Scorpio Tankers Inc. has announced significant strategic moves involving the sale of three product tankers and the time charter-out of two others. These transactions are set to reshape the company’s fleet composition and secure long-term revenue streams, reflecting a proactive approach to fleet management and market positioning.
Scorpio Tankers has entered into agreements to divest three of its product tankers. The sale includes two 2015-built, scrubber-fitted MR (Medium Range) product tankers, the STI Seneca and STI Osceola, each fetching $35.0 million. Additionally, a 2015-built, scrubber-fitted LR2 (Long Range 2) product tanker, the STI Solidarity, will be sold for $60.0 million. These sales are anticipated to be finalized within the first or second quarter of 2026. The vessels are currently financed under the company’s 2023 $1.0 Billion Credit Facility, with an aggregate outstanding debt balance of $20.2 million.
In parallel with the vessel sales, Scorpio Tankers has secured long-term revenue through time charter-out agreements for two LR2 product tankers. The STI Lombard will be chartered for a period of five years at a daily rate of $33,000. The STI Rambla has been chartered for a longer term of eight years, with a daily rate of $30,500. These charters are also expected to commence in the first or second quarter of 2026, providing predictable income for the company.
As of the announcement, Scorpio Tankers operates a fleet of 90 product tankers, comprising 34 LR2 tankers, 42 MR tankers, and 14 Handymax tankers, with an average age of 10.1 years. The company has further agreements in place to sell two additional LR2 and two MR product tankers, also slated for closure in the first half of 2026. Looking ahead, Scorpio Tankers has a robust newbuilding program, including four MR newbuildings, four LR2 newbuildings, and two VLCC (Very Large Crude Carrier) newbuildings, with delivery dates extending through 2029. This strategic combination of asset sales, long-term charters, and new vessel acquisitions positions Scorpio Tankers for continued growth and operational efficiency in the global petroleum product transportation market.
These transactions occur against a backdrop of a strong financial position for Scorpio Tankers. The company reported a pro forma net cash of $382.7 million as of January 9, 2026, a significant improvement from previous net debt figures. Analysts have noted the company’s healthy balance sheet, with more cash than debt, and have provided positive outlooks, with some firms raising price targets and maintaining Buy ratings, citing strong forward bookings and earnings performance.