Scorpio Tankers Inc. announced that the Company agreed to acquire two 51,000 DWT product tankers for an aggregate purchase price of $70.0 million. The ships were built in 2008 at the STX shipyard in Korea and are charter free.
The ships are expected to be delivered in the first half of May 2011 and will be financed with a combination of cash-on-hand and debt.
Emanuele Lauro, chief executive officer and chairman of the board commented, "Recently, we have seen a steady improvement in charter rates for Handysize product tankers, which further validates our conviction that we are in the early stages of a recovery, and with the acquisition of these two vessels, we will have further increased our exposure to what we believe is an improving product tanker market."
Scorpio Tankers Inc. is a provider of marine transportation of petroleum products worldwide. Scorpio Tankers Inc. currently owns one LR2 tanker, four LR1 tankers, four Handymax tankers, and one post-Panamax tanker with an average age of 5.6 years. Additionally, the Company currently has chartered in one LR1 and four Handymax product tankers, one of which is expected to be delivered in June 2011.
The ships are expected to be delivered in the first half of May 2011 and will be financed with a combination of cash-on-hand and debt.
Emanuele Lauro, chief executive officer and chairman of the board commented, "Recently, we have seen a steady improvement in charter rates for Handysize product tankers, which further validates our conviction that we are in the early stages of a recovery, and with the acquisition of these two vessels, we will have further increased our exposure to what we believe is an improving product tanker market."
Scorpio Tankers Inc. is a provider of marine transportation of petroleum products worldwide. Scorpio Tankers Inc. currently owns one LR2 tanker, four LR1 tankers, four Handymax tankers, and one post-Panamax tanker with an average age of 5.6 years. Additionally, the Company currently has chartered in one LR1 and four Handymax product tankers, one of which is expected to be delivered in June 2011.