On July 30, Monaco-based shipowner and operator Scorpio Tankers released its financial results for the second quarter of 2026. The report also disclosed the company’s fleet expansion plans, which include signing a letter of intent for two LR2 product tankers, activating orders for two MR product tankers, and acquiring a stake in a newbuilding project for eight very large crude carriers (VLCCs).
Signed a letter of intent for two LR2 product tankers and acquired an equity stake in eight VLCCs.
In July 2026, Scorpio Tankers signed a letter of intent with Jiangsu Hantong Ship Heavy Industry Co., Ltd. (HT) for the construction of two LR2 product tankers. The new vessels will be equipped with scrubbers, cost $72.8 million each, and are scheduled for delivery in the second and third quarters of 2029.
That same month, Scorpio Tankers reached an agreement to acquire a minority stake of less than 15% in a joint venture that holds eight scrubber-fitted VLCCs currently under construction. The new vessels are scheduled for delivery between the third quarter of 2029 and the second quarter of 2030.
Scorpio Tankers did not disclose specific details regarding the joint venture, the shipyards for the eight VLCCs, or the construction costs in its report; it merely stated that it would make its share of equity payments in installments, in accordance with the payment milestones stipulated in the shipbuilding contracts.
Orders for two MR product tankers have become effective.
The letter of intent signed by Scorpio Tankers with Yangzijiang Shipbuilding in May 2026 for two MR product tankers became effective in June, and shipbuilding contracts have now been finalized. These vessels will be built by Yangzijiang-Mitsui Shipbuilding—a subsidiary of Yangzijiang Shipbuilding—and equipped with scrubbers; delivery is expected in the first quarter of 2030, at a cost of $46.33 million per vessel.
With the latest transaction disclosures, the number of newbuild projects directly held by Scorpio Tankers (including those under letter of intent) has risen to 14 vessels—comprising six MR product tankers, six LR2 product tankers, and two VLCCs. These are being built by Chinese and South Korean shipyards (12 and 2 vessels, respectively), specifically including:
Dalian Shipbuilding Industry Corporation (DSIC) has been contracted to build four LR2 product tankers; the first two (priced at $70.8 million each) are scheduled for delivery in the third quarter of 2027, while the subsequent two (priced at $68.5 million each) are slated for delivery in the second half of 2029. Additionally, HT has recently signed a letter of intent for two LR2 product tankers.
Jingjiang Nanyang Shipbuilding is constructing four MR product tankers—each valued at $45 million—with scheduled deliveries spanning 2026 to 2027; these vessels are being resold, having originally been ordered by Yangzijiang Financial Holdings. These represent the latest MR product tanker orders to become effective for Yangzijiang Shipbuilding.
Hanwha Ocean has secured an order for two VLCCs at a price of $128 million per vessel, with deliveries scheduled for the third and fourth quarters of 2028. This order marks Scorpio Tankers’ return to the crude oil tanker market and represents the shipowner’s first order for this vessel type since selling off seven VLCC newbuilding contracts in 2014.
Scorpio Tankers posts strong results as it accelerates fleet renewal.
Regarding operating performance, in the second quarter of 2026, Scorpio Tankers recorded an operating profit of $387.5 million, compared to $73.5 million in the same period last year; adjusted profit stood at $243.7 million, up from $67.8 million a year earlier; and the average Time Charter Equivalent (TCE) daily rate doubled, reaching $52,661 per vessel per day.
In the first six months of 2026, Scorpio Tankers recorded an operating profit of $603.8 million, compared to $131.7 million in the same period last year; adjusted profit was $394.6 million, compared to $116.8 million in the same period last year.
Regarding second-hand vessel transactions, Scorpio Tankers completed the sale of 10 vessels during the second quarter for a total of $465 million. These included three 2014-built MR product tankers—”STI Opera”, “STI Aqua”, and “STI Regina”; three 2015-built MR product tankers—”STI Osceola”, “STI Seneca”, and “STI Black Hawk”; three 2014-built LR2 product tankers—”STI Park”, “STI Sloane”, and “STI Madison”; and one 2015-built LR2 product tanker—”STI Solidarity”.
In July, Scorpio Tankers sold another five older vessels for $320.8 million, comprising four LR2 product tankers—the “STI Broadway” and “STI Condotti” (built in 2014) and the “STI Winnie” and “STI Lauren” (built in 2015)—as well as the MR product tanker “STI Brooklyn” (built in 2015).
To date, the Scorpio Tankers fleet comprises 74 product tankers, including 25 LR2, 35 MR, and 14 Handymax vessels.