Merrick Rayner News

Scorpio Closes Merger with Navig8

Scorpio Tankers Inc. announced that it has closed the previously announced merger with Navig8 Product Tankers Inc. (NPTI). As consideration, Scorpio has issued 55 million shares of its common stock to the holders of NPTI’s common shares or 19.7% of the current 279,663,300 Scorpio common shares issued and outstanding. Through the Merger and related transactions, Scorpio has acquired an operating fleet of 27 eco-design product tankers, comprised of 15 LR2s and 12 LR1s with a weighted average of 1.2 years and an aggregate carrying capacity of approximately 2.6 million dwt. Scorpio’s operating fleet now consists of 105 owned or finance leased tankers (38 LR2 tankers…