New York-listed Scorpio Tankers is continuing its remarkable buying spree by snapping up more product tankers in January and February.
Scorpio Tankers, which embarked on a purchasing spree last year, has been one of the most active players in the purchase market for MR and LR2 product tankers.
The shipowner has pushed its remarkable spending spree with a handful of financed purchases.
Now the owner gave notice to exercise the purchase options on four lease-financed product tankers that are currently financed on the 2022 AVIC Lease Financing.
The product tanker giant said in its fourth quarter of 2023 report that it had given notice to exercise the purchase options on two MRs STI Gramercy and STI Queens and a pair of LR2s STI Oxford and STI Selatar.
The purchases, which are expected to close in the second quarter of 2024, will result in a debt reduction of $102.4m.
In January, the Emanuele A. Lauro-led company gave notice to exercise its purchase options on one 2015-built MR product tanker STI Westminster, and four 2014-built handymax product tankers STI Brixton, STI Comandante, STI Pimlico and STI Finchley.
The ships are currently financed on the 2021 CMBFL Lease Financing. The purchases, which are expected to close in the first half of 2024, will result in a debt reduction of $61.1m.
Furthermore, at the same period, the shipowner sealed a deal to sell the 2015 built MR vessel, STI Tribeca, for $39.1m.
The sale of this vessel is expected to close within the first quarter of 2024.
Scorpio Tankers currently owns or lease finances 111 product tankers (39 LR2 tankers, 58 MR tankers and 14 handymax tankers), with an average age of 8.0 years.
