Scorpio Tankers Inc. Announces an Agreement to Sell Two MR Product Tankers

By Vessels

Scorpio Tankers Inc. (NYSE:STNG) announced today that it has reached an agreement with an unrelated third party to sell two of its 2013 built MR product tankers (STI Sapphire and STI Emerald) for approximately $56.4 million in aggregate.

Scorpio Tankers Inc. Announces an Agreement to Sell Two MR Product Tankers

Chemical/Oil Products Tanker STI SAPPHIRE - Image courtesy of Marcel Coster

The sales are expected to close in June 2017 at which time the Company will repay the outstanding secured debt for these vessels of $27.6 million in aggregate.

The Company will record a write-down of approximately $9.3 million during the second quarter of 2017 in connection with the entry into this agreement.

STI EMERALD - IMO 9655913

Chemical/Oil Products Tanker STI Emerald - Image courtesy of Marcel Coster

Scorpio Tankers Inc. is a provider of marine transportation of petroleum products worldwide. Scorpio Tankers Inc. currently owns 78 product tankers (23 LR2, 14 Handymax, and 41 MR tankers) with an average age of 2.3 years and time or bareboat charters-in 22 product tankers (one LR2, one LR1, 11 MR and nine Handymax tankers). The Company also has contracted for six newbuilding MR product tankers which are expected to be delivered throughout the remainder of 2017 and the first quarter of 2018.

Source: Scorpio Tankers