Petroleum transporter, Scorpio Tankers Inc. announces agreements to sell 3 vessels

Scorpio Tankers ship

Petroleum transporter sells vessels

Firstly, Scorpio Tankers Inc. announced that the Company entered into agreements to sell three vessels (two LR2s and one MR).

Secondly, the sale price of the two LR2s (2015 built STI Savile Row and STI Carnaby) is $86.0 million in aggregate; and the sale price of the MR (2014 built STI Benicia) is $26.5 million.

Then, Scorpio Services Holding Limited, a related party, owns a non-controlling 7.50% interest in the buyer of STI Benicia.

Finally, the Company expects to raise additional liquidity of approximately $55.0 million from these transactions; which will close in the 2Q and 3Q.

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The transporter strategy

Petroleum transporter Scorpio Tankers’ strategy is to be a leading owner and operator in the tanker industry..

Secondly, it has the latest generation of fuel-efficient vessels, together with operating strategy and a experienced management team.

Besides, the organization provides tools to deliver superior results over time, safeguard the environment; and comply with a complex and global nexus of regulation.

Also, the size, quality, and technical specifications of the vessels, with the commercial and technical expertise, provide innovative maritime solutions.

The Company operates its vessels in the Scorpio LR2 Pool, Scorpio LR1 Pool, Scorpio MR Pool, and Scorpio Handymax Pool.

In fact, these spot market-oriented pools will increase vessel utilization and, thereby, revenues.

By operating many vessels as an integrated transportation system, commercial pools achieve economies of scale by providing greater flexibility and scheduling efficiencies.

About Scorpio Tankers Inc., petroleum transporter

Scorpio Tankers Inc. is a provider of marine transportation of petroleum products worldwide.

Scorpio Tankers owns finance leases or bareboat charters in 124 product tankers with an average age of 6.2 years.

Finally, Scorpio Tankers’ principal executive office is in Monaco; it has a base in New York, NY.

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