Scorpio Tankers Inc. Announces Agreement to Purchase 55 Ecochlor Ballast Water Treatment Systems
July 24 2018 - 4:15PM
Scorpio Tankers Inc. (NYSE:STNG) ("Scorpio Tankers," or the
"Company") announced today that the Company has signed an agreement
to purchase 55 ballast water treatment systems from Ecochlor, Inc.
(“Ecochlor”). Installations are expected to begin in the fourth
quarter of 2018 and continue to the end of 2022. Scorpio Tankers
will also become a minority shareholder in Ecochlor.
Emanuele Lauro, Chairman & CEO of Scorpio Tankers said, “We
are delighted to be working with Ecochlor, given their
best-in-class technology. Reliability and quality were primary
considerations for us, given our commitment to safeguarding the
environment and complying with the complex regulatory guidelines
for ballast water treatment.”
About Scorpio Tankers Inc.
Scorpio Tankers is a provider of marine
transportation of petroleum products worldwide. The Company
currently owns or finance leases 109 product tankers (38 LR2
tankers, 12 LR1 tankers, 45 MR tankers and 14 Handymax tankers)
with an average age of 3.0 years and time or bareboat charters-in
17 product tankers (two LR2 tankers, eight MR tankers and seven
Handymax tankers).
Forward-Looking Statements
Matters discussed in this press release may
constitute forward-looking statements. The Private Securities
Litigation Reform Act of 1995 provides safe harbor protections for
forward-looking statements in order to encourage companies to
provide prospective information about their business.
Forward-looking statements include statements concerning
plans, objectives, goals, strategies, future events or performance,
and underlying assumptions and other statements, which are other
than statements of historical facts. Scorpio Tankers desires to
take advantage of the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995 and is including this
cautionary statement in connection with this safe harbor
legislation. The words “believe,” “expect,” “anticipate,”
“estimate,” “intend,” “plan,” “target,” “project,” “likely,” “may,”
“will,” “would,” “could” and similar expressions identify
forward-looking statements.
The forward-looking statements in this press
release are based upon various assumptions, many of which are
based, in turn, upon further assumptions, including without
limitation, management’s examination of historical operating
trends, data contained in the Company’s records and other data
available from third parties. Although management believes that
these assumptions were reasonable when made, because these
assumptions are inherently subject to significant uncertainties and
contingencies which are difficult or impossible to predict and are
beyond the Company’s control, there can be no assurance that
Scorpio Tankers will achieve or accomplish these expectations,
beliefs or projections. The Company undertakes no obligation, and
specifically declines any obligation, except as required by law, to
publicly update or revise any forward-looking statements, whether
as a result of new information, future events or otherwise.
In addition to these important factors, other
important factors that, in the Company’s view, could cause actual
results to differ materially from those discussed in the
forward-looking statements include, unforeseen liabilities, future
capital expenditures, revenues, expenses, earnings,
synergies, economic performance,
indebtedness, financial condition, losses,
future prospects, business and
management strategies for the management, expansion and growth of
the Company’s operations, risks relating to the integration of the
operations of Navig8 Product Tankers Inc. (“NPTI”) and the
possibility that the anticipated synergies and other benefits of
the acquisition of NPTI will not be realized or will not be
realized within the expected timeframe, the outcome of any legal
proceedings related to the merger with NPTI and the related
transactions, the failure of counterparties to fully perform their
contracts with the Company, the strength of world economies and
currencies, general market conditions, including fluctuations in
charter rates and vessel values, changes in demand for tanker
vessel capacity, changes in the Company’s operating expenses,
including bunker prices, drydocking and insurance costs, the market
for the Company’s vessels, availability of financing and
refinancing, charter counterparty performance, ability to obtain
financing and comply with covenants in such financing arrangements,
changes in governmental rules and regulations or actions taken by
regulatory authorities, potential liability from pending or future
litigation, general domestic and international political
conditions, potential disruption of shipping routes due to
accidents or political events, vessels breakdowns and instances of
off-hires, and other factors. Please see Scorpio Tankers’ filings
with the U.S. Securities and Exchange Commission
for a more complete discussion of certain of
these and other risks and uncertainties.
Contact InformationScorpio
Tankers Inc.(212) 542-1616
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