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Scorpio expands loan facility for newbuilds

Scorpio expands loan facility for newbuilds
Scorpio Tankers has renegotiated its credit facility, as well as selling a Handymax, to finance two Long-Range 2 (LR2) product tankers.

The ING Bank credit facility has been upsized from $52m to $87m, in order to partially finance two LR2s currently under construction at Daehan Shipbuilding. The tankers are slated for delivery in Q1 and Q2 of 2016.

Meanwhile the company will raise $19.35m from the divestment of Handymax product tanker STI Highlander when the sale closes in October, the last vessel in Scorpio’s fleet to have been built before 2012. The group recently converted two Handymax orders into Medium-Range (MR) product tankers after finding the latter more profitable in current market conditions.