Strategic Vessel Transactions by Scorpio Tankers Inc.
Today, Scorpio Tankers Inc. announced a significant step in its operational strategy by entering into agreements to sell two of its 2016-built LR2 product tankers while simultaneously purchasing two new scrubber-fitted LR2 product tankers. These transactions are pivotal as they reflect the company's proactive approach in managing its fleet.
Details of the Vessel Sales
The company has confirmed the sale of the STI Goal and STI Gallantry tankers, with each vessel valued at $52.3 million. The sales are anticipated to close within the first quarter of 2026. Currently, STI Gallantry is under a financing agreement established in 2021 and has an outstanding lease obligation of $23.4 million that is expected to be cleared by the end of 2025. In comparison, STI Goal has an outstanding balance of $13.8 million under the current $1.0 billion credit facility, covering its term and revolving portions. It's worth noting that both vessels will require special surveys and drydock maintenance in 2026, which will be the responsibility of the new owners.
Investment in Newbuilding Vessels
Turning towards growth, Scorpio Tankers has also secured agreements for the purchase of two new scrubber-fitted LR2 product tankers, each costing $70.8 million. These new vessels are being constructed at Dalian Shipbuilding Industry Co., Ltd. in China, with delivery anticipated in the third quarter of 2027. This addition signifies the company's commitment to enhancing its fleet with modern and efficient vessels.
About Scorpio Tankers Inc.
Scorpio Tankers Inc. is a leading provider of marine transportation for petroleum products on a global scale. The company operates a fleet of 93 product tankers, categorizing them into varying types, including 37 LR2 tankers, 42 MR tankers, and 14 Handymax tankers, which boast an average age of 9.8 years. Beyond the recently announced sales, Scorpio Tankers is well-positioned in the market with ongoing agreements for additional newbuildings. This includes four MR tankers under construction expected to deliver in the coming years, as well as new VLCC tankers scheduled for 2028. Such strategic maneuvers are designed to enhance the operational efficiency and competitiveness of the fleet.
Contact Information
For more insights and inquiries, you may contact:
James Doyle – Head of Corporate Development & Investor Relations
Scorpio Tankers Inc.
Phone: +1 203-900-0559
Email: investor.relations@scorpiotankers.com
Frequently Asked Questions
What recent agreements has Scorpio Tankers made?
Scorpio Tankers has entered into agreements to sell two LR2 product tankers and purchase two new scrubber-fitted LR2 newbuilding product tankers.
What is the value of the vessels sold?
The sales of the vessels STI Goal and STI Gallantry are valued at $52.3 million each.
Where are the new vessels being built?
The new scrubber-fitted vessels are under construction at Dalian Shipbuilding Industry Co., Ltd. in China.
What is the average age of Scorpio Tankers' fleet?
The average age of Scorpio Tankers' fleet is 9.8 years, indicating a relatively modern fleet composition.
Who should be contacted for investor relations inquiries?
James Doyle is the Head of Corporate Development & Investor Relations, and can be reached at +1 203-900-0559 or via email.
