Scorpio Tankers Inc. (NYSE: STNG) is reshaping its fleet and capital structure through a series of vessel disposals, newbuilding commitments and debt repayments, highlighting a broader effort to modernize operations.
The product tanker owner has agreed to sell four LR2 tankers for a combined $285.8 million, according to a company statement released on Wednesday.
The vessels STI Broadway, STI Condotti, STI Winnie and STI Lauren, were built between 2014 and 2015 and are expected to be delivered to new owners during the second and third quarters of 2026.
The divestments form part of a wider fleet renewal strategy as STNG shifts capital toward newer tonnage. The company has signed a letter of intent to acquire two scrubber-equipped MR product tanker newbuildings from China’s Jiangsu Yangzi-Mitsui Shipbuilding for $46.25 million each. Delivery is scheduled for the first quarter of 2030.
Beyond an initial 10% deposit, most construction payments are not due until 2028 or later, allowing STNG to preserve financial flexibility while securing future fleet capacity.
The transactions come as the company intensifies efforts to streamline their balance sheet, as they plan to make $367.8 million of unscheduled repayments across several secured credit facilities maturing in 2028, including obligations tied to a $1 billion credit facility and a $225 million revolving credit line arranged in 2023.
The company also intends to eliminate unused borrowing capacity associated with those facilities.
Once completed, the repayments would remove all of Scorpio’s secured debt maturities scheduled for 2028, simplifying their financing profile.
Including previously announced transactions, Scorpio Tankers has now agreed to dispose of seven LR2 tankers and two MR tankers expected to leave the fleet this year. At the same time, the company has assembled a sizable orderbook that includes six MRs, four LR2s and two VLCCs scheduled for delivery between 2026 and 2030.
About Scorpio Tankers Inc.
Scorpio Tankers Inc. is a provider of marine transportation of petroleum products worldwide. Scorpio Tankers Inc. currently owns 83 product tankers (32 LR2 tankers, 37 MR tankers and 14 Handymax tankers) with an average age of 10.2 years. The Company has reached agreements to sell two MR product tankers and seven LR2 product tankers, which are expected to close in the second or third quarter of 2026. The Company has also reached agreements or letters of intent for six MR newbuildings (including the two mentioned in this press release) that are currently under construction with deliveries expected in 2026, 2027 and 2030, four LR2 newbuildings with deliveries expected in 2027 and 2029 and two VLCC newbuildings with deliveries expected in 2028.
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