Scorpio Tankers Inc. announced that it has contracted to time charter-in three MR product tankers. The terms of the contracts are summarized as follows:

• A 2010 built MR product tanker will be time chartered-in for one year at $13,900 per day and is expected to be delivered end of March 2012. The agreement includes an option to extend the charter for an additional year at $14,900 per day.
• A 2012 built MR product tanker will be time chartered-in for two years at $14,760 per day and is expected to be delivered in April 2012. The agreement includes an option to extend the charter for an additional year at $16,000 per day.
• A 2007 built MR product tanker will be time chartered-in for two years at $14,150 per day and is expected to be delivered in May 2012. The agreement includes an option to extend the charter for an additional year at $15,150 per day.

About Scorpio Tankers Inc.

Scorpio Tankers is a provider of marine transportation of petroleum products worldwide. Scorpio Tankers currently owns a fleet of 12 vessels (one LR2 tanker, four LR1 tankers, four Handymax tankers, two MR tankers, and one post-Panamax tanker) with an average age of 6.1 years, time charters-in twelve vessels (one LR2 tanker, six Handymax and five MR tankers), and has contracted for seven newbuilding MRs, which are scheduled to be delivered to the Company between July 2012 and April 2013. Additional information about the Company is available at the Company’s website.