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Build, Borrow and Extend – Scorpio Covers the Bases

Surely, Scorpio Tankers Inc. waited until all the pieces were in place before announcing a multitude of transactions just prior to the holidays. To begin, the company announced that it had contracted with Hyundai Mipo Dockyard to construct the sixth of a series of 52,000 DWT MR product tankers, with new propulsion technology, for a price of $36.4 million with delivery in January 2013. This follows the order for five sister vessels placed at Hyundai back in June for approximately $37.4 million with delivery scheduled between July and October 2012. This latest contract also contains options for a further three vessels of the same specification. Declarable in mid-January the first option is exercisable at the same price. Should the company exercise the first option, it has a second option, which must be declared in mid-March 2012 for the construction of a further two vessels at a slightly higher price of $37.2 million each.

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