0001102624-13-000376.txt : 20130326 0001102624-13-000376.hdr.sgml : 20130326 20130326172735 ACCESSION NUMBER: 0001102624-13-000376 CONFORMED SUBMISSION TYPE: 6-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20130326 FILED AS OF DATE: 20130326 DATE AS OF CHANGE: 20130326 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Scorpio Tankers Inc. CENTRAL INDEX KEY: 0001483934 STANDARD INDUSTRIAL CLASSIFICATION: DEEP SEA FOREIGN TRANSPORTATION OF FREIGHT [4412] IRS NUMBER: 000000000 FILING VALUES: FORM TYPE: 6-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-34677 FILM NUMBER: 13717731 BUSINESS ADDRESS: STREET 1: 150 EAST 58TH STREET CITY: NEW YORK STATE: NY ZIP: 10155 BUSINESS PHONE: 212-542-1616 MAIL ADDRESS: STREET 1: 150 EAST 58TH STREET CITY: NEW YORK STATE: NY ZIP: 10155 6-K 1 scorpio6k.htm SCORPIO TANKERS INC. 6-K scorpio6k.htm
 



 



UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM 6-K
 
REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13A-16 OR 15D-16 OF THE SECURITIES EXCHANGE ACT OF 1934
 

For the month of March
2013
 
Commission File Number: 001-34677
 

Scorpio Tankers Inc.
(Translation of registrant's name into English)
 

9, Boulevard Charles III, Monaco
98000 (Address of principal executive
office)

 

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
 
Form 20-F [X]Form 40-F [    ]
 
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): [   ].
 
Note: Regulation S-T Rule 101(b)(1) only permits the submission in paper of a Form 6-K if submitted solely to provide an attached annual report to security holders.
 
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): [ ].
 
Note: Regulation S-T Rule 101(b)(7) only permits the submission in paper of a Form 6-K if submitted to furnish a report or other document that the registrant foreign private issuer must furnish and make public under the laws of the jurisdiction in which the registrant is incorporated, domiciled or legally organized (the registrant's "home country"), or under the rules of the home country exchange on which the registrant's securities are traded, as long as the report or other document is not a press release, is not required to be and has not been distributed to the registrant's security holders, and, if discussing a material event, has already been the subject of a Form 6-K submission or other Commission filing on EDGAR.

 
 

 
 
INFORMATION CONTAINED IN THIS FORM 6-K REPORT
 
Attached to this Report on Form 6-K as Exhibit 99.1 is a press release issued by Scorpio Tankers Inc. (the "Company") on March 26, 2013 announcing agreements to construct six LR2 newbuildings, delivery of STI Emerald and agreements to time charter-in three product tankers.

The information contained in this Report on Form 6-K is hereby incorporated by reference into the Company's registration statement on Form F-3 (File no. 333-186815) that was filed with the U.S. Securities and Exchange Commission effective February 25, 2013.


 
 

 

 
SIGNATURES
 


Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


 
 
   SCORPIO TANKERS INC.
   (registrant)
   
   
 Dated: March 26, 2013  By: /s/ Brian Lee                        
              Brian Lee
              Chief Financial Officer
 
 
 
 


 

 
EX-99.1 2 exh99_1.htm EXHIBIT 99.1 exh99_1.htm
 


Exhibit 99.1
 
 
Scorpio Tankers Inc. Announces Agreements to Construct Six LR2 Newbuildings, Delivery of its Seventh MR Newbuilding, and Agreements to Time Charter-in Three Product Tankers
 
MONACO -- (Marketwire) – March 26, 2013 -- Scorpio Tankers Inc. (NYSE: STNG) (the "Company") announced today that it has (i) agreed to construct six additional LR2 Newbuildings, (ii) taken delivery of its seventh Newbuilding MR product tanker, STI Emerald and (iii) time chartered-in one handymax and two LR2 product tankers.
 
LR2 Newbuildings
 
The Company executed agreements with Hyundai Samho Heavy Industries Co., Ltd. (“HSHI”) to construct a total of four 114,000 dwt LR2 product tankers for approximately $50 million 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 Co., Ltd. (“DSME”) to construct two 114,000 dwt LR2 product tankers for approximately $50 million 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 has a total of 33 newbuilding product tanker agreements, which include 19 MR, eight LR2 and six Handymax ice class-1A vessels, at Hyundai Mipo Dockyard Co. Ltd., SPP Shipbuilding Co. Ltd., HSHI, and DSME.  One of the newbuildings is expected to be delivered to the Company by April 2013 and the remaining 32 by the end of 2014.  The Company also has fixed-price options to construct additional newbuilding product tankers at these yards.
 
Delivery of STI Emerald
 
Yesterday, March 25, 2013, the Company 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 vessel was partially financed by the Company's 2011 Credit Facility.
 
Time Charter-In Agreements
 
The Company agreed to time charter-in three product tankers consisting of:
 
·  
Two LR2 product tankers (a 115,756 dwt, 2011 built, and a 115,592 dwt, 2010 built) each for one year at approximately $16,000 per day with expected deliveries by the middle of April 2013.
·  
A Handymax product tanker, ice-class 1B, (37,217 dwt, 2004 built) 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 2013.
 
About Scorpio Tankers Inc.
 
Scorpio Tankers Inc. is a provider of marine transportation of petroleum products worldwide. Scorpio Tankers Inc. currently owns 14 tankers (one LR2 tanker, four LR1 tankers, one Handymax tanker, seven MR tankers, and one post-Panamax tanker) with an average age of 4.4 years, time charters-in 21 product tankers (five LR2, three LR1, seven MR and six Handymax tankers), and has contracted for 33 newbuilding product tankers  (19 MR, eight LR2 and six Handymax ice class-1A vessels), one of which is expected to be delivered to the Company by April 2013 and the remaining 32 by the end of 2014. Additional information about the Company is available at the Company's website www.scorpiotankers.com, which is not a part of this press release.
 
 
 
 

 
Forward-Looking Statements
 
Matters discussed in this press release may constitute forward-looking statements.  The Private Securities Litigation Reform Act of 1995 provides safe harbor protections for forward-looking statements in order to encourage companies to provide prospective information about their business.  Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts.  The Company desires to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and is including this cautionary statement in connection with this safe harbor legislation.  The words “believe,” “anticipate,” “intends,” “estimate,” “forecast,” “project,” “plan,” “potential,” “may,” “should,” “expect,” “pending” and similar expressions identify forward-looking statements.
 
The forward-looking statements in this press release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, our management's examination of historical operating trends, data contained in our records and other data available from third parties.  Although we believe that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, we cannot assure you that we will achieve or accomplish these expectations, beliefs or projections.
 
In addition to these important factors, other important factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking statements include the failure of counterparties to fully perform their contracts with us, the strength of world economies and currencies, general market conditions, including fluctuations in charter rates and vessel values, changes in demand for tanker vessel capacity, changes in our operating expenses, including bunker prices, drydocking and insurance costs, the market for our vessels, availability of financing and refinancing, charter counterparty performance, ability to obtain financing and comply with covenants in such financing arrangements, changes in governmental rules and regulations or actions taken by regulatory authorities, potential liability from pending or future litigation, general domestic and international political conditions, potential disruption of shipping routes due to accidents or political events, vessels breakdowns and instances of off-hires and other factors. Please see our filings with the Securities and Exchange Commission for a more complete discussion of these and other risks and uncertainties.
 
Scorpio Tankers Inc.
212-542-1616
 
 
 


 
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