New York-listed Scorpio Tankers is continuing its remarkable buying spree by snapping up six product tankers in July.

Scorpio Tankers, which embarked on a purchasing spree this year, has been one of the most active players in the purchase market for MR and LR2 product tankers.

The Emanuele A. Lauro-led company has exercised in July the purchase options on six MR product tankers, STI Miracle, STI Maestro, STI Mighty, STI Modest, STI Maverick, and STI Millennia, which resulted in a debt reduction of $143.6 million.

The company also exercised at the same period the purchase options on a pair of MR product tankers, STI Leblon and STI Bosphorus, while exercised its purchase option on one LR2 product tanker, the STI Supreme, in October 2022. These transactions will result in an aggregate debt reduction of $64.3 million. 

The shipowner has pushed its remarkable spending spree with a handful of financed purchases.

During the second quarter of 2023, the company exercised its purchase options on five LR2s and seven MRs (STI Steadfast, STI Grace, STI Jermyn, STI Lavender, STI Lobelia, STI Magnetic, STI Marshall, STI Magic, STI Mystery, STI Marvel, STI Mythic, and STI Magister). These transactions resulted in an aggregate debt reduction of $300.2 million.

At the same period the owner offloaded the 2013-built MR product tanker STI Ville for $32.5 million and as the vessel was unencumbered, the company made no debt repayments associated with this sale. 

Scorpio Tankers also announced that in May 2023 executed a $117.4 million credit facility from a European financial institution.

The product tanker giant reported for the three months ended June 30, 2023 a net income of $132.4 million, compared to a net income of $191.1 million at the same period last year.

The owner also revealed an adjusted net income of $133.3 million for the three months ended June 30, 2023 in comparison with $196.1 million at the same period last year, according to the financial statements released on Wednesday by the tanker owner.