Scorpio Tankers Executes Vessel Sales and Charter Agreements
Scorpio Tankers Announces Vessel Sales Agreements and Charter
Scorpio Tankers Inc. (NYSE: STNG) has recently made headlines with the announcement of significant agreements regarding vessel sales and a new time charter-out. This initiative reflects the Company's proactive approach to enhancing its fleet and leveraging market opportunities.
Details of Vessel Sales
The Company is set to sell two of its well-equipped MR product tankers, the STI San Antonio and STI Texas City, each for an impressive $42.5 million. Both vessels, built in 2014 and enhanced with scrubber technology, are expected to finalize their sales in the fourth quarter of 2024.
Importance of the Sales
These sales are crucial as they align with Scorpio Tankers' strategic focus on optimizing its vessel portfolio. The proceeds from the sales will likely be reinvested to strengthen the Company’s operations and enhance future growth prospects.
New Time Charter-Out Agreement
In addition to the vessel sales, Scorpio Tankers has secured a time charter-out agreement for its 2018 MR product tanker, STI Jardins. This vessel will be chartered out for three years at a daily rate of $29,550. The charter is expected to commence either in the third or fourth quarter of 2024, underlining Scorpio Tankers’ relationships with key players in the oil and maritime industries.
Future Outlook
This charter-out agreement not only provides a stable revenue stream but also solidifies Scorpio Tankers’ reputation among major oil companies, thus contributing to the Company’s growth trajectory.
About Scorpio Tankers Inc.
Scorpio Tankers Inc. stands out as a provider of marine transportation for petroleum products on a global scale. The Company currently manages an impressive fleet comprising 104 product tankers, including 39 LR2 tankers, 51 MR tankers, and 14 Handymax tankers. The average age of the fleet is approximately 8.5 years, indicating a balanced and efficient operational strategy. Moreover, Scorpio Tankers has plans underway to sell four additional MR tankers, further reshaping its business in the coming quarters.
Commitment to Excellence
With a solid foundation and strategic partnerships, Scorpio Tankers continues to focus on delivering value to its stakeholders while adapting to the evolving landscape of the maritime transport sector.
Frequently Asked Questions
What vessels has Scorpio Tankers sold recently?
Scorpio Tankers announced the sale of the STI San Antonio and STI Texas City for $42.5 million each.
What new agreement has Scorpio Tankers entered into?
The Company has signed a three-year time charter-out agreement for the STI Jardins tanker.
How many tankers does Scorpio Tankers own?
Scorpio Tankers currently owns or finances 104 product tankers, ensuring a diverse fleet to meet market demands.
When are the sales and agreements expected to finalize?
The vessel sales are anticipated to close in the fourth quarter of 2024, while the time charter is expected to start in the third or fourth quarter of 2024.
How can I contact Scorpio Tankers for more information?
For inquiries, contact James Doyle, Head of Corporate Development & Investor Relations at +1 646-432-1678 or email investor.relations@scorpiotankers.com.
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