 2011 Credit Facility with Nordea Bank Finland plc, DnB NOR Bank ASA, and ABN AMRO Bank N.V., to finance one of the newbuilding 52,000 DWT product tankers that the Company contracted for in June 2011 and the sixth newbuilding, reached an agreement with its lenders to amend financial covenants in certain loans, and extended certain time chartered-in agreements.

Emanuele Lauro, CEO of Scorpio Tankers, commented, "Modernizing our fleet while securing financing for all of our newbuildings; expanding our relationship with our lenders; and taking advantage of what we believe are very attractive time charter opportunities all reflect that the Company will be positioned appropriately going forward. Our view of improving market fundamentals remains intact, highlighted by the recent strengthening in spot rates, and the steps we are taking to solidify our position for the future."

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