Scorpio Tankers Inks Sale, Leaseback for Seven Units

TankerIllustration. Image Courtesy: Pixabay under CC0 Creative Commons license

Monaco-based shipowner Scorpio Tankers has agreed to sell and leaseback seven of its product tankers to an international financial institution.

The deal includes six MR product tankers, namely, STI San Antonio, STI Benicia, STI St. Charles, STI Yorkville, STI Mayfair and STI Duchessa, as well as one LR2 product tanker, STI Alexis.

Scorpio Tankers will bareboat charter-in the vessels for a period of seven years. In addition, the company has purchase options beginning at the end of the third year of each agreement.

There is also a purchase obligation for each vessel upon the expiration of each agreement.

Upon completion of the sale and leaseback, the company’s liquidity is expected to increase by USD 42 million in aggregate after the repayment of outstanding debt.

These lease financing arrangements are part of Scorpio Tankers’ new financing initiatives that were announced on April 25, 2018.

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