New York-listed Scorpio Tankers sells its two 2013 built MR product tankers, STI Larvotto and STI Le Rocher, for $36.15m per vessel.

The Monaco-based company said it will make no debt repayments associated with these sales as these vessels are unencumbered.

As informed, the sales are expected to close within the first half 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 8.1 years.

The shipowner has entered into agreements to sell three of its MR tankers within the first half of 2024.

As reported by Shipping Telegraph earlier this year, the owner said in its fourth quarter of 2023 financial report that the company gave notice in February 2024 to exercise the purchase options on four lease financed product tankers consisting of two MRs (STI Gramercy and STI Queens) and two LR2s (STI Oxford and STI Selatar) that are currently financed on the 2022 AVIC Lease Financing.

The purchases, which are expected to close in the second quarter of 2024, will result in a debt reduction of $102.4 million.

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.

Source: Scorpio Tankers