York Capital finally sells last MR tanker newbuilding to Scorpio

York Capital finally sells last MR tanker newbuilding to Scorpio

Athens: Private equity player York Capital Management has sold the last of its five MR product tanker newbuildings to Scorpio Tankers.

York has been trying to offload the five MRs it has under construction at South Korea’s Hyundai Mipo shipyard since October 2014.

The fund’s Marshall Islands-registered vehicle York Maritime Holdings this week sold a 50,000-dwt MR product tanker to Scorpio for $37m. The as-yet unnamed vessel is due for delivery later this year.

York Maritime sold the vessel’s two sisterships to Scorpio in October 2014, also for $37m per ship. The fund had attempted to sell all five of the tankers for $36.5m each, but in the end only sold two.

In March this year, Croatia’s Tankerska Next Generation bought two 50,000-dwt MRs from York for the slightly higher price of $37.5m per vessel.

 

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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