World News
Scorpio Spends $652.5 million on 7 VLCCs, And Adds More MR Tankers
Scorpio Tankers Inc. [NYSE:STNG] (Scorpio Tankers) has continued its vessel buying spree into a twelfth month, announcing today it has entered into agreements with Daewoo Shipbuilding and Marine Engineering Co., Ltd and Hyundai Samho Heavy Industries for the construction of seven Very Large Crude Carriers (VLCCs) for a total of approximately $652.5 million.
The orders are the first VLCCs for Scorpio Tankers' fleet.
Delivery is scheduled between the third quarter of 2015 and the fourth quarter of 2016.
In addition to the VLCCs, Scorpio Tankers says it has also reached an agreement with an unaffiliated third party to issue shares in exchange for four MR product tankers currently under construction in South Korea valued at about $154 million.
The company did not identify who was building the vessels, but said it already had similar newbuildings under construction at the same shipyard.
Delivery of those vessels are expected between the third quarter of 2014 and the first quarter of 2015.
Scorpio Tankers now has 53 vessels on order, which fleet valuation and mapping service VesselsValue.com currently values at $2.4 billion.
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| VLSFO | MGO | |||
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| $/mt | +/- | $/mt | +/- | |
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