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Scorpio Tankers Inc. Announces Time Charter Agreements

Scorpio Tankers Inc. announced yesterday that it has entered into time charter agreements for four vessels.

Scorpio Tankers Inc. Announces Time Charter Agreements
06 January 2011 - 23:17

Scorpio Tankers Inc. announced yesterday that it has entered into time charter agreements for four vessels. The vessels and terms are summarized as follows:

•    BW Zambesi, a 2010 built LR1 tanker (76,578 DWT), was chartered-in for one year at $13,850 per day. The vessel was delivered in December 2010. The agreement includes an option for Scorpio Tankers to extend the charter for an additional year at $14,850 per day.
•    Krisjanis Valdemars, a 2007 built Handymax ice-class 1B product tanker (37,266 DWT), will be chartered-in for 10 months at $12,000 per day. The agreement also includes a profit and loss sharing provision whereby 50% of all profits and losses (the difference between the vessel's pool earnings and the charter hire expense) will be shared with the owner of the vessel. The vessel is expected to be delivered in February 2011.
•    Kraslava, a 2007 built Handymax ice-class 1B product tanker (37,258 DWT), will be chartered-in for one year at $12,070 per day. The vessel is expected to be delivered in February 2011.

•    Histria Azure, a 2007 built Handymax product tanker (40,394 DWT), will be chartered-in for one year at $12,250 per day. The vessel is expected to be delivered in February 2011. The agreement includes an option for Scorpio Tankers to extend for an additional year at $13,750 per day or $12,250 per day with a 50% profit sharing agreement.

The BW Zambesi will participate in the Scorpio Panamax Tanker Pool. The Krisjanis Valdemars, Kraslava and Histria Azure will participate in the Scorpio Handymax Tanker Pool. The Scorpio Panamax Tanker Pool and Scorpio Handymax Tanker Pool are owned and operated by a related party.

Emanuele Lauro, the CEO of Scorpio Tankers, commented, "Our strong balance sheet and liquidity position give us the ability to add these attractive time charters. Although our markets are still recovering from a period of severe weakness, we are presently experiencing improved rates in our key trading routes."

Mr. Lauro continued, "The charters, and particularly the options to extend two of the contracts, provide us an attractive position in a recovering product tanker market. These agreements also broaden our platform for growth and demonstrate our continued commitment of identifying and executing on opportunities in the market."

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