EuropeFinance and InsuranceTankers

Scorpio Tankers banks $32m from sale and leaseback of four ships

Monaco-headquartered Scorpio Tankers has sealed a sale and leaseback deal for four vessels with China’s AVIC International.

Scorpio will be selling MR product tankers STI Memphis, STI Soho, and STI Osceola as well as LR2 product tanker STI Lombard. The company’s liquidity will increase by around $32m from the deal, after repayment of outstanding debt.

Additionally, Scorpio has received a commitment from a European financial institution for a $21m term loan facility to refinance the outstanding debt on LR2 product tanker STI Madison. The deal will increase Scorpio’s liquidity by around $5m after the repayment of outstanding debt.

Scorpio operates a fleet of 135 product tankers.

Grant Rowles

Grant spent nine years at Informa Group based in London, Sydney, Hong Kong and Singapore. He gained strong management experience in publishing, conferences and awards schemes in the shipping and legal areas, working on a number of titles including Lloyd's List. In 2009 Grant joined Seatrade responsible for the commercial development of Seatrade’s Asia products. In 2012, with Sam Chambers, he co-founded Asia Shipping Media.
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