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Scorpio Tankers seals another sale and leaseback deal

Emanuele Lauro’s Scorpio Tankers has reached a deal to sell and leaseback two MR product tankers and two LR2 product tankers to an international financial institution.

The four vessels, MR product tankers STI Gramercy and STI Queens and LR2 product tankers STI Oxford and STI Selatar, will be bareboat chartered back for a seven year period.

Scorpio says the deal will increase its liquidity by $42m after the repayment of outstanding debt attached to the vessels.

Scorpio has purchase options available after the end of the third year and a purchase obligation upon the expiration of the charters.

Earlier this month, the company sold six product tankers as part of a sale and leaseback deal with China’s CMB Financial Leasing just a week after it pulled off a similar deal with China Huarong Shipping Financial Leasing.

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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