Navig8 Product Tankers joins Scorpio

Sep 08 2017

The merger between Scorpio Tankers (STI) and Navig8 Product Tankers (NPTI) has closed.

Through the merger and related transactions, Scorpio has acquired an operating fleet of 27 eco-design product tankers, comprised of 15 LR2s and 12 LR1s with a weighted average of 1.2 years and an aggregate carrying capacity of around 2.6 mill dwt.

STI’s operating fleet now consists of 105 owned or finance leased tankers (38 LR2s, 12 LR1s, 41 MRs and 14 Handymax tankers) with a weighted average age of around 2.1 years, and 20 time or bareboat chartered-in tankers (two LR2s, nine MRs and nine Handymaxes).

In addition, Scorpio has contracts for four newbuilding MRs. The vessels are expected to be delivered throughout the remainder of 2017 and first quarter of 2018. 

In connection with the merger, Merrick Rayner, whose appointment took effect last week, will join Scorpio’s board as an independent director.

Rayner has over 40 years of experience in the tanker business. From 1974 to 2003, he was a broker at H Clarkson & Co shipbrokers, with experience in both the deepsea tanker chartering business, as well as new and secondhand vessel sale and purchase. 

From 1987 to 1989, he served as director of Clarkson Sale and Purchase Division. From 1989 until leaving the company in 2003, he was a director of the company, and also served as a director of Clarkson Research Studies from 1992 until 2003. 

In 2003, Rayner joined EA Gibson as a broker, where he developed the company’s timecharter group. He also served as a director of Gibson’s from 2012 until his retirement in 2016.  

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