Scorpio to sell VLCC newbuildings

Mar 14 2014

Scorpio Tankers is to sell its seven VLCCs under construction for cash and record a gain of about $50 mill.

This transaction is subject to the execution of definitive agreements and satisfaction of customary closing conditions and is expected to close by the end March 2014, the company said without giving any more details.

Subsequent to this transaction, the company has 56 newbuilding product tanker orders with HMD, SPP, HSHI and DSME (30 MRs, 14 Handymaxes and 12 LR2s).

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