Monaco-headquartered Scorpio Tankers has revealed a collection of greater than 20 vessel repurchases in a transfer that can see the Emanuele Lauro-led product tanker proprietor additional scale back its monetary prices.
The New York-listed firm is taking again ships on varied sale and leaseback preparations, together with the 2016-built LR2 product tanker STI Supreme, from Ocean Yield, for $27.8m.
A regulatory submitting with the US Securities and Trade Fee confirmed the corporate had given discover that it could train choices to purchase an MR STI Maximus and two LR2s STI Lily and STI Lotus, which might be at present financed by Financial institution of Communications Monetary Leasing’s (BCFL) $670m deal. The deal ought to shut within the fourth quarter at $85.5m.
Additional three LR2s—STI Stability, STI Solace and STI Solidarity — leased by the BCFL will likely be purchased again within the fourth quarter with $58.4m left on the lease, in addition to an MR STI Amber for about $8.2m.
5 extra LR2 items —STI Gauntlet, STI Gladiator, STI Purpose, STI Gratitude and STI Information —financed on the CSSC lease will likely be taken over this 12 months for an estimated $110.4m on the date of buy.
Additional, on the Chinese language MR aspect, the corporate is repurchasing the STI Galata and STI La Boca from Taiping & Sinopec Monetary Leasing (TSFL) with an excellent lease legal responsibility of about $38.1m and STI Leblon and STI Bosphorus from CMB Monetary Leasing for $36.5m. The corporate can even take full possession of 4 items leased from SPDB Monetary Leasing: STI Esles II, STI Donald C Trauscht, STI Jardins and STI San Telmo. The deal for the primary duo ought to shut within the fourth quarter at $38.1m, with the remaining two ships anticipated to be below full possession within the first quarter of 2024 for $36.9m.
Scorpio Tankers has taken a number of debt discount actions within the type of vessel buybacks since final summer season on the again of the basically sound product tanker market. The corporate, with a fleet of 112 vessels with a mean age of seven.7 years, has three sale and leaseback offers with BCFL expiring in September 2024 with a $15.1m buy choice hooked up.
The corporate just lately sealed a take care of DekaBank Deutsche Girozentrale for as much as $94m of which $43.8m has already been drawn down and secured by two ships with the remaining quantity to be utilised within the fourth quarter of 2023. Debt relating to 6 ships has additionally been repaid up to now two months for a complete of $101.3m.