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Scorpio Tankers clinches sale and leaseback deal with Bocom Financial Leasing

Scorpio Tankers clinches sale and leaseback deal with Bocom Financial Leasing

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Monaco-headquartered owner Scorpio Tanker has reached an agreement with China’s Bank of Communications (Bocom) Financial Leasing for five 2012-built product tankers.

Under the agreement, Scorpio Tanker will sell STI Amber, STI Topaz, STI Ruby, STI Garnet, and STI Onyx to Bocom Financial Leasing at a price of $27.5m per vessel, and bareboat charter-in the vessels for a period of seven years at $9,025 per day each. The company also has three one-year options to extend the bareboat charter agreements beyond the initial term. In addition, Scorpio Tankers has purchase options beginning at the end of the fifth year and until the end of the agreements.

According to Scorpio Tankers, so far three of the five transactions have been completed which has increased the company’s liquidity by around $21m after the repayment of outstanding debt related to the vessels.

Scorpio Tankers recently received shareholder approval for its takeover of Navig8 Product Tankers, with the combined new entity soon to become the third largest player in the liquid bulk market worldwide in terms of dwt and second for number of vessels owned.

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Jason Jiang

Jason worked for a number of logistics firms following his English degree, then switched this hands-on experience to writing and has since become one the most prolific writers on the diverse China logistics industry writing for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week. Jason’s access to the biggest shippers with business in China has proved an invaluable source of exclusives.

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