Scorpio Tankers activates buy option on another five ships

Monaco-headquartered Scorpio Tankers is taking over ownership of more product tankers in a move that will see the Emanuele Lauro-led owner further reduce its financial costs.

The New York-listed company has this time opted to buy five leased MRs slashing the debt by $147.3m.

The deal, expected to close in July, includes the 2019-built STI Modest, STI Maverick and STI Millennia and the 2020-built STI Mighty and STI Maestro.

Scorpio Tankers has taken several debt reduction actions since last summer on the back of the fundamentally sound product tanker market. Last month, the company exercised an option to buy another six leased ships for takeover in June and a debt reduction of $147.3m.

Earlier in May, the operator of 113 product tankers also revealed it is lining up a new financing deal of up to $1bn that would enable it to repay and re-finance more expensive lease financing, along with financing certain of its unencumbered vessels.

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