Scorpio Tankers sells and leases back four tankers

Scorpio Tankers has agreed to sell and leaseback four product tankers across two separate transactions with an international financial institution.

Two MR product tankers, STI Gramercy and STI Queens, and two LR2 product tankers, STI Oxford and STI Selatar, are included in the agreements.

Upon completion, Scorpio’s liquidity is expected to increase by US$42 million in aggregate after the repayment of outstanding debt.

These lease financing arrangements are part of the Scorpio’s new financing initiatives that were announced on April 25, 2018.

As part of the agreements, Scorpio will bareboat charter-in the vessels for a period of seven years.

These lease financing arrangements are subject to customary conditions precedent and the execution of definitive documentation.