Scorpio Tankers Inc. announced today that it has reached
agreements with five shipyards in Korea to construct 16 newbuilding
vessels consisting of eight LR2, four MR, and four Handymax ice class-1A product tankers.In addition, the Company announced that syndication of the Company’s
previously announced $267 million Credit Facility has been heavily
over-subscribed resulting in an increase of the overall commitments
received from new and existing financial institutions to $525 million.Emanuele Lauro, chief executive officer and chairman of the board, commented, “These 16 orders for fuel efficient vessels, and, as significantly, the
over-subscription of our 2013 credit facility, have solidified our
unique position in front of an improving cycle in product tankers. We
are pleased that our shareholders and lenders alike are showing their
support of our strategy.“Furthermore, we are observing attenuated capacity at quality
shipyards, meaning that prices have moved up 8-12% and expected
deliveries for new orders are moving beyond 2015. Under these
circumstances, we have no plans for further newbuilding contracts.”Newbuilding VesselsLR2 NewbuildingsThe Company reached agreements to construct eight, 114,000 dwt, LR2
product tankers for approximately $52.0 million each, consisting of four at Samsung Heavy Industries Co., Ltd. (“SHI”), two at Hyundai Samho
Heavy Industries Co., Ltd. (“HSHI”), and two at Daewoo Shipbuilding and
Marine Engineering Co., Ltd. (“DSME”). These vessels are scheduled to be delivered in the first and second quarters of 2015.MR NewbuildingsThe Company reached an agreement with SPP Shipbuilding Co., Ltd. of
South Korea (“SPP”) to construct four 52,000 dwt MR product tankers for
approximately $32.5 million each. These vessels are scheduled to be
delivered in the first and second quarters of 2015.Handymax Ice Class-1A NewbuildingsThe Company reached an agreement with Hyundai Mipo Dockyard Co., Ltd. of South Korea (“HMD”) to construct four Handymax ice class-1A (37,000
dwt) product tankers for approximately $31.6 million each. These vessels are scheduled to be delivered in the third quarter of 2014.Newbuilding Program SummaryThe Company currently has a total of 54 newbuilding product tanker
agreements, which include 26 MR, 16 LR2 and 12 Handymax ice class-1A
vessels, at HMD, SPP, HSHI, DSME and SHI. Four of the newbuildings are
expected to be delivered to the Company by September 2013, 38 within
2014 and the remaining 12 in the first half of 2015.The estimated future payment dates and amounts for these vessels are as follows:Q2 2013 $ 197.3 millionQ3 2013 $ 176.7 millionQ4 2013 $ 167.3 millionQ1 2014 $ 100.4 millionQ2 2014 $ 320.3 millionQ3 2014 3 $ 77.0 millionQ4 2014 $ 288.7 millionQ1 2015 $ 207.5 millionQ2 2015 $ 144.0 million______________________________________Total $ 1,979.2 million2013 Credit Facility Commitment Letter UpdateAll of the existing lenders in the 2013 Credit Facility have
increased their commitments and additional financial institutions have
agreed to participate, resulting in an upsizing of the Facility and an
increase of overall commitments to $525 million from $267 million. The
terms of the loan remain unchanged and the closing of the loan remains
subject to usual and customary conditions precedent, including
negotiation and execution of final documentation.Time Charter-In UpdateThe Company agreed to time charter-in an MR product tanker, (49,999
dwt, 2010 built) for one year at approximately $14,150 per day. This
vessel was delivered to the Company on May 20, 2013.The Company also agreed to extend the time charters on two Handymax
vessels that are currently time chartered-in, each for ten months at
$12,800 per day beginning in June and July 2013, respectively. We have
options to extend each charter for an additional year at $13,650 per
day.
SHIPBUILDING
30 May 2013 - 14:06
Scorpio Tankers Orders 16 New Vessels from Korea
Scorpio Tankers Inc. announced today that it has reached agreements with five shipyards in Korea to construct 16 newbuilding vessel.
SHIPBUILDING
30 May 2013 - 14:06
This news 10882 hits received.
These news may also interest you