Scorpio Tankers Inc. has entered into an agreement to sell its seven Very Large Crude Carriers (VLCCs) under construction for cash and record a gain of approximately $50 million.
This transaction is subject to the execution of definitive agreements and satisfaction of customary closing conditions and is expected to close by the end of March 2014.
Subsequent to this transaction, Scorpio has 56 newbuilding product tankers on order with HMD, SPP, HSHI and DSME (30 MRs, 14 Handymaxes and 12 LR2s) expected to be delivered to the company throughout 2014 and 13 in 2015.
[mappress] March 14, 2014