Scorpio News

U.S. Senator Ron Wyden has contacted seven maritime shipping companies as part of an inquiry into cartel-linked fuel smuggling between the United States and Mexico, asking the firms to explain their vetting procedures for ensuring their tankers aren't used to transport illicit hydrocarbons, according to copies of the letters seen by Reuters.The letters from Wyden, who is the most senior Democratic member of the Senate Finance Committee, were dated Friday. They come as stolen crude and bootleg fuel have become the second-largest revenue source for Mexican cartels after drugs…

Scorpio Tankers has entered into agreements to sell four of its 2014 built MR product tankers and has agreed to purchase four MR newbuilding resales with deliveries in 2026 and 2027.The four 2014 built scrubber-fitted MR product tankers, STI Battery, STI Venere, STI Milwaukee and STI Yorkville, are being sold for $32.0 million per vessel. The sales are expected to close within the first quarter of 2026. These vessels are financed on the company’s 2023 $225.0 Million Revolving…

Carbon Ridge, a developer of onboard carbon capture and storage solutions for the maritime industry, has achieved a shipping industry first with the successful deployment of a centrifugal onboard carbon capture system (OCCS) aboard an LR2 product tanker owned by Scorpio Tankers Inc.Conducted in partnership with Scorpio Tankers Inc., a leader in the seaborne transportation of refined petroleum products, the pilot aboard the vessel signals a milestone in the development and scaling…

Scorpio Tankers on Wednesday announced it has entered into an agreement to sell its 2019-built LR2 product tanker STI Lily to an undisclosed buyer.The sale price is $73.5 million and the sale is expected to close within the fourth quarter of 2024, the NYSE-listed shipowner said.Scorpio Tankers currently owns or lease finances 102 product tankers, including 39 LR2 tankers, 49 MR tankers and 14 Handymax tankers. The company has entered into agreements to sell three of its vessels (one LR2 and two MRs), all of which are expected to close in the fourth quarter of 2024.

Shipowner Scorpio Tankers on Tuesday announced it has entered into agreements to sell two vessels and a new time charter-out agreement.The company said it recently entered into agreements to sell two 2014 built scrubber fitted MR product tankers, STI San Antonio and STI Texas City, for $42.5 million per vessel. These sales are expected to close within the fourth quarter of 2024.The New York-listed company also announced it has entered into a three-year time charter-out agreement for the 2018 built MR product tanker, STI Jardins, for $29,550 per day.

A fabricated image of characters from the animated television series The Simpsons viewing a collapsed bridge and a large ship has been widely shared on social media with the false suggestion that the show predicted the collapse of Baltimore’s Francis Scott Key Bridge in March.The image shows signs of having been made with AI and an executive producer for the series told Reuters that the image is fake as the show never had an episode where a container ship hits a bridge.The Francis Key Scott bridge…

Cadeler and Eneti have officially completed their merger, creating a leading offshore wind installation company.The New York- and Oslo-listed group will be named Cadeler and be headquartered in Copenhagen, Denmark, with offices across the world in Denmark, U.K., U.S., Taiwan, and Japan.Mikkel Gleerup, CEO of Cadeler, said, “This marks a historic moment for Cadeler and the entire offshore wind industry. We offer our partners and clients access to the strongest and most skilled team and the industry's largest, most flexible, most diverse, and modern fleet of windfarm installation vessels.

The Port of Los Angeles has recognized the achievements of more than two dozen shipping lines and carriers for participating in the Port’s Vessel Speed Reduction Program (VSRP), an air quality and annual incentive program for vessel operators who reduce their speed as they approach or depart the port.The voluntary program is one of many sustainability efforts currently underway at the Port to reduce emissions and decarbonize operations.Emission reductions are achieved under the…

BW LPG has demonstrated the value of dual-fuel LPG operations beyond the company’s initial aim of meeting IMO 2020 Sulphur Cap regulations.In October 2020, the LPG carrier BW Gemini became the first very large gas carrier (VLGC) to have its low-speed main engine converted to an LPG dual-fuel engine. The project started several years earlier, sparked by Oslo-listed BW LPG’s preparations for the IMO’s 2020 Sulphur Cap regulations.Compared to heavy fuel oil, LPG reduces Sox emissions by approximately 97%…

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.

Ask the right government department in any G7 state and you’ll find funding to put battery power for your vessel. Beyond funds, new battery makers and system integrators are ironing out safety issues, and a growing number of giga-sized cell factories offer hope that costs will fall for marine energy storage, as ESS choice grows. Efforts are also underway to recycle rare earth elements and to augment or greenify staggeringly high plant electricity inputs. Apart from funding, the drivers of change include constraints on shipping in Emissions Free Areas like the fjords of Norway…

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.

NOV's GustoMSC subsidiary has secured a contract for the equipment and design of a GustoMSC NG-16000X wind turbine installation jack-up vessel for Eneti.Eneti is a new offshore wind player born out of a pivot into offshore renewables by what used to be a bulk carrier specialist Scorpio Bulkers.Eneti ordered its first WTIV in May 2021, and the second in December 2021. Both vessels will be built by South Korean shipbuilder Daewoo Shipbuilding and Marine Engineering (DSME).NOV last year won contracts for the design and the supply of equipment for Enetis's first next-gen WTIV…

Offshore wind installation company Eneti said Tuesday it has terminated talks with a shipyard in the United States to build a Jones Act-compliant Wind Turbine Installation Vessel. Eneti in May 2021 ordered a $330 million Wind Turbine Installation Vessel from South Korea's Daewoo Shipbuilding and Marine Engineering.The company at the time said it was also in talks to build another offshore wind installation vessel for the U.S. offshore wind market.However, Eneti, established after Scorpio Bulkers decided to sell its bulker vessel fleet to focus on offshore wind…

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…

Finland-based marine technology company Wärtsilä will supply the seven thrusters for Eneti's new Wind Turbine Installation Vessel (WTIV) being built at the Daewoo Shipbuilding & Marine yard in South Korea."By providing outstanding thrust, robust station-keeping capability, and efficient transit operation, the Wärtsilä thrusters will enable optimal propulsion performance for the vessel. The order with Wärtsilä was placed in October 2021. There is an option for a second vessel,"…

Eneti, an offshore wind installation company in the making, said Thursday it had entered into a binding agreement for the construction of one wind turbine installation vessel (WTIV).The company, formerly known as Scorpio Bulkers, ordered the first WTIV from South Korea-based builder Daewoo Shipbuilding and Marine Engineering (DSME) back in May.Now, the company has exercised an option it held with DSME for the construction of one more  WTIV. The contract price is $326 million,…