Scorpio Tankers Inc. (NYSE:STNG) (Scorpio Tankers) announced today that it has entered into an agreement to sell an MR product tanker, and has exercised the purchase options on five ships.
Sale of an MR Product Tanker
The Company has entered into an agreement to sell the 2015 built MR product tanker, STI Tribeca, for $39.1 million. The sale of this vessel is expected to close within the first quarter of 2024.
The Exercise of Purchase Options on Five Ships
The Company has given notice to exercise its purchase options on one 2015 built MR product tanker (STI Westminster) and four 2014 built Handymax product tankers (STI Brixton, STI Comandante, STI Pimlico and STI Finchley). The purchases, which are expected to occur in the first half of 2024, will result in a debt reduction of $61.1 million for the Company.