On May 27, Monaco-owned shipowner and operator Scorpio Tankers announced on its official website that it has entered into agreements to sell four LR2 product tankers, a letter of intent to purchase two newbuilding MR product tankers and its intention to repay all outstanding secured debt due 2028.
The Company has entered into agreements to sell four LR2 product tankers consisting of two 2014 built LR2 product tankers, STI Broadway and STI Condotti, and two 2015 built LR2 product tankers, STI Winnie and STI Lauren, for $285.8 million in aggregate. The sales of these vessels are expected to close within the second or third quarter of 2026.
The Company has entered into a letter of intent to purchase two scrubber-fitted MR newbuilding product tankers for $46.25 million per vessel. The vessels are expected to be constructed at Jiangsu Yangzi-Mitsui Shipbuilding Co., Ltd. in China and deliveries are expected in the first quarter of 2030. Aside from a 10% initial deposit, the remaining payments are not due until 2028 or later. The letter of intent is subject to the execution of definitive documentation.
Since the beginning of the year, Scorpio Tankers has publicly confirmed two new vessel orders: LR2 product tankers with the Dalian Shipbuilding Industry Corporation (DSIC), each costing US$68.5 million, with delivery expected in the third or fourth quarter of 2029. This brings Scorpio Tankers’ total holdings of these vessels with DSIC to four, with a total cost of approximately US$279 million. The first two vessels, announced in December 2025, cost approximately US$70.8 million each and are expected to be delivered in the third quarter of 2027.
Scorpio Tankers Inc. is a provider of marine transportation of petroleum products worldwide. Scorpio Tankers Inc. currently owns 83 product tankers (32 LR2 tankers, 37 MR tankers and 14 Handymax tankers) with an average age of 10.2 years. The Company has reached agreements to sell two MR product tankers and seven LR2 product tankers, which are expected to close in the second or third quarter of 2026. The Company has also reached agreements or letters of intent for six MR newbuildings (including the two mentioned in this press release) that are currently under construction with deliveries expected in 2026, 2027 and 2030, four LR2 newbuildings with deliveries expected in 2027 and 2029 and two VLCC newbuildings with deliveries expected in 2028.