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Scorpio Gets New Club Financing and Fixes Old

Last week, Scorpio Tankers, Inc. entered into an agreement with Credit Agricole CIB and Skandinavsika Enskilda Banken AB for a new $92 million newbuilding credit facility, which will be utilized, to partially finance four of the five MR newbuilding of 52,000 DWT being constructed at Hyundai Mipo Dockyard. Currently, the Company has $134.7 million remaining to be paid on the construction contracts for the four newbuildings and $33.6 million for the fifth newbuilding, which will not be covered under the latest financing.

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