Monaco-headquartered Scorpio Tankers will purchase more of its product tankers that are currently leased.
The New York-listed company has this time opted to buy five leased MRs slashing the debt by $147.3 million, marine news website splash247 reports.
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.
Earlier in May, the operator of 113 product tankers also revealed it is lining up a new financing deal of up to $1 billion that would enable it to repay and re-finance more expensive lease financing, along with financing certain of its unencumbered vessels.
PHOTO: Scorpio Tankers