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Scorpio Tankers Inc (NYSE:STNG) has disclosed the sale of an MR product tanker and has exercised the purchase options on five ships.
The company inked the deal to sell the 2015-built MR product tanker, STI Tribeca, for $39.1 million, which is projected to close in the first quarter 2024.
Also, STNG disclosed a notice to exercise its options to buy one 2015-built MR product tanker and four 2014-built Handymax product tankers (STI Brixton, STI Comandante, STI Pimlico and STI Finchley).
The acquisition is projected to occur first half FY24 and expected to reduce the company’s debt by $61.1 million.
Notably, as of Dec. 12, the company had net debt of $1.23 billion.
Last month, the company reported average daily Time Charter Equivalent (TCE) revenue for LR2, MR and Handymax vessels both in the pools and outside of the pools so far in Q4.
Chairman and Chief Executive Officer Emanuele Lauro said, “The product tanker market remains strong, MR rates have led the way and we are seeing an improvement in LR2 rates as winter demand increases and Middle East refinery maintenance concludes. Our balance sheet continues to improve and the commitments to repay the debt or lease financing obligations on 13 vessels reflect our commitment to lowering leverage and borrowing costs.”
Price Action: STNG shares were down 0.99% to $64.03 at last check Tuesday.
Photo: Shutterstock
Posted In: STNG
