Scorpio exits the LR1 space with Hafnia sales

Scorpio Tankers has completed its exit from the LR1 field, with the sale of 12 tankers. The ships – all built in 2015 and 2016 – went for a total price of $413.8m. BW Group-controlled Hafnia has tied with China’s ICBC Financial Leasing to take ships on a sale and leaseback structure with monthly purchase options and an obligation for Hafnia to purchase the vessels at the end of a 10-year charter period. The deal takes the Hafnia fleet past the 200 mark.

In addition, Scorpio Tankers has revealed it sold two MR tankers this week.

Emanuele Lauro, chairman and CEO at Scorpio Tankers, commented, “These sales confirm that our NAV is substantially above the current STNG share price. The fundamentals are improving, and the additional liquidity gives us increased flexibility and security to create shareholder value.”

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.
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