Scorpio Tankers Swaps Handymaxes for MRs

Monaco-based Scorpio Tankers informed that it has amended its agreement with Hyundai Mipo Dockyard Co. Ltd. of South Korea (HMD) to construct MR and Handymax product tankers. 

Under the amended deal, Scorpio has contracted for four MR product tankers to be built at HMD, replacing the previous order for two MR product tankers and two Handymax product tankers.

The newly ordered MR product tankers have been ordered for approximately USD 34.5 million each and Scorpio has options to construct up to 10 more MR product tankers with fixed delivery dates and at fixed prices.

The four vessels are scheduled for delivery in the first and second quarter of 2017.

In addition, speaking on fleet updates, Scorpio said that it took delivery of an MR product tanker that was built in 2014 at SPP Shipbuilding Co., Ltd. of South Korea, STI Memphis. Upon delivery, this vessel began operating in the Scorpio MR Pool.

Updating on its securities repurchase program, the company said that since August 12, 2015, it has purchased 1,850,000 of its common shares in the open market at an average price of USD 9.49 per share.

The tanker owner has USD 210 million remaining under its securities buyback program.

Scorpio Tankers currently owns 78 tankers with an average age of 1 year, time charters-in 17 product tankers and has contracted for 10 newbuilding product tankers (five MR and five LR2), two of which are expected to be delivered in the third quarter of 2015, four throughout 2016 and four throughout 2017.

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