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Scorpio Tankers buys two product tankers for $95.5m

Scorpio Tankers buys two product tankers for $95.5m
Scorpio Tankers Inc has entered into subsale agreements to buy two newbuilding product tankers at two separate South Korea Shipyards for a combined price of $95.5m.

Scorpio Tankers did not reveal the unrelated sellers of the tankers, but said the deal involved the purchase of a MR product tanker currently under construction at Hyundai Mipo Dockyard and a LR2 product tanker currently under construction at Daehan Shipbuilding.

The MR product tanker and LR product tanker were sold to Scorpio Tankers for $37m and $58.5m, respectively.

The MR product tanker will be delivered in September 2015 and the LR2 product tanker will be delivered in August 2015. Scorpio Tankers will initially bareboat charter-in the LR2 product tanker at $10,000 per day for up to nine months, before taking over the ownership of the vessel.

Meanwhile, Scorpio Tankers also recently took delivery of five newbuilding vessels, comprising of three MR product tankers and two LR2 product tankers.

The MR product tankers, STI Brooklyn, STI Westminster and STI Seneca, will start their voyages in the spot market.

The LR2 product tanker STI Savile Row will began a voyage for 45 days at approximately $28,000 per day, while another LR2 product tanker STI Spiga will commence its voyage of 43 days at approximately $27,500 per day.