October 24

Scorpio Tankers Invests in Four LR2 Tankers

first_imgzoom Scorpio Tankers has entered into agreements to purchase four LR2 product tankers currently under construction at two South Korean shipyards.The units are being built at Sungdong Shipbuilding and Marine Engineering Co., Ltd. and Daehan Shipbuilding Co., Ltd.The tanker owner is expected to pay USD 240 million for the quartet, as each unit is priced at approximately USD 60 million.These vessels are expected to be delivered between June and August 2015, Scorpio said.Three LR2 vessels are believed to belong to Navig8 Product Tankers Inc, as the pool operator informed today that it has sold three LR2 units currently under construction at Sungdong Shipbuilding & Marine Engineering Co, Ltd, Korea.The vessels are scheduled to be delivered from the shipyard between June 2015 and August 2015, and the vessels will be delivered to the buyer upon delivery from the shipyard. Total sales proceeds from the transaction are USD 178.5 million.The tanker owner and operator has recently taken delivery of three newbuilding vessels.STI Lauren, an LR2 product tanker, was delivered from Daewoo Shipbuilding and Marine Engineering of South Korea in April 2015. Upon delivery, this vessel began a voyage for 57 days at approximately USD 37,000 per day.Another LR2 product tanker, STI Connaught, was delivered from Hyundai Samho Heavy Industries of South Korea in May 2015. The vessel began a voyage for 60 days at approximately USD 34,000 per day.STI Osceola, an MR product tanker, was delivered from Hyundai Mipo Dockyard of South Korea in April 2015 and it has began a time charter for up to 120 days at approximately USD 19,500 per day.Scorpio Tankers currently owns 70 tankers with an average age of 0.8 years.  It has contracted for 12 newbuilding product tankers (four MR and eight LR2), five of which are expected to be delivered in the second quarter of 2015, three in the third quarter of 2015 and the remaining four vessels throughout 2016.last_img read more