Scorpio Tankers announced a strategic investment in DHT Holdings, having acquired a 4.9% stake in the company.
More specifically, Scorpio purchased 7,982,480 DHT common shares at an average price of $11.17 per share, for a total investment of $89.1 million.
The move sees Scorpio Tankers expand its exposure to the crude tanker sector, with DHT Holdings’ fleet comprising of 28 Very Large Crude Carriers (VLCCs).
“This investment reflects the Company’s constructive outlook in this sector,” Scorpio Tankers said in a statement.