Scorpio Tankers Inc. has reached an agreement with an unrelated third party to sell five of its 2014 built MR product tankers (STI Chelsea, STI Lexington, STI Mythos, STI Olivia and STI Powai,) for approximately $166.5 million in aggregate. The sales of two of the vessels are expected to close in March 2016, and the sales of the three remaining vessels are expected to close in the second quarter of 2016. The Company will record a write-down of approximately $3.2 million during the first quarter of 2016 in connection with the entry into this agreement.
About Scorpio Tankers Inc.
Scorpio Tankers Inc. is a provider of marine transportation of petroleum products worldwide. Scorpio Tankers Inc. currently owns 79 product tankers (18 LR2, 14 Handymax, and 47 MR tankers) with an average age of 1.4 years and time or bareboat charters-in 11 product tankers (three LR2, one LR1, four MR and three Handymax tankers). The Company has contracted for 12 newbuilding product tankers (eight MR and four LR2 tankers). The four LR2s are expected to be delivered in 2016 (one per quarter) and the eight MRs are expected to be delivered throughout 2017. The Company has also reached an agreement to sell five of its 2014 built MR product tankers.