The New York-listed product tanker owner Scorpio Tankers is renewing its LR2 fleet portfolio, by agreeing to sell two 2016-built vessels, and to purchase two scrubber-fitted newbuildings in China.
The product tanker owner said it has struck a deal to sell the 2016-built LR2 product tankers, STI Goal and STI Gallantry for $52.3m per vessel.
These sales are expected to close within the first quarter of 2026.
In accordance with Scorpio Tankers, STI Gallantry is currently financed on the company’s 2021 Ocean Yield lease financing arrangement and the outstanding lease obligation of $23.4m is expected to be fully repaid before the end of 2025. STI Goal is currently financed on the company’s 2023 $1bn credit facility and the outstanding debt balance is currently $13.8m.
Each of these vessels is due for its 10-year special survey and drydock in the second quarter of 2026, subsequent to the scheduled closing date of the sales and are therefore the responsibility of the buyer.
Meanwhile, the company has entered into agreements to purchase two scrubber-fitted LR2 newbuilding product tankers for $70.8m per vessel.
The vessels are being constructed at Dalian Shipbuilding Industry Co., Ltd. in China and deliveries are expected in the third quarter of 2027.
Scorpio Tankers currently owns or lease finances 93 product tankers (37 LR2 tankers, 42 MR tankers and 14 handymax tankers) with an average age of 9.8 years.
The company has entered into agreements to sell three LR2 product tankers (including the latest sales), which are all expected to close in the first quarter of 2026.
The company has also reached agreements for four MR newbuildings that are currently under construction with deliveries expected in 2026 and 2027, two VLCC newbuildings with deliveries expected in the second half of 2028, and two LR2 newbuildings with deliveries expected in the third quarter of 2027.
