Scorpio Tankers announces sales and time charter-out agreements

Scorpio Tankers (STNG) announced that it has entered into agreements to sell three product tankers and time charter-out two product tankers. Vessel Sales. Company has entered into agreements to sell two 2015 built scrubber-fitted MR product tankers, STI Seneca and STI Osceola, for $35.0M per vessel and a 2015 built scrubber-fitted LR2 product tanker, STI Solidarity, for $60.0M. The sale of these vessels is expected to close within the Q1 or Q2. The vessels are currently financed on the Company’s 2023 $1.0B Credit Facility with an aggregate outstanding debt balance of $20.2B. The Company has entered into agreements to time charter-out two LR2 product tankers, STI Lombard and STI Rambla. The term of the agreement for STI Lombard is five years at a rate of $33,000 per day. The term of the agreement for STI Rambla is eight years at a rate of $30,500 per day. These charters are expected to commence in the Q1 or Q2.