Scorpio Tankers Inc. Announces Time Charter-In Agreement for a Product Tanker

Scorpio Tankers Inc. announced yesterday that it has agreed to time charter-in a product tanker. The terms of the contract is summarized as follows.
A 2013 built MR product tanker will be time chartered-in for two years at $14,121 per day and is expected to be delivered by the end of April 2013. The agreement includes an option for the Company to extend the charter for an additional year at $15,504 per day. Upon delivery, the vessel will be time chartered-out for up to 80 days at $22,850 per day.
Scorpio Tankers Inc. is a provider of marine transportation of petroleum products worldwide. Scorpio Tankers Inc. currently owns 13 tankers (one LR2 tanker, four LR1 tankers, one Handymax tanker, six MR tankers, and one post-Panamax tanker) with an average age of 4.6 years, time charters-in 20 product tankers (three LR2, three LR1, nine MR and five Handymax tankers), and has contracted for 26 newbuilding product tankers (20 MR and six Handymax vessels), two of which are expected to be delivered to the Company by April 2013 and the remaining 24 by the end of 2014.
Source: Scorpio Tankers Inc.