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Tuesday, July 23, 2019

Scorpio Tankers News

Photo: Scorpio Tankers Inc.

Scorpio Tankers Sells, Leaseback Seven Product Tankers

Scorpio Tankers announced that it has agreed to sell and leaseback six MR product tankers (STI San Antonio, STI Benicia, STI St. Charles, STI Yorkville, STI Mayfair and STI Duchessa) and one LR2 product tanker (STI Alexis) to an international financial institution.The international provider in the transportation for refined petroleum products said that upon completion, its liquidity is expected to increase by $42 million in aggregate after the repayment of outstanding debt.These lease financing arrangements are part of the company’s new financing initiatives that were announced on April 25…

Photo: Scorpio Tankers

Scorpio Tankers Sells, Leaseback Six Tankers

Scorpio Tankers  announced  that it has agreed to sell and leaseback six MR product tankers (STI Battery, STI Milwaukee, STI Tribeca, STI Bronx, STI Manhattan, and STI Seneca) to CMB Financial Leasing. Upon completion, the Company’s liquidity is expected to increase by $52 million in aggregate after the repayment of outstanding debt. These lease financing arrangements are part of the Company’s new financing initiatives that were announced on April 25, 2018. As part of the agreements, the Company will bareboat charter-in the vessels for a period of eight years.

Photo: Scorpio Tankers

Scorpio Tankers to Sell, Leaseback Five Product Tankers

Scorpio Tankers announced that it has agreed to sell and leaseback three MR product tankers (STI Ville, STI Fontvieille and STI Brooklyn) and two LR2 product tankers (STI Rose and STI Rambla) to AVIC International Leasing Co., Ltd. Upon completion, the Company’s liquidity is expected to increase by $42 million in aggregate after the repayment of outstanding debt. These lease financing arrangements are part of the Company’s new financing initiatives that were announced on April 25, 2018. As part of the agreements, the Company will bareboat charter-in the vessels for a period of eight years.

Photo: Scorpio Tankers

Scorpio Tankers Signs Sale-Leaseback with Bocomm

Scorpio Tankers has agreed to sell and leaseback five 2012 built MR product tankers (STI Amber, STI Topaz, STI Ruby, STI Garnet, and STI Onyx) to Bank of Communications Financial Leasing  (Bocomm Leasing). As of today, three of the five transactions have been completed, which has increased the Company’s liquidity by approximately $21 million in aggregate after the repayment of the outstanding debt. The sales price for each vessel is $27.5 million, and the Company will bareboat charter-in the vessels for a period of seven years at $9,025 per day per vessel.

Photo: Scorpio Tankers Inc.

Scorpio Closes Merger with Navig8

Scorpio Tankers Inc. announced that it has closed the previously announced merger with Navig8 Product Tankers Inc. (NPTI). As consideration, Scorpio has issued 55 million shares of its common stock to the holders of NPTI’s common shares or 19.7% of the current 279,663,300 Scorpio common shares issued and outstanding. Through the Merger and related transactions, Scorpio has acquired an operating fleet of 27 eco-design product tankers, comprised of 15 LR2s and 12 LR1s with a weighted average of 1.2 years and an aggregate carrying capacity of approximately 2.6 million dwt.

Photo: Scorpio Tankers

Shareholders Approve Scorpio- Navig8 Merger

Scorpio Tankers said shareholders of Navig8 Product Tankers Inc. (NPTI) approved the previously announced merger of Scorpio and NPTI at shareholders meeting held Tuesday. At the meeting, approximately 94.25 percent of the NPTI shares outstanding were voted, all of which were in favor of the merger. The merger remains subject to customary closing conditions and is expected to close on or about September 1, 2017. Three months ago, Scorpio Tankers announced that it had reached a deal to acquire 27 recently built LR tankers by merging with Navig8 Product Tankers.

Photo: Scorpio Tankers Inc

Scorpio to Sell Two MR Product Tankers

Scorpio Tankers, provider of marine transportation of petroleum products, announced that it has reached an agreement with an unrelated third party to sell two of its 2013 built MR product tankers (STI Sapphire and STI Emerald) for approximately $56.4 million in aggregate. The sales are expected to close in June 2017 at which time the Company will repay the outstanding secured debt for these vessels of $27.6 million in aggregate. The Company will record a write-down of approximately $9.3 million during the second quarter of 2017 in connection with the entry into this agreement.

Photo Scorpio Tankers

Scorpio Tankers Receives Commitment for Loan Facility

Scorpio Tankers Inc. announced that it has received a commitment for a loan facility up to $300 million from ABN AMRO Bank N.V., Nordea Bank Finland plc, acting through its New York branch, and Skandinaviska Enskilda Banken AB. The loan facility will be used to refinance the existing indebtedness on 16 MR product tankers, has a final maturity of five years from the first drawdown date and bears interest at LIBOR plus a margin of 2.5 percent per annum. The loan facility will be comprised of a term loan up to $200 million and a revolver up to $100 million…

Courtesy Scorpio Tankers

Scorpio Tankers Reports Commitment for New Loan Facility

Scorpio Tankers Inc. announced it has received a commitment from NIBC Bank N.V. for a loan facility of up to $44 million. The loan facility, subject to customary conditions precedent and the execution of definitive documentation, will be used to refinance the existing indebtedness on two 2013-built MR product tankers, has a final maturity of five years from the signing date and bears interest at LIBOR plus a margin of 2.5 percent per annum. The availability can be used to finance the lesser of $22 million and 67.5 percent of the fair market value of the respective vessels.

NAMEPA to Host ‘Pathways to Sustainability’

North American Marine Environment Protection Association (NAMEPA) will hold its Environmental Intelligence in Shipping Conference on “Pathways to Sustainability” on Februar 5, 2016 at SeaRiver Maritime in Spring, Texas. The conference is designed to be a guide for navigating through the myriad of regulations leading to compliance. The maritime industry faces continual regulatory change as it strives to reduce its impact on the marine environment. NAMEPA members, in particular, are committed to “Save our Seas”, but this approach is not without its hurdles.

Courtesy Scorpio Tankers

Scorpio Tankers to Acquire Product Tanker

Scorpio Tankers Inc. announced today that it has entered into an agreement to purchase an MR product tanker. The Company reached an agreement with an unrelated third party to purchase an MR product tanker that was built in 2014 at SPP Shipbuilding Co., Ltd. of South Korea for approximately $37.1 million. The vessel is expected to be delivered in August 2015.

Photo: Scorpio Tankers Inc.

BW Group Buys Dorian Stake

Scorpio Tankers Inc has agreed to sell its 6 million common shares of Dorian LPG Ltd to BW Euroholdings Limited, a wholly owned subsidiary of BW Group Limited, for a purchase price of $15.34 per share. The shares will be sold pursuant to an effective resale registration statement filed by Dorian LPG on July 8, 2015, and are expected to be delivered to BW Euroholdings Limited on or around July 22, 2015. Following the sale, the Scorpio will continue to own 3,392,083 shares of Dorian's common stock, which is approximately 5.8% of Dorian.

Photo: Scorpio Tankers Inc

Scorpio Buys Two Product Tankers

Scorpio Tankers has purchased an MR product tanker, currently under construction at Hyundai Mipo Dockyard, for around $37mln and a LR2 product tanker, currently under construction at Daehan Shipbuilding, for around $58.5mln. MR product tanker is scheduled for delivery in September and LR2 product tanker, is scheduled for delivery in August. Scorpio Tankers will initially bareboat charter-in the LR2 product tanker at $10,000 per day for up to nine months, before taking over the ownership of the vessel. Scorpio Tankers did not reveal the unrelated sellers of the tankers.

Courtesy Scorpio Tankers

Scorpio Tankers' Buyback Plan, Newbuild Delivery

Scorpio Tankers Inc. announced today (i) a new $250 million Securities Buyback Program, (ii) that it has recently taken delivery of an MR product tanker and (iii) that it will not exercise the options to purchase two LR2s currently under construction (with deliveries expected in the fourth quarter of 2016 and first quarter of 2017) from Scorpio Bulkers Inc., a related party. On May 27, 2015, the Company's Board of Directors authorized a new securities buyback program to purchase up to an aggregate of $250 million of the Company's common stock and bonds…

Christopher Wiernicki (Photo: ABS)

ABS Selects Board of Directors, Advisory Council & Members

At the 152nd Annual Meeting of the Members of ABS, industry leaders were elected to serve on a number of bodies that contribute to the operation of the classification society as it fulfills its mission of promoting the security of life and property and preserving the natural environment. •Christopher J. •Michael L. •Dr. Peter H. •Richard D. •John A. •William E. •Philip J. •Craig H. •Dean E. •Elizabeth D. •Douglas C. •Vikki M. •Derek S. •Joseph O. •William T. •Captain Spyros N. Karnessis, Chairman, European Navigation Inc. •Stephen Y. K. Pan, Chairman, World-Wide Shipping Agency Ltd. •Spyros M.

Photo credit: Scorpio Tankers Inc

Scorpio Tankers to Launch 15mln Public Share Offering

Scorpio Tankers has announced a public offering of 15 million common shares, with an underwriter’s option to purchase up to an additional 2.25 million units. New York Stock Exchange-listed Scorpio says it plans to use the proceeds to fund part of the acquisition costs of additional modern product tankers, which may include three LR2 product tankers it has options to purchase from an unaffiliated third party. Any net proceeds of the Offering not used for vessel acquisitions are expected to be used for general corporate purposes.

Scorpio Tankers Inc. Announces Delivery of a Newbuilding LR2

LR2 Product Tanker Joins Scorpio Tankers' Fleet

Scorpio Tankers Inc. today took delivery of STI Alexis, an LR2 product tanker from Daehan Shipbuilding Co. Ltd. This vessel will begin a voyage for 52 days at approximately $33,500 per day. The Company has also exercised an option to extend the charter on one of its time chartered-in LR2s for six months at $16,250 per day, commencing in March 2015. Earlier last week, Scorpio Tankers took delivery of STI Veneto, an LR2 product tanker from Hyundai Samho Heavy Industries. Scorpio Tankers currently owns 64 tankers with an average age of 1.3 years and has time charters-in 21 product tankers.

Tanker LR2

Scorpio Takes Delivery of STI Veneto

Scorpio Tankers Inc. has taken delivery of STI Veneto, an LR2 product tanker from Hyundai Samho Heavy Industries Co., Ltd. This vessel will begin a voyage for 60 days at approximately $32,000 per day. With this Scorpio Tankers owns 63 tankers (nine LR2 tankers, two LR1 tankers, 15 Handymax tankers, 36 MR tankers, and one post-Panamax tanker) with an average age of 1.3 years, time charters-in 21 product tankers (six LR2, five LR1, three MR and seven Handymax tankers), and has contracted for 18 newbuilding product tankers (nine MR and nine LR2)…

Courtesy : Scorpio Tankers

Scorpio Tankers' Qtrly Dividend up 20%

Scorpio Tankers Inc. announced today that it has declared a quarterly dividend of $0.12 per share, reflecting an increase of 20% over the previous quarterly dividend, has entered into an agreement to purchase two newbuilding LR2 product tankers, has taken delivery of three newbuilding vessels, and provided an update on its investment in Dorian LPG Ltd ("Dorian"). On November 10, 2014, the Scorpio Tankers' board of directors declared a quarterly cash dividend of $0.12 per share, payable on December 12, 2014 to all shareholders as of November 25, 2014 (the record date).

Peter Georgiopoulos

Wells, Georgiopoulos to Keynote HACC/NACC Ship Conference

The conference committee of the 20th annual Hellenic-American and Norwegian-American Chambers of Commerce conference, often called the New York Shipping Conference, announced today the luncheon keynote speakers will be and George Wells of Cargill and Peter Georgiopoulos. Entitled “Today’s Vision- Tomorrow’s Reality”, the conference will present a Macro Shipping and Economic Overview, a look at Shipping 2020, the challenges of balancing safety, regulatory compliance and costs, the current outlook and sources of dry bulk demand and supply…

Blaine Collins

New York Shipping Conference Adds Speakers

Examining areas of change and growth in shipping is the focus of the 20th annual Hellenic-American and Norwegian-American Chambers of Commerce conference, often called the New York Shipping Conference. Entitled “Today’s Vision- Tomorrow’s Reality”, the conference will present a Macro Shipping and Economic Overview, a look at Shipping 2020, the challenges of balancing safety, regulatory compliance and costs, the current outlook and sources of dry bulk demand and supply, sourcing ship finance, and the commercial impacts of decisions regarding trade routes, chartering and futures.

Robert Bugbee speaking at CMA in March 2013

Bugbee Named 2014 CMA Commodore

Robert Bugbee, President of Scorpio has been named as the Connecticut Maritime Association (CMA) Commodore for the year 2014. Mr. Bugbee follows a long succession of influential maritime industry leaders as Commodore. The 2014 Commodore Award will be presented to Mr. Bugbee on March 19, 2014 at the Gala Dinner marking the conclusion of the annual Connecticut Maritime Association conference and trade exposition, at the Hilton Hotel in Stamford, Connecticut, U.S. The Award is given…

Scorpio Tankship: Photo courtesy of Scorpio Tankers

Scorpio Tankers Continue Spending Spree

Scorpio Tankers Inc. announces 16 newbuilding agreements and US$ 525-million in commitments to its 2013 Credit Facility. The company 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 $267 million Credit Facility has been heavily over-subscribed resulting in an increase of the overall commitments received from new and existing financial institutions to US$ 525-million.

Insights: Registries Unwrapped

Debunking the myths about international ship registries, choice of classification society and a raft of other variables. Throughout the shipping world, ship registries, where a vessel is tied to laws of a particular nation, remain a subject of continual debate. As world trade has grown, registries have moved offshore, mirroring developments in the realm of the multinational corporations that have fueled the demand for shipping, and the movement of shipowners to financial centers away from their home countries.

Image credit Scorpio Tankers

Scorpio Tankers Ink Six Newbuilding Contracts

Scorpio Tankers exercise options with Korea's Hyundai Mipo Dockard for altogether six new tankships. The contracts are for the construction of four MR Product tankers for approximately $33.0 million each and two Handymax ice class-1A (37,000 DWT) product tankers for approximately $31.25 million each. The MR Product tankers were previously reserved for another owner, and two of these vessels will deliver in the second quarter of 2014 with the third and fourth vessels to be delivered in the third and fourth quarter of 2014, respectively.

Latest Commercial Shipbuilding Contracts

There has been a significant volume of shipbuilding business reported in the week according to Clarkson Hellas. The dry bulk fleet has seen a number of new additions this week. It was reported that SWS signed an additional order with Clients of Thenamaris for 1+1 180,000 DWT Capesize vessels, with the firm vessel lined up for delivery in 2015. Clients of Nordic Bulk Carriers placed an order for two firm 75,000 DWT Ice Class 1A bulk carriers at Oshima for delivery in 2015. Although pricing was not officially revealed…