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Scorpio Tankers buys back six MRs from China Huarong

Emanuele Lauro’s Scorpio Tankers has exercised options to buy back six 2014-built MR product tankers from China Huarong Shipping Financial Leasing.

STI Opera, STI Virtus, STI Venere, STI Aqua, STI Dama, and STI Regina were all offloaded on a sale and leaseback deal in 2018. They were chartered back for a period of eight years with purchase options beginning from the end of the third year.

The company said the leases bear interest at LIBOR plus 3.50% per annum, and that buying the vessels back will result in a debt reduction of $95m.

Completion of the deal is expected next month.

Monaco-headquartered Scorpio currently owns, leases or bareboat charters in 115 product tankers comprised of 40 LR2s, 61 MRs and 14 handymaxes.

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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