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Stock Market & Financial Investment News

News Breaks
April 15, 2014
08:10 EDTSTNGScorpio Tankers announces update on fleet transactions
Scorpio Tankers announced an update of its fleet. Recently, the company recorded a gain of $51M from the previously announced sale agreement of the seven VLCC newbuilding contracts, took delivery of STI Texas City, finalized the previously announced sale agreements of Noemi and Senatore and reported that the previously announced sale agreement of STI Spirit, which is expected to be finalized before the end of April. In March, the company received the proceeds from the sale of the seven VLCC newbuilding contracts and recorded a gain of $51M in Q1. At the end of March, the company took delivery of STI Texas City, an MR product tanker newbuilding from SPP Shipbuilding Co., Ltd. of South Korea, which began a two-year time charter at a current market level plus a profit sharing component upon delivery. The loss related to the sales of Noemi and Senatore, 2004 built LR1 product tankers, was recorded in 4Q13. The loss related to the sale for STI Spirit, 2008 built LR2 product tanker, was also recorded in 4Q13.
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September 16, 2014
07:49 EDTSTNGScorpio Tankers announces newbuilding vessel deliveries
Scorpio Tankers announced that it has recently taken delivery of seven newbuilding vessels. The deliveries are as follows: STI Madison and STI Park, LR2 product tankers, were delivered from Hyundai Samho Heavy Industries in September 2014. Upon delivery, each vessel began a voyage for 45 days at approximately $30,000 per day. STI Mythos, an MR product tanker, was delivered in August from Hyundai Mipo Dockyard of South Korea. Upon delivery, this vessel began a time charter for up to 120 days at approximately $17,000 per day. STI Regina, an MR product tanker, was delivered in September from SPP Shipbuilding of South Korea. Upon delivery, this vessel began a time charter for up to 120 days at approximately $17,000 per day. STI Benicia, an MR product tanker, was delivered in September from SPP. After delivery, this vessel began a one year time charter at a rate level consistent with current one year time charter contracts which includes a profit sharing mechanism whereby earnings in excess of the base time charter rate are split between the Company and charterer. STI Hackney and STI Acton, Handymax Ice Class 1A product tankers, were delivered from HMD in August and September, respectively. Upon delivery, each vessel began a time charter for up to 120 days at a rate level consistent with the current market.

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