On September 29, Scorpio Tankers, a Monaco-based shipowner and operator, announced on its official website that it had reached agreements to purchase four newly built vessels (two VLCCs and two LR2 product tankers) and to sell three older product tankers. The total investment for the four new vessels amounts to $415.6 million, and all will be built by Chinese shipyards.
Newbuilding Vessel Purchases
In terms of newbuilds, Scorpio Tankers has agreed to purchase two Very Large Crude Carriers (VLCCs) from Hengli Heavy Industries at a unit price of $135 million, with the two new vessels having a total value of $270 million. The new vessels are equipped with desulfurization systems and are expected to be delivered in September and October 2028.
This transaction brings the number of new VLCC projects under Scorpio Tankers’ direct control to four. The shipowner re-entered the crude oil tanker market in late 2025, when it placed an order with Hanwha Marine for two 320,000 DWT VLCCs, with each vessel costing approximately $128 million and scheduled for delivery in the third and fourth quarters of 2028. This order marks the shipping company’s first shipbuilding contract since its return to the crude oil tanker sector more than a decade ago.
In addition to the newbuild project with Hengli Heavy Industries, Scorpio Tankers has agreed to place an order with Jiangsu Hantong Ship Heavy Industry Co., Ltd(HT) for two LR2 product tankers at a price of $72.8 million per vessel. The new vessels will be equipped with scrubbers and are scheduled for delivery in October and November 2029. This marks the formalization of the order for two LR2 product tankers, for which a letter of intent had been signed in July 2026.
Following the latest transaction disclosures, the scale of Scorpio Tankers’ direct newbuilding portfolio has risen to 17 vessels (including those under letters of intent). This lineup comprises five MR product tankers scheduled for delivery in 2027 and 2030, eight LR2 product tankers set for delivery in 2027 and 2029, and four VLCCs slated for delivery in 2028. The vast majority of these new vessels are being built by Chinese shipyards, including Hengli Heavy Industries, Dalian Shipbuilding Industry Corporation (DSIC), HT, and Yangzijiang Shipbuilding.
Vessel Sales
While investing in the construction of new ships, Scorpio Tankers has agreed to sell three old ships for $180.5 million, all equipped with desulfurization units, and are expected to be delivered to the new owner at the end of 2026.
The vessels up for sale are as follows: the MR product tanker “STI Dama,” built in 2014, priced at $37.5 million; the LR2 product tanker “STI Elysees,” built in 2014, priced at $70 million; and the LR2-class product tanker “STI Veneto,” built in 2015, priced at $73 million.
For several months, Scorpio Tankers has been actively renewing its fleet, selling off a number of older vessels. Currently, the company operates a fleet of 74 product tankers—comprising 25 LR2s, 35 MRs, and 14 Handymaxes—with an average age of 10.2 years.
Beyond fleet renewal, Scorpio Tankers is also expanding its crude oil shipping operations. In addition to its directly controlled fleet, the company agreed in July to acquire a stake of up to 15% in a joint venture that owns eight scrubber-equipped VLCCs; these newbuilds are scheduled for delivery between 2029 and 2030.