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Scorpio Tankers Inc. (NYSE: STNG) is selling five of its older MR product tankers for a total of $179.1 million.
The sales, expected to close in the third quarter of 2024, will leave the company’s fleet consisting only of vessels built in 2014 or later.
The company has arranged agreements with three separate buyers for the sale of its four 2012 built vessels – STI Garnet, STI Onyx, STI Ruby, and STI Topaz. The vessels, three of which are equipped with scrubbers, collectively fetched a price of $142.5 million.
Scorpio Tankers has also agreed to the sale of its 2013 built vessel, the STI Beryl, for a sum of $36.6 million. The vessel is not fitted with a scrubber. The company stated that no debt repayments will be associated with these sales as the vessels are unencumbered.
CEO Emanuele A. Lauro in the Q1 earnings report stated that the company aims to increase cash flow by reducing debt and lowering the cash break-even rate, which will enable the company to act opportunistically to enhance shareholder returns.
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