Scorpio Tankers (STNG) Announces Agreements for Newbuild, Selling of Two Vessels, and Chartered-In Two Tankers

Scorpio Tankers Inc. (NYSE: STNG) announced that it has (i) signed a contract with Hyundai Mipo Dockyard Co., Ltd. of South Korea ("HMD") to construct a 52,000 DWT MR product tanker ("seventh newbuilding"), (ii) entered into agreements to sell three of its Handymax vessels, and (iii) agreed to time charter-in two MR product tankers. In addition, the Company plans to announce its fourth quarter 2011 earnings after the market close on Wednesday, February 22, 2012 and to have a conference call on Thursday, February 23, 2012 at 2:00 PM Eastern standard time.

The Company signed a contract with HMD to construct a newbuilding for $36.0 million, which is the Company's seventh 52,000 DWT MR product tanker newbuilding with HMD. The seventh newbuilding is scheduled to be delivered to the Company in April 2013.

The Company has entered into agreements to sell three of its Handymax vessels: the STI Conqueror for $21.0 million, the STI Gladiator for $16.2 million, and the STI Matador for $16.2 million. The sales of the three vessels are expected to close in April 2012.

The Company also announced that it has chartered-in two MR product tankers.

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