Scorpio Tankers in Potential USD 536 Million Newbuilding Deal

Scorpio Tankers has ordered two MR product tankers and two Handymax product tankers at South Korea’s Hyundai Mipo Dockyard, with options for up to six more MRs and six more Handymaxes which could push the total newbuilding order to USD 536 million.

The contract price for the MR product tankers is approximately USD 34.5 million, and they are scheduled for delivery in the first and second quarter of 2017.

The contract price for the Handymax product tankers is approximately USD 32.5 million, and these vessels are scheduled for delivery in the second and third quarter of 2017.

If ordered, the optional 12 vessels would have fixed delivery dates and fixed prices.

The new orders were disclosed in the company’s results for the second quarter and the first six months of 2015.

Scorpio reported net income of USD 57.6 million for the three months ended June 30, 2015, compared to a net loss of USD 0.6 million for the three months ended June 30, 2014.

The improved net earnings in the second quarter pushed the company’s income for the first six months to USD 98.3  million, compared to USD 52.8 million reported for the same period a year earlier.

The improved net income is the result of an increased vessel revenue in the second quarter, which at USD 188.5 million jumped more than threefold compared to USD 57.5m recorded in 2QFY2014.

Vessel revenue for the first six months of FY2015 was USD 349.2m, compared to USD 134.2m reported for the same period a year earlier.

World Maritime News Staff

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