Ongoing Merger with Navig8 Postpones Scorpio’s 2Q Results

Image Courtesy: Scorpio Tankers

Monaco-based tanker shipping company Scorpio Tankers revealed it will release its second quarter 2017 earnings on September 18 as a result of the pending merger with petroleum products shipping company Navig8 Product Tankers.

On May 23, 2017, Scorpio entered into definitive agreements to merge with NPTI. In conjunction with the merger, the company completed the purchase of four subsidiaries of NPTI, each of which owned an LR1 tanker.

As informed, the merger is expected to close in the third quarter of 2017 and is subject to the completion of certain customary conditions, including the approval of the merger by holders of a majority of the outstanding shares of common stock of NPTI and the listing on the New York Stock Exchange of the company’s shares to be issued as consideration in the merger.

Currently, Scorpio Tankers owns 82 product tankers with an average age of 2.5 years and 20 time or bareboat charters-in product tankers. Scorpio Tankers has contracted for four newbuilding MR product tankers, which are expected to be delivered throughout the remainder of 2017 and the first quarter of 2018. The company has also entered into a merger agreement with NPTI to acquire 23 product tankers, which is expected to close during the third quarter of 2017.

Share this article

Follow World Maritime News

In Depth>


<< Mar 2018 >>
26 27 28 1 2 3 4
5 6 7 8 9 10 11
12 13 14 15 16 17 18
19 20 21 22 23 24 25
26 27 28 29 30 31 1

Singapore Maritime Technology Conference and Exhibition (SMTC) 2018

The 3rd Singapore Maritime Technology Conference and Exhibition (SMTC) 2018 is organized by the Maritime and Port Authority of Singapore…

read more >

Shippax Ferry Conference 2018

The two-day onboard ferry conference was first organized in 2003 and grows ever more popular with some 400 delegates from over 40 ferry…

read more >

8th Dredging & Land Reclamation World Summit 2018

The 8th Dredging and Land Reclamation Summit 2018 will gather the decision makers from Authorities and Operators responsible for ports…

read more >

Shipping 360

This course is ideal for those who have recently joined the maritime sector and those who need to have a better understanding…

read more >