Scorpio Tankers Inc. Announces Investment in Dorian LPG Ltd.

Monaco - October 28, 2013

(Scorpio Tankers Inc. (NYSE: STNG) ("Scorpio Tankers," or the "Company") today announced that it has entered into an agreement with Dorian LPG Ltd. ("Dorian") whereby the Company will contribute its entire fleet of newbuilding Very Large Gas Carriers, or VLGCs, together with a cash contribution of $1.9 million in exchange for newly issued shares representing 30% of Dorian's pro-forma outstanding shares immediately following the transaction. As of the date of the transaction, the Company will have paid $83.1 million in installment payments for the 11 VLGC contracts.

As part of the transaction the Company will obtain certain protection rights customary for significant shareholders, which will terminate upon Dorian's initial public offering and listing on a national securities exchange, which is expected to take place within 2014.

Emanuele Lauro, Chairman and CEO of Scorpio Tankers, commented: "We are pleased with this investment in Dorian LPG on several fronts. We are participating in significant consolidation in the VLGC sector, creating -- in Dorian -- a preeminent owner/ operator of modern fuel efficient assets. As important, we expect our shareholders will ultimately benefit both from the expected growth of seaborne LPG demand and the success of Dorian LPG as a highly reputable, US listed security."

The above-mentioned transaction, which is subject to the execution of definitive agreements and satisfaction of customary closing conditions, is expected to close within the fourth quarter of 2013. Perella Weinberg Partners LP acted as financial advisor to the Company.

About Scorpio Tankers Inc.
Scorpio Tankers Inc. is a provider of marine transportation of petroleum products worldwide. Scorpio Tankers Inc. currently owns 19 tankers (one LR2 tanker, four LR1 tankers, one Handymax tanker, 12 MR tankers, and one post-Panamax tanker) with an average age of 4.0 years, time charters-in 29 product tankers (eight LR2, four LR1, eight MR and nine Handymax tankers), and has contracted for 54 newbuilding vessels (28 MR, 12 LR2, and 14 Handymax ice class-1A product tankers), 44 are expected to be delivered to the Company in 2014 and 10 within 2015. Upon completion of the above-mentioned transaction, the Company will also own up to 30% of Dorian LPG Ltd. Additional information about the Company is available at the Company's website, which is not a part of this press release.

About Dorian LPG Ltd.
Dorian LPG is a pure-play LPG shipping company, combining the LPG shipping activities of Dorian (Hellas) S.A. and SEACOR, and intends to become a leading owner and operator of modern fuel efficient Very Large Gas Carriers ("VLGCs"). After conclusion of the above-mentioned transaction, Dorian LPG will own and operate three modern VLGCs and one pressurized LPG vessel. In addition, after conclusion of the above-mentioned transaction, Dorian LPG will have 14 fuel-efficient VLGC newbuildings on order at Hyundai Heavy Industries Co., Ltd. and Daewoo Shipping and Marine Engineering Ltd with expected deliveries in July and August 2014, January, April, May, July (x2), August, October (x2) and November (x2) 2015, and January (x2) 2016. In addition Dorian LPG will also hold options for an additional five VLGCs. Dorian LPG has offices in Connecticut, USA; London, United Kingdom and Piraeus, Greece.

Scorpio Tankers Inc. press release