Scorpio Tankers Sells Three PDT Tankers, Buys Four Newbuilds
STNG sits 70% above its 52-week low of $48.93.
Summary
Scorpio Tankers agreed to sell three product tankers for $180.5 million and buy four newbuilds for $415.6 million, with sales closing before end of 2026 and VLCC deliveries in September and October 2028. The sales comprise the 2014 built scrubber-fitted MR PDT tanker STI Dama for $37.5M, the 2014 built scrubber-fitted LR2 PDT tanker STI Elysees for $70M, and the 2015 built scrubber-fitted LR2 PDT tanker STI Veneto for $73M. The company also agreed to purchase four newbuilding vessels comprising two scrubber-fitted LR2 PDT tankers and two scrubber-fitted VLCCs. The LR2s are expected to be constructed at Jiangsu Hantong Ship Heavy Industry in China for $72.8M per vessel with deliveries expected in October and November 2029. The newbuilding VLCCs will be constructed at Hengli Shipbuilding (Dalian) Co., Ltd., priced at $135.0 million per vessel, with deliveries expected in September and October 2028. The transaction reshapes the fleet, and this follows a period of active capital management, including note redemptions and share repurchases. The move suggests a strategic shift toward newer tonnage.
Updated with an SEC 6-K filing · What changed
Updates
· SEC 6-K — Scorpio Tankers agreed to sell three product tankers for $180.5 million and buy four newbuilds for $415.6 million, with sales closing before end of 2026 and VLCC deliveries in September and October 2028.
- Sales Closing — Sales of the three product tankers are expected to close before the end of 2026.
- VLCC Newbuilds — Newbuilding VLCCs will be constructed at Hengli Shipbuilding (Dalian) Co., Ltd., priced at $135.0 million per vessel, with deliveries expected in September and October 2028.
All 4 details
- Sales of the three product tankers are expected to close before the end of 2026.
- Newbuilding VLCCs will be constructed at Hengli Shipbuilding (Dalian) Co., Ltd.
- Newbuilding VLCCs are priced at $135.0 million per vessel.
- Newbuilding VLCCs are expected to be delivered in September and October 2028.
At the time of this announcement, STNG was trading at $83.27 on NYSE in the Energy & Transportation sector, with a market capitalization of approximately $4.2B. The 52-week trading range was $48.93 to $90.06. This news item was assessed with neutral market sentiment and an importance score of 7 out of 10. Source: Dow Jones Newswires.