SPP Spot Coffee Canada Ltd

Scorpio Tankers Inc. (NYSE: STNG) (the "Company") announced today an update on
its Stock Buyback Program, Newbuilding vessel deliveries, and second quarter
2014 earnings release date. 


Stock Buyback Program 

The Company has purchased 6,327,861 of its common shares in the open market at
an average price of $9.74 per share since July 1, 2014 under its $150 Million
Stock Buyback Plan (the "Plan") that was announced on June 30, 2014 and has
$88.1 million remaining under the Plan. 


During 2014, the Company has acquired 29.0 million of its common shares that are
being held as treasury shares at an average price of $9.26 per share. The
acquisitions include (i) 11,326,646 common shares that were purchased in the
open market at an average price of $9.35 per share, (ii) 7,500,000 common shares
at $8.94 per share that were acquired in exchange for 3,422,665 shares in Dorian
and (iii) 10,127,600 common shares at $9.38 per share that were acquired in
conjunction with the Company's offering of $360 million of Convertible Senior
Notes due 2019.  


As of July 22, 2014, the Company has 172,206,301 common shares issued and
outstanding. 


Newbuilding Vessel Deliveries 

The Company has recently taken delivery of four product tankers under its
Newbuilding Program:




--  STI Powai, an MR product tanker, was delivered in July 2014 from Hyundai
    Mipo Dockyard of South Korea ("HMD"). Upon delivery the vessel began a
    time charter for up to 120 days at approximately $18,000 per day.
--  STI Aqua, an MR product tanker, was delivered in July 2014 from SPP
    Shipyard of South Korea ("SPP"). Upon delivery the vessel began a time
    charter for up to 120 days at approximately $18,000 per day.
--  STI Pimlico, a Handymax Ice Class 1A product tanker, was delivered from
    HMD in July 2014. Upon delivery, this vessel began a time charter for up
    to 120 days at approximately $15,000 per day.
--  STI Elysees, an LR2 product tanker, was delivered from Hyundai Samho
    Heavy Industries ("HSHI") in July 2014. 



Second Quarter Earnings Release Date 

The Company will announce its second quarter 2014 earnings before the open of
trading on the NYSE on Monday, July 28, 2014.


About Scorpio Tankers Inc. 

Scorpio Tankers Inc. is a provider of marine transportation of petroleum
products worldwide. Scorpio Tankers Inc. currently owns 31 tankers (one LR2
tanker, two LR1 tankers, four Handymax tankers, 23 MR tankers, and one
post-Panamax tanker) with an average age of 2.0 years, time charters-in 26
product tankers (eight LR2, six LR1, four MR and eight Handymax tankers), and
has contracted for 43 newbuilding product tankers (21 MR, 11 LR2, and 11
Handymax ice class-1A product tankers), 29 are expected to be delivered to the
Company throughout 2014 and 14 in 2015. The Company also owns approximately 16%
of Dorian LPG Ltd. 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. 



FOR FURTHER INFORMATION PLEASE CONTACT: 

Scorpio Tankers Inc. 
212-542-1616

Spot Coffee Canada (TSXV:SPP)
Historical Stock Chart
From Mar 2024 to Apr 2024

Spot Coffee Canada (TSXV:SPP)
Historical Stock Chart
From Apr 2023 to Apr 2024