Shipping industry news, Scorpio Tankers announced that it has signed agreements to sell 2 LR2 product tankers and provided an update on its outstanding debt.
Specifically, Scorpio Tankers disclosed the sale of two scrubber-fitted LR2 product tankers built in 2019, the “STI Lobelia” and “STI Lavender”, for $61.2 million per vessel. The deliveries are expected to be completed within the fourth quarter of 2025.
Scorpio Tankers stated that upon completion of the sales, it expects to repay $14 million of outstanding debt associated with its $1 billion credit facility, while also reducing the undrawn revolving portion of the facility by $30.7 million.
Emanuele Lauro, Chairman and CEO of Scorpio Tankers, said, “These transactions provide the dual benefit of taking advantage of secondhand vessel values at cyclical highs while further strengthening the company’s balance sheet. To date, the company’s net debt is $131 million and is expected to reach zero in the near future, a result that highlights the product tanker market’s cash generation capability and Scorpio Tankers’ commitment to deleveraging.”
Current Liquidity and Debt Update
Scorpio Tankers disclosed that during the third quarter of 2025, it sold approximately 4,778,000 shares of DHT Holdings common stock at an average price of $12.50 per share. Scorpio Tankers currently holds 4,054,480 shares of DHT Holdings common stock.
Scorpio Tankers will repurchase 3 vessels currently financed through sale-leaseback arrangements. Two of them, the “STI Guard” and “STI Gallantry”, are scheduled for completion in December 2025, and the third vessel, the “STI Symphony”, is scheduled for completion in February 2026. The total outstanding lease debt for these three vessels is currently $67.8 million.
Meanwhile, Scorpio Tankers previously sold the “STI Maestro” (built in 2020, 47,499 DWT) for $42 million, which is expected to be delivered to the new owner in the fourth quarter of 2025.
To date, Scorpio Tankers controls 99 product tankers, including 38 LR2 tankers, 47 MR tankers, and 14 Handymax tankers, with an average age of 9.5 years.
