Scorpio Tankers Inc. Update Fleet Transactions

Scorpio Tankers Inc. (NYSE: STNG) (the "Company") announced today an update of its fleet. Recently, the Company (i) recorded a gain of $51 million from the previously announced sale agreement of the seven VLCC newbuilding contracts, (ii) took delivery of STI Texas City, (iii) finalized the previously announced sale agreements of Noemi and Senatore and (iv) reported that the previously announced sale agreement of STI Spirit, which is expected to be finalized before the end of April 2014. 

In March 2014, the Company received the proceeds from the sale of the seven VLCC newbuilding contracts and recorded a gain of $51 million in the first quarter of 2014. 

At the end of March 2014, the Company took delivery of STI Texas City, an MR product tanker newbuilding from SPP Shipbuilding Co., Ltd. of South Korea, which began a two-year time charter at a current market level plus a profit sharing component upon delivery. 

The loss related to the sales of Noemi and Senatore, 2004 built LR1 product tankers, was recorded in the fourth quarter of 2013. 

The loss related to the sale for STI Spirit, 2008 built LR2 product tanker, was also recorded in the fourth quarter of 2013.