Scorpio Tankers Inc. has entered into an agreement whereby the Company will sell its seven Very Large Crude Carriers (VLCCs) under construction for cash and record a gain of approximately $50 million.

This transaction is subject to the execution of definitive agreements and satisfaction of customary closing conditions and is expected to close by the end March 2014.

Subsequent to this transaction, the Company has 56 newbuilding product tanker orders with HMD, SPP, HSHI and DSME (30 MRs, 14 Handymaxes and 12 LR2s). The estimated future payment dates and amounts are as follows*:

Tags: Scorpio Tankers Inc.