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Scorpio Tankers sells five MRs to Bahri

Photo of Holly Birkett Holly BirkettFebruary 25, 2016
8 Less than a minute

NYSE-listed Scorpio Tankers is to sell five MR product tankers to the National Shipping Company of Saudi Arabia (Bahri) for $166.5m en bloc.

The 2014-built vessels are the STI Chelsea, STI Lexington, STI Mythos, STI Olivia (all 52,000 dwt) and STI Powai (50,000 dwt). VesselsValue.com currently estimates the vessels’ collective market value at $173.61m.

Scorpio said the sell-off will incur a $3.2m loss on the vessels’ combined book value.

The sales of two of the vessels are expected to close in March, and the three remaining transactions are expected to close in the second quarter this year, Scorpio said.

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Photo of Holly Birkett Holly BirkettFebruary 25, 2016
8 Less than a minute
Photo of Holly Birkett

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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