Scorpio Tankers Inc. (NYSE:STNG) (“Scorpio Tankers” or the “Company”) announced today that it has agreed to sell and leaseback two MR product tankers (STI Gramercy and STI Queens) and two LR2 product tankers (STI Oxford and STI Selatar)

in two separate transactions to an international financial institution. Upon completion, the Company’s liquidity is expected to increase by $42 million in aggregate after the repayment of outstanding debt. These lease financing arrangements are part of the Company’s new financing initiatives that were announced on April 25, 2018.
As part of the agreements, the Company will bareboat charter-in the vessels for a period of seven years. In addition, the Company has purchase options beginning at the end of the third year of each agreement. There is also a purchase obligation for each vessel upon the expiration of each agreement.
These lease financing arrangements are subject to customary conditions precedent and the execution of definitive documentation.