Scorpio Tankers charters out LR2 tanker, provides Q3 rate update

Monaco-based Scorpio Tankers has announced it has reached an agreement to time charter-out one of its LR2 product tankers, the 2014-built STI Orchard, for a period of five years. The charter will commence in the third quarter of 2025 at a rate of $28,350 per day.

The company also provided an update on the average daily time charter equivalent (TCE) revenue earned by its fleet so far in the third quarter of 2025.

For its LR2 fleet, the company has achieved an average daily TCE of $32,700 for 86 per cent of its expected revenue days. The MR tanker fleet has earned an average of $23,500 per day for 85 per cent of its days, while the Handymax fleet has earned an average of $20,500 per day for 67 per cent of its days. The company also has some vessels on time charters and bareboat charters outside of its pool arrangements.

Scorpio Tankers currently owns or lease finances 99 product tankers, comprising 38 LR2 tankers, 47 MR tankers, and fourteen Handymax tankers, with an average fleet age of 9.5 years.