Scorpio Tankers announced that it has agreed to construct six additional LR2 Newbuildings, taken delivery of its seventh Newbuilding MR product tanker, STI Emerald and time chartered-in one handymax and two LR2 product tankers. The company executed agreements with Hyundai Samho Heavy Industries to construct a total of four 114,000 dwt LR2 product tankers for approximately $50M each. These agreements are in addition to the previously announced agreement for two similar vessels. The company has six LR2 newbuilding contracts at HSHI, all of which are scheduled to be delivered within 2014. These newbuildings come with fixed-price options for the construction of additional LR2 vessels. In addition, the company has reached an agreement with Daewoo Shipbuilding and Marine Engineering to construct two 114,000 dwt LR2 product tankers for approximately $50M each. These vessels are scheduled to be delivered within 2014. This agreement includes fixed-price options for the construction of additional LR2 vessels. The company also said that yesterday it took delivery of the seventh MR product tanker under its newbuilding program, STI Emerald, and the vessel began a time charter for up to 120 days at $19,500 per day plus an adjustment based on the fuel consumption. The company agreed to time charter-in three product tankers consisting of two LR2 product tankers each for one year at approximately $16,000 per day with expected deliveries by the middle of April 2013 and a Handymax product tanker, ice-class 1B for one year at approximately $12,700 per day. The Company also has an option to extend the charter for an additional year at $14,000 per day. This vessel is expected to be delivered by the middle of April.
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