On March 5, Monaco-based shipowner and operator Scorpio Tankers announced via its official website that it had signed agreements to sell three of its product tankers and charter out two others on a time basis. The transactions are expected to increase the company’s cash reserves by approximately $110 million (equivalent to approximately RMB 760 million).
Scorpio Tankers has signed agreements to sell two MR product tankers, “STI Seneca” and “STI Osceola”, for $35 million each, and the LR2 product tanker “STI Solidarity” for $60 million.
All three vessels for sale were built in 2015 and are equipped with scrubbers. They are expected to be delivered to their new owners in the first or second quarter of 2026. The vessels are currently financed through the company’s $1 billion credit line for 2023, with a current outstanding debt of $20.2 million.
Regarding chartering, Scorpio Tankers has entered into time charter agreements for two LR2 product tankers in its fleet, the “STI Lombard” and the “STI Rambla,” for terms of 5 years and 8 years, respectively, with daily rates of US$33,000 and US$30,500. The charter periods are expected to take effect in the first or second quarter of 2026.
According to available information, Scorpio Tankers is a global supplier of marine services for petroleum products, currently operating a fleet of 90 product tankers, including 34 LR2, 42 MR, and 14 Handymax tankers, with an average fleet age of 10.1 years. Including the aforementioned vessels, the shipowner has signed agreements to sell two LR2 product tankers and two MR product tankers, with the transactions expected to be completed in the first or second quarter of 2026.
In newbuilding projects, Scorpio Tankers has four MR product tankers expected to be delivered between 2026 and 2027; four LR2 product tankers expected to be delivered between 2027 and 2029; and two Very Large Crude Carriers (VLCCs) expected to be delivered in the second half of 2028.