Scorpio Tankers (STNG) Raises Quarterly Dividend 20% to $0.12; Updates on Fleet, Dorian Holdings

Scorpio Tankers (NYSE: STNG) declared a quarterly dividend of $0.12 per share, or $0.48 annualized. This is a 20% increase from the prior dividend of $0.10.

The dividend will be payable on December 12, 2014, to stockholders of record on November 25, 2014, with an ex-dividend date of November 21, 2014.

The annual yield on the dividend is 5.6 percent.

LR2 Newbuildings

The Company reached an agreement with an unrelated third party to purchase two LR2 product tankers currently under construction at Daewoo Shipbuilding and Marine Engineering Co., Ltd. ("DSME") for approximately $60.0 million each. These vessels are expected to be delivered in January 2015.

Newbuilding Vessel Deliveries

The Company recently took delivery of the following vessels:

• STI Sloane, an LR2 product tanker, was delivered from Hyundai Samho Heavy Industries in November 2014. Upon delivery, this vessel began a voyage for 45 days at approximately $30,000 per day.
• STI Broadway, an LR2 product tanker, was delivered from DSME in November 2014. Upon delivery, this vessel began a voyage for 45 days at approximately $30,000 per day.
• STI Milwaukee, an MR product tanker, was delivered from Hyundai Mipo Dockyard of South Korea in November 2014. Upon delivery, this vessel began a time charter for up to 120 days at approximately $18,000 per day.

Investment in Dorian

The Company has exercised its rights under a shareholders agreement with Dorian (NYSE: LPG) dated November 26, 2013 to cause Dorian to register for re-sale under the Securities Act of 1933, as amended, all of the shares of Dorian that it owns. Scorpio Tankers currently owns approximately 9.4 million shares, or 16.3%, of Dorian.

For a dividend history and other dividend-related data on Scorpio Tankers (STNG) click here.

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