News:Americas

Scorpio Tankers fleet worth $3bn after Navig8 Product Tankers takeover

The acquisition of Navig8 Product Tankers will make Scorpio Tankers the world’s third largest tanker owner by fleet value.

VesselsValue put the value of the combined fleet of Scorpio Tankers and Navig8 Product Tankers at $3.01bn with a fleet of 94 vessels totaling 6.25m dwt.

In the latest consolidation in the tanker sector Scorpio Tankers announced on Tuesday it would be acquiring Navig8 chemical tankers in a mixed cash and stock deal.

With a fleet valued at $3.01bn it would the world’s third largest tanker company by value, with China Cosco Shipping at no.1 with a fleet of 142 vessels valued at $4.12bn, and China VLCC in second place with 53 tankers valued $3.15bn according to VesselsValue.

Scorpio Tankers would jump ahead of fourth place Navig8 Group with 70 tankers worth $2.83bn and the Fredriksen Group with 68 tankers worth $2.63bn.

John Fredriksen has been trying unsuccessfully so far to expand his tanker with flagship Frontline making an all stock offer for DHT Holdings that has been rejected on multiple occasions.

Posted 24 May 2017

© Copyright 2017 Seatrade (UBM (UK) Ltd). Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Seatrade.

Marcus Hand

Editor, Seatrade Maritime News

NEW DOWNLOAD: The guide to the 2020 IMO 0.5% fuel sulphur regulation

Explore the few options Shipowners have to choose from to comply with the regulation, while refiners are expected to make changes to refinery configuration and production in response to market demand.

Contents:

  • Executive summary
  • On the receiving end - shipping 
  • What it means for the refiners
  • Shipping options
  • Conclusions

This guide also provides you with the information you need to know regarding bunker fuel supply, as the availability landscape is set to change when IMO’s global 0.5% fuel sulphur content cap regulation is enforced from 2020. 

Click here to download the whitepaper now and explore the options available to the industry.