Scorpio Tankers and Navig8 Product Tankers have become a single entity.
Scorpio, led by Emanuele Lauro, announced that the shareholders of Navig8 Product Tankers approved the previously announced merger at a special meeting of shareholders that was held yesterday with 94.25% voting in favour of the deal.
The merger remains subject to customary closing conditions and is expected to close on or about September 1, 2017.
The new tanker operator emerging from the deal will be the third largest player in the liquid bulk market worldwide in terms of dwt and the second for number of vessels owned, according to the statistics provided by VesselsValue.com.
Scorpio Tankers is to buy ten LR1s and LR2s owned by Navig8 Product Tankers, as well as take over the 17 vessels from CSSC Shipping, China Merchants Bank, Bank of Communications and Ocean Yield on bareboat charter to Navig8.