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Scorpio Tankers buys back eight ships

Scorpio Tankers has exercised purchase options on eight ships, namely two handymax product tankers, the STI Battersea and STI Wembley, as well as four MR product tankers, the STI Ville, STI Texas City, STI Meraux and STI Brooklyn, and two LR2 product tankers, the STI Rose and STI Rambla.

The vessels were sold and leased back by the company in the third quarter of 2018.

The leases bear interest at LIBOR plus a margin of 3.60% – 3.70% per annum. The purchases, which are expected to occur in the fourth quarter of 2022, are expected to result in a debt reduction of $133 million for the Company and a reduction of the breakeven by approximately $665 per day.

As previously announced in June 2022, the Company exercised its purchase options on six 2014 built MR product tankers (STI Opera, STI Virtus, STI Venere, STI Aqua, STI Dama, and STI Regina), and this transaction was concluded in August 2022 when the Company repurchased the six vessels for $95 million, which reduced its debt balance for the same amount. The transactions reduced the Company’s breakeven by approximately $555 per day.

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