Monaco - Aug. 29, 2017
Scorpio Tankers Inc. (NYSE:STNG) (“Scorpio” or the “Company”) announced today that the shareholders of Navig8 Product Tankers Inc. (“NPTI”) approved the previously announced merger (the “Merger”) of Scorpio and NPTI at a special meeting of shareholders that was held earlier today. At the meeting, approximately 94.25% of the NPTI shares outstanding were voted, all of which were voted in favor of the Merger.
The approval is the result of a vote on the proposal identified in the proxy statement/prospectus, dated August 14, 2017. The Merger remains subject to customary closing conditions and is expected to close on or about September 1, 2017.
About Scorpio Tankers Inc.
Scorpio is a provider of marine transportation of petroleum products worldwide. Scorpio currently owns 82 product tankers (23 LR2, four LR1 tankers, 41 MR tankers and 14 Handymax tankers) with an average age of 2.5 years and time or bareboat charters-in 20 product tankers (two LR2, nine MR and nine Handymax tankers). Scorpio also has contracted for four newbuilding MR product tankers which are expected to be delivered throughout the remainder of 2017 and the first quarter of 2018.
About Navig8 Product Tankers Inc.
NPTI is a Marshall Islands corporation formed for the purpose of acquiring and operating LR1 and LR2 tankers with fuel-efficient specifications and carrying capacities between 74,000 dwt and 113,000 dwt in the international product tanker market. NPTI currently has a fleet of 23 eco-design product tankers (15 LR2 and eight LR1 tankers). These vessels were financed through bank debt, sale leaseback transactions and cash on hand.
Scorpio Tankers Inc. press release