Scorpio Tankers Accepts Deliver of the STI Amber, Funding for Newbuild Program Extended

scorpio tankersScorpio Tankers Inc. (NYSE: STNG) announced today that it has signed an agreement with its lenders to extend the availability period of its $115 million newbuilding credit facility until January 31, 2014.  This facility can be used to finance up to 50% of future vessel acquisitions and is an agreement signed in 2011 with Nordea Bank Finland plc, DNB Bank ASA, and ABN AMRO Bank N.V.

Emanuele Lauro, chief executive officer and chairman of the board, commented, “This extension gives us the additional flexibility to pursue opportunities to further expand and renew our fleet. We appreciate the continued support of our strategy by our lenders.”

Additionally, Scorpio took delivery of the STI Amber, their first of eight newbuilds, scheduled for delivery under its Newbuilding program between July 2012 and April 2013. The delivery of the vessel was partially financed by drawing down $23.0 million on its Newbuilding Credit Facility with Credit Agricole Corporate and Investment Bank and Skandinaviska Enskilda Banken AB.