Emanuele Lauro’s Monaco-based Scorpio Tankers has sealed a deal with China’s AVIC International Leasing for the sale and leaseback of five product tankers.
The vessels being sold are MR product tankers STI Ville, STI Fontvieille and STI Brooklyn as well as LR2 product tankers STI Rose and STI Rambla. The vessels will be bareboat chartered back to Scorpio for a period of eight years, with purchase options available from the end of year two onwards. On completion of the charter Scorpio will reaquire the vessels.
Scorpio says the deal will result in $42m of liquidity for the company after the repayment of outstanding debt.
Since announcing the aquisition of Navig8 Product Tankers last May, Scorpio has undertaken a series of measures to improve its finances including a sale and leaseback deal with China’s BoComm for five product tankers last September and arranging a series of new loans worth just under $200m earlier this month.