Scorpio Tankers announced on May 27 that it has agreed to sell four LR2 product tankers for an aggregate of $285.8 million and signed a letter of intent to acquire two newbuilding vessels.
The vessel sales involve the 2014-built STI Broadway and STI Condotti, alongside the 2015-built STI Winnie and STI Lauren. Scorpio Tankers expects these transactions to close within the second or third quarter of 2026.
To expand its fleet, the company entered into a letter of intent to purchase two scrubber-fitted MR newbuilding product tankers for $46.25 million each. These vessels are scheduled for construction at Jiangsu Yangzi-Mitsui Shipbuilding in China, with deliveries expected in the first quarter of 2030.
Under the agreement, a 10 per cent initial deposit will be paid, while the remaining payments are not due until 2028 or later. Finalising the transaction remains subject to the execution of definitive documentation, according to the company.
The company also plans to make $367.8 million in unscheduled prepayments on credit facilities maturing in 2028, which includes a previously announced prepayment of $10.7 million.
These debt prepayments and the permanent cancellation of undrawn revolver capacity are expected by the company to occur in the second quarter of 2026.