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Scorpio Tankers to sell and lease back four vessels

Scorpio Tankers to sell and lease back four vessels

Tanker owner and operator Scorpio Tankers has agreed to sell and lease back to China's AVIC International Leasing three MR product tankers and one LR2 product tanker.

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The agreement encompasses the three units of 50,000 dwt-STI Memphis, STI Soho, STI Osceola-and the STI Lombard 110,000 dwt tanker.

Upon completion, after repayment of outstanding debt, the liquidity of the company is expected to increase by about $32 million in aggregate, Scorpio Tankers stated.Certain conditions are subject to the lease financing agreements.

What is more, the company said it secured a commitment from a European financial institution to refinance the outstanding debt on an LR2 product tanker, STI Madison, for a $21 million term loan facility. The loan facility will mature in December 2022, subject to the appropriate conditions.

Upon completion, after the repayment of outstanding debt, the liquidity of the company is projected to increase by around $5 million.

The fleet of Scorpio Tankers includes 135 registered, leased or chartered bareboat product tankers with an average age of 5.2 years.

Maritime Business World 

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