Scorpio Tankers Dumps Older LR2 Tankers in $286 Million Fleet Shakeup

Scorpio Tankers is moving to reshape its product tanker fleet, announcing agreements to sell four LR2 tankers while lining up two new MR newbuildings and preparing to repay all secured debt due in 2028.

The Monaco-based product tanker owner said Wednesday it has agreed to sell four LR2 product tankers for a combined $285.8 million. The vessels include the 2014-built STI Broadway and STI Condotti, along with the 2015-built STI Winnieand STI Lauren. The sales are expected to close in the second or third quarter of 2026.

At the same time, Scorpio has signed a letter of intent to purchase two scrubber-fitted MR product tanker newbuildings for $46.25 million each. The vessels are expected to be built at Jiangsu Yangzi-Mitsui Shipbuilding in China, with delivery scheduled for the first quarter of 2030. The company said only a 10% initial deposit is due up front, with remaining payments not required until 2028 or later.

The letter of intent remains subject to definitive documentation.

Scorpio also said it intends to make $367.8 million in unscheduled debt prepayments, including a previously announced $10.7 million prepayment, across several secured credit facilities maturing in 2028. The company also plans to permanently cancel undrawn revolving capacity under two facilities, moves expected to terminate the affected credit lines in the second quarter of 2026.

The transactions point to a broader fleet and balance-sheet reset at one of the world’s largest product tanker owners. Scorpio currently owns 83 product tankers, including 32 LR2s, 37 MRs and 14 Handymax tankers, with an average age of 10.2 years.

Including previously announced deals, the company has now reached agreements to sell two MR product tankers and seven LR2 product tankers, with closings expected in the second or third quarter of 2026.

Scorpio has also lined up a sizeable newbuilding program, including six MR newbuildings, four LR2 newbuildings and two VLCC newbuildings, with deliveries stretching from 2026 through 2030.

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