Scorpio Tankers announced that it has reached an agreement with SPP Shipbuilding South Korea for the construction of four MR product tankers for approximately $32.5M each, two of which are the exercise of options from a previous contract. These vessels will be delivered in 3Q14 and 4Q14 and are a continuation of the company's existing newbuilding program for fuel-efficient vessels. In conjunction with these contracts, the company received extensions on several previously agreed options and received four new fixed price options for similar vessels which would be delivered in 2015. The company currently has a total of 16 MR product tanker newbuilding orders with Hyundai Mipo Dockyard of South Korea and SPP. Two are expected to be delivered to the company by April 2013 and the remaining 14 within 2014. The company also has fixed-price options to construct a total of 14 additional newbuilding product tankers at these yards.