Scorpio Tankers splashes over $800m on 11 newbuilds

The VLCCs will be built at Daewoo Shipbuilding and Marine Engineering and Hyundai Samho Heavy Industries for a total of $652.5m, with one to be delivered in Q3 2015, two at the end of 2015, and the remaining four in 2016.

The four product tankers are being bought for a total of $154m, 20% of which will be paid in newly issued shares, with one ship to be delivered in the third quarter of 2014 and the remainder in Q1 2015. The vessels are being built in Korea and are of a similar design to vessel Scorpio already has on order at the yard.