Monaco-based Scorpio Tankers has agreed to sell two 2019-built LR2 product tankers, STI Lobelia and STI Lavender, for $61.2 million each. The transactions are scheduled to close in the fourth quarter of 2025.
The company said the sales come at a time of high secondhand tanker values and will support further balance sheet strengthening. Based on the company's pro-forma calculation, Scorpio Tankers’ net debt could fall to about $131 million, putting it in a position to potentially achieve zero net debt in the near term.
As of September 25, 2025, Scorpio Tankers reported gross debt of $896.6 million and cash and cash equivalents of $605.8 million, resulting in net debt of $290.8 million. On a pro-forma basis, reflecting the impact of vessel sales and pending debt repayments, net debt would stand at about $131.3 million.
Scorpio Tankers is also exercising purchase options on three vessels currently under sale and leaseback agreements. The STI Guard and STI Gallantry are scheduled to be repurchased in December 2025, while the STI Symphony is set for repurchase in February 2026. The combined outstanding lease obligation on the three vessels is $67.8 million.
The company has also agreed to sell the 2020-built MR product tanker STI Maestro for $42 million. The associated debt of $5.1 million under its 2023 $1 billion credit facility was repaid in September.
Debt reductions linked to the sales of STI Lobelia and STI Lavender are expected to total $14 million, with a corresponding reduction of $30.7 million in the undrawn revolving portion of the facility.