Scorpio Tankers buys four LR2 newbuildings, three from Navig8

Athens: NYSE-listed Scorpio Tankers says it has signed agreements to acquire four LR2 product tanker newbuildings for around $60m each.

Three of the tankers have been acquired from Oslo-listed Navig8 Product Tankers for an aggregate sum of $178.5m, Splash can confirm.

The three vessels are currently under construction at South Korea’s Sungdong Shipbuilding and Marine Engineering.

The fourth vessel, acquired from an as yet unknown seller, is being built at Daehan Shipbuilding in South Korea.

“We are very pleased to have successfully closed this transaction at a firm price that generates a substantial profit for the company,” Nicolas Busch, CEO of Navig8 Product Tankers, said today. “Combined with the invested equity released, this transaction further strengthens the balance sheet and is consistent with our strategy of fully funding the company in the near-term.”

Delivery of all four vessels is expected between June and August this year.

Scorpio Tankers has also received delivery of three new product tankers, built at Korean yards, all of which have employment contracts lined up.

The LR2 product tanker STI Lauren (114,900 dwt) was delivered in April from Daewoo Shipbuilding and Marine Engineering, and has commenced a 57-day voyage charter at a daily rate of around $37,000.

STI Connaught (110,000 dwt), another LR2, has begun a 60-day voyage charter for around $34,000 per day, after having been delivered from Hyundai Samho Heavy Industries earlier this month.

Finally, Scorpio’s latest MR tanker STI Osceola (50,000 dwt) arrived in April from Hyundai Mipo and has begun a 120-day timecharter for approximately $19,500 daily.


Holly Birkett

Holly is Splash's Online Editor and correspondent for the UK and Mediterranean. She has been a maritime journalist since 2010, and has written for and edited several trade publications. She is currently studying for membership of the Institute of Chartered Shipbrokers. In 2013, Holly won the Seahorse Club's Social Media Journalist of the Year award. She is currently based in London.
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