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.
Sign up for gCaptain’s newsletter and never miss an update
Essential maritime and offshore news, insights, and updates delivered daily straight to your inbox
For a sign of just how extraordinary oil shipping costs have become, consider this: It’s now more expensive to hire a tanker from the US to China than to launch a rocket into space.
The United Kingdom on Thursday sanctioned 12 oil tankers it identified as part of Russia's shadow fleet, including the 22-year-old Dakar that is currently making an unusual late-season voyage on the Northern Sea Route.
Commodity trading giant Trafigura is launching a new tanker company with plans to raise about $500 million and list the business in Oslo, opening its growing VLCC fleet to outside...
Subscribe to gCaptain Daily and stay informed with the latest global maritime and offshore news
Essential news coupled with the finest maritime content sourced from across the globe.
Sign Up
Join The Club
