World News
Scorpio Buying 6 More Product Tankers
Scorpio Tankers Inc. [NYSE: SNG] (Scorpio) says it has ordered another six product tankers for about $194.5 million, bringing the total number of ships the company now has on order to 26.
Scorpio exercised options with Hyundai Mipo Dockyard Co. Ltd. (HMD) of South Korea for four MR product tankers and two Handymax ice class-1A product tankers.
The MR tankers had been reserved for another owner and two of them will now be delivered to Scorpio in the second quarter of 2014, while the company will get the rest of the ships in the third and fourth quarters of the year
The newbuildings come with fixed-price options for the construction of four more Handymax vessels and an extension on existing options, which means the company now has 12 fixed-price options for new product tankers from HMD and fellow South Korean shipyard SPP Shipbuilding Co. Ltd.
In the recent release of its financial results for the fourth quarter of 2012, the company said it anticipates rising demand for product tankers, justifying its strategy of investment in new vessels.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 509.00 | 4.50 | 623.00 | 3.00 |
| Rotterdam | 463.00 | 7.00 | 623.50 | 2.00 |
| Houston | 471.50 | 4.50 | 627.50 | 3.50 |
| Fujairah | 501.00 | 4.50 | 714.00 | 1.00 |
| Global 20 Ports Average | 529.00 | 2.50 | 714.50 | 2.50 |
| Global 4 Ports Average | 486.00 | 3.00 | 647.00 | 2.50 |
| Global Average Bunker Price | 572.50 | 2.00 | 753.00 | 2.00 |
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