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 2014 from Hyundai Mipo Dockyard of South Korea (HMD). 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 2014 from SPP Shipbuilding of South Korea (SPP). 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 2014 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 2014, respectively. Upon delivery, each vessel began a time charter for up to 120 days at a rate level consistent with the current market.
Scorpio Tankers Inc. currently owns 40 tankers (three LR2 tankers, two LR1 tankers, six Handymax tankers, 28 MR tankers, and one post-Panamax tanker) with an average age of 1.6 years.
It has time charters-in 25 product tankers (seven LR2, six LR1, four MR and eight Handymax tankers), and has contracted for 35 newbuilding product tankers (17 MR, nine LR2, and nine Handymax ice class-1A product tankers). Twenty-one vessels are expected to be delivered to the Company throughout 2014 and 14 in 2015.
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