Scorpio Tankers Secures Funding for Eight Newbuildings

Image Courtesy: Scorpio Tankers

NYSE-listed Scorpio Tankers has received commitments for a loan facility of up to USD 172 million from a group of financial institutions which will be used to finance up to 60% of the market value of eight MR product tankers under construction at Hyundai Mipo Dockyard in South Korea.

The eight newbuilding tankers are scheduled for delivery throughout 2017 and the first quarter of 2018.

The loan facility is composed of multiple tranches and the maturity date of each tranche is between six and twelve years from each drawdown date.

Scorpio Tankers currently owns 77 product tankers with an average age of 2.2 years and time charters-in 16 product tankers.

The company has contracted for 10 newbuilding product tankers, the eight MRs and two LR2 tankers.

The two LR2s are expected to be delivered in the first quarter of 2017.

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