Scorpio Tankers Confirms Sale of Two MR Product Tankers

Monaco-based tanker shipping company Scorpio Tankers has confirmed the sale of two of its MR product tankers, STI Sapphire and STI Emerald.

As disclosed, the company reached an agreement with an unnamed party to sell the 52,000 dwt vessels, which were built at South Korean Hyundai Mipo shipyard in 2013, for a total of USD 56.4 million.

“The sales are expected to close in June 2017 at which time the company will repay the outstanding secured debt for these vessels of USD 27.6 million in aggregate,” Scorpio Tankers said.

Additionally, Scorpio plans to record a write-down of around USD 9.3 million during the second quarter of 2017 in connection with the entry into this agreement.

Last month, the company also entered into agreements to sell and leaseback three MR product tankers, STI Beryl, STI Le Rocher and STI Larvotto, to China’s Bank of Communications.

Currently, Scorpio Tankers’ fleet is comprised of 78 owned product tankers with an average age of 2.3 years and 22 time or bareboat chartered-in vessels. In addition, the company has contracted for six newbuilding MR product tankers which are expected to be delivered by the end of 2017 and in the first quarter of 2018.

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