Scorpio Tankers News

Scorpio Tankers announced it has sold a medium range (MR) product tanker for $32.5 million.The Monaco-headquartered shipowner said the sale closed this month, but did not disclose the buyer.The vessel is the 183-meter-long STI Ville, built in 2013 by South Korea's Hyundai Mipo Dockyard.Scorpio noted that the ship is unencumbered and that it will make no debt repayments associated with the sale.Scorpio Tankers currently owns, lease finances leases or bareboat charters-in 112 product tankers, including 39 LR2 tankers, 59 MR tankers and 14 Handymax tankers.

Scorpio Tankers has received commitments from a group of financial institutions for a previously announced $1.0 billion term loan and revolving credit facility.The over-subscribed Credit Facility was capped at an amount of $1.0 billion, and is expected to be used to finance 45 product tankers. Scorpio Tankers currently owns, lease finances or bareboat charters-in 113 product tankers (39 LR2 tankers, 60 MR tankers and 14 Handymax tankers) with an average age of 7.4 years.The Credit Facility is expected to consist of a 50% term loan and a 50% revolving loan, and has a final maturity of five years from the signing date (but not later than June 30, 2028).Emanuele Lauro, Chairman and CEO of the company, said: “We appreciate our lenders and their commitment to the company.

Scorpio Tankers announced Tuesday it has exercised purchase options on six ships and that it has repurchased its common shares in the open market.The company said it has given notice to exercise its purchase options on the 2019-built LR2 product tanker STI Lobelia as well as the 2019-built MR product tankers STI Magic, STI Mystery, STI Marvel, STI Mythic and STI Magister. The leases bear interest at LIBOR plus a margin of 3.50% per annum. The purchases, which are expected to occur in June 2023, will result in a debt reduction of $147.3 million for the company.In addition, Scorpio Tankers said it recently purchased 396,706 of its common shares in the open market at an average price of $54.41 per share as part of the company’s securities repurchase program.

Scorpio Tankers announced Monday it has exercised the purchase options on six ships.The company said it has given notice to exercise its purchase options on 2016-built LR2 product tankers STI Grace and STI Jermyn, 2019-built LR2 product tanker STI Lavender, 2019-built MR product tankers STI Magnetic and STI Marshall and 2020-built MR product tanker STI Miracle. The leases bear interest at LIBOR plus a margin of 3.5% per annum, Scorpio said.The purchase, which is expected to occur in May 2023, will result in a debt reduction of $149.8 million for the company.Scorpio Tankers currently owns, finance leases or bareboat charters-in 113 product tankers, including 39 LR2 tankers, 60 MR tankers and 14 Handymax tankers, with an average age of 7.1 years.

Monaco-headquartered shipowner Scorpio Tankers said it has exercised its options to buy back six MR product tankers from China's CMB Financial Leasing Co., Ltd.Scorpio had sold the six ships to CMB in 2018 and leased them back on eight-year bareboat charters with options to buy after four years.The vessels are the STI Battery, STI Milwaukee, STI Tribeca, STI Bronx, STI Manhattan and STI Seneca, all 49,990 dwt and built in 2014 and 2015.New York-listed Scorpio, which announced the move in its fourth-quarter update, said the leases bear interest at LIBOR plus a margin of 3.20% per annum and that the buybacks will reduce its debt by $99 million.The deal is expected to close before the end of 2022, Scorpio said.

Shipowner Scorpio Tankers announced this week that it has exercised a purchase option for an LR2 product tanker that is currently leased.The 2016-built, 109,999 dwt STI Sanctity was acquired as part of the acquisition of Navig8 Product Tankers in 2017. The lease bears interest at LIBOR plus a margin of 5.4% per annum.The purchase, which is expected to occur in the first quarter of 2023, is expected to result in a debt reduction of $27.8 million for the company, Scorpio said.Scorpio Tankers currently owns, lease finances or bareboat charters-in 113 product tankers, including 39 LR2 tankers, 60 MR tankers and 14 Handymax tankers, with an average age of 6.7 years.

Offshore wind farm construction and services company Eneti Inc. announced it has sold its entire holding in Scorpio Tankers Inc.Eneti said it sold its 2,155,140 common shares in Scorpio Tankers for $38.65 per share, for gross proceeds of approximately $83.3 million.As part of the transaction, Scorpio Tankers purchased approximately 1.3 million shares for approximately $50 million.Eneti, formerly Scorpio Bulkers, in 2021 changed its name and began selling off its bulk carrier fleet in a pivot to offshore wind farm construction and services.

Scorpio Tankers Inc. has entered into a memorandum of understanding (MOU) with Carbon Ridge to collaborate on the development of onboard carbon capture for maritime vessels.Carbon Ridge is a U.S.-based startup working to commercialize existing gas separation technology without the need for large structural modifications. The agreement addresses the collaboration for detailed front-end engineering, design and validation process with a small-scale test unit onboard one of the company’s vessels.Emanuele A.

Tanker shipping company Hafnia on Thursday announced it has completed its acquisition of 32 product/chemical tankers from Chemical Tankers and 12 LR1 tankers from Scorpio Tankers.Singapore-headquartered Hafnia, created through a merger between Hafnia Tankers and BW Tankers in 2019, now has an owned fleet of 152 vessels and commercially managed fleet of 242 vessels.“These transactions cement our position as the world's largest operator in the product and chemical tanker segment. The 44 new vessels are all compliant with the 2023 EEXI requirements and bring Hafnia closer to achieving IMO’s 2030 carbon intensity goal by 2028," said Hafnia's CEO…

Sovcomflot plans to raise at least $500 million in an initial public offering (IPO) on the Moscow Exchange, Russia’s top shipping company said on Tuesday, in a deal that could value it at roughly $10 billion according to sources.The move by the state-controlled firm comes as Russian airline Aeroflot also plans to raise capital in a secondary public offering (SPO).For Aeroflot, the cash is needed to fight the economic fallout from the COVID-19 pandemic.Sovcomflot (SCF) which is raising money to spend on new projects and reduce debt aims to list in early October…

Ship owners are postponing or canceling the installation of “scrubbers” that extract harmful sulphur emissions from their vessels as the coronavirus pandemic tightens finances.Regulations from United Nations agency the International Maritime Organization (IMO), which took effect in January, were viewed by the oil and shipping industries as one of the first worldwide efforts to enforce environmental change.The rules aimed to make ships use fuel with a sulphur content of 0.5%, compared with 3.5% previously. Operators had the alternative option to install devices - scrubbers - to strip out the pollutant, which causes lung problems among humans and contributes to acidification of oceans and acid rain…

Scorpio Tankers, the international provider in the transportation for refined petroleum products, announced that it has completed acquisition of the leasehold interests in 19 product tankers.The Monaco-headquarters acquired subsidiaries of Trafigura, which have leasehold interests in 19 product tankers under bareboat charter agreements with subsidiaries of an international financial institution for aggregate consideration of $803 million on September 26, 2019.Of the 19 vessels, 15 (consisting of 11 MRs and four LR2s) were delivered during 2019 and four MRs are currently under construction.For the delivered vessels, the assumption of the obligations under the bareboat charter agreements of $531.5 million and the issuance of 3…

Monaco-based petroleum products shipping firm Scorpio Tankers has signed a deal to acquire 19 product tankers from Trafigura Maritime Logistics for around $803 million.The acquisition of the leasehold interest in the vessels includes a finance lease arrangement with a financial institution under a bareboat contract arrangement.According to the arrangement, Scorpio Tankers will acquire Trafigura Maritime Logistics’ subsidiaries that have leasehold interests in 19 product tankers.The aggregate value of the vessels is $803 million, and after the assumption of the present value of the finance lease arrangement of approximately $670 million, the company issued approximately 4.6 million shares at $29.00 per share to Trafigura for an aggregate market value of $132.6 million.

Pacific Green Technologies Inc. (OTCQB: PGTK), developer of the ENVI-Marine  emission control system, has announced that Scorpio Tankers Inc. (“Scorpio Tankers”) has confirmed that it has ordered a further 14 ENVI-Marine emission control systems (the “Systems”) for vessels it owns or manages in 2020, at a combined cost of $20.3m. The order is on top of the 52 Systems already ordered by Scorpio Tankers, as announced in December 2018. The Systems that are being fitted are a ‘hybrid ready’ design…

Pacific Green Technologies Inc., developer of the ENVI-Marine emission control system, announced that, effective June 26, 2019 that Scorpio Tankers Inc. exercised options to install the ENVI-Marine system on an additional 14 vessels that STNG owns or manages.The pricing of the ENVI-Marine system for the vessels is currently being calculated in accordance with gas flow volumes under the terms of the Framework Agreement.

Pacific Green Marine Technologies (PGMT) will manufacture its  ENVI-Marine Exhaust Gas Scrubbing System (EGSS) for 52 vessels owned or managed Scorpio Tankers.Two days ago, Monaco-based dry bulk shipping company Scorpio Bulkers announced that it will purchase exhaust gas cleanings systems for 52 of its vessels. (Marine Link report) The provider of  a wide range of emission control systems for ships owned by Pacific Green Technologies Inc. (PGTK)  said in a press release that the agreements provide for 42 vessels in 2019 and 10 vessels in 2020. Pricing is based on the size of each vessel’s exhaust gas emissions in accordance with PGTK’s Pricing Curve concept.

Monaco-based dry bulk shipping company Scorpio Bulkers has announced that it will purchase exhaust gas cleanings systems for 42 of its vessels in 2019 and for 10 of its vessels in 2020."As part of our previously announced program to install exhaust gas cleaning systems (EGCS) across our fleet, we have entered into an agreement with third parties to purchase exhaust gas cleanings systems for 42 of its vessels in 2019 and for 10 of its vessels in 2020," said a press release from the provider of marine transportation for major bulks.The total value of these agreements is estimated to be $79.6 million. The systems that are being fitted are of ‘hybrid ready’ design…

Scorpio Bulkers has agreed to invest $100.0 million in a related party, Scorpio Tankers. The investment is part of a larger $300.0 million equity raise through a public offering of common shares by Scorpio Tankers announced yesterday (October 10). As a result of this investment, the Company will own approximately 54.1 million, or 10.9%, of Scorpio Tanker’s issued and outstanding common shares. The investment was unanimously approved by an independent committee of the Board of Directors that was advised by Perella Weinberg Partners. Emanuele Lauro, Chairman and CEO, commented “This investment in Scorpio Tankers, one of the world's leading product tanker companies, is a compelling opportunity for the Company.

Scorpio Tankers announced that it has agreed to sell and leaseback six MR product tankers (STI San Antonio, STI Benicia, STI St. Charles, STI Yorkville, STI Mayfair and STI Duchessa) and one LR2 product tanker (STI Alexis) to an international financial institution.The international provider in the transportation for refined petroleum products said that upon completion, its liquidity is expected to increase by $42 million in aggregate after the repayment of outstanding debt.These lease financing arrangements are part of the company’s new financing initiatives that were announced on April 25, 2018.As part of the agreements, the company will bareboat charter-in the vessels for a period of seven years.

Scorpio Tankers Inc announced that it has agreed to sell and leaseback two MR product tankers (STI Gramercy and STI Queens) and two LR2 product tankers (STI Oxford and STI Selatar) in two separate transactions to an international financial institution. Upon completion, the Company’s liquidity is expected to increase by $42 million in aggregate after the repayment of outstanding debt. These lease financing arrangements are part of the Company’s new financing initiatives that were announced on April 25, 2018. As part of the agreements, the Company 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.

Choice Ballast Solutions announced it has expanded its collaboration with Scorpio Ship Management S.A.M., as agent for certain vessel-owning subsidiaries of Scorpio Tankers Inc., by contracting to provide turnkey integration engineering and project management services for ballast water management system (BWMS) installations on board an additional 39 vessels.The previous contract with Scorpio Tankers on 12 ships of the Duchessa Class is already underwaywith recently completed Engineering Design and Shipyard Installation packages for the STI Duchessa and STI Opera.John Dooley…

Shipowner Scorpio Tankers has signed a deal to retrofit roughly half of its product carrier fleet with ballast water treatment systems (BWTS).The deal will see U.S. based BWTS manufacturer Ecochlor, Inc. supply 55 systems for Scorpio's product carriers ranging between 38,000 to more than 100,000 DWT. Installations are expected to begin in the fourth quarter of 2018 and continue to the end of 2022.Additionally, Scorpio Tankers will become a minority investor in Ecochlor.Emanuele Lauro…

Choice Ballast Solutions was recently contracted by Scorpio Ship Management S.A.M., as agent for certain vessel-owning subsidiaries of Scorpio Tankers Inc. to provide engineering and project management to retrofit the Ecochlor ballast water management system (BWMS) on 12 of their vessels. The engineering is underway, and retrofits are scheduled to commence during each vessel’s next dry dock beginning in the fourth quarter of 2018 and extending into 2020.John Dooley, President of Choice Ballast Solutions, said, “Scorpio is recognized worldwide for their proactive policies to safeguard the environment and have operational strategies to provide superior results over time.