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

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Marcus Hand

Editor, Seatrade Maritime News

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