New York-listed Scorpio Tankers has finalised a deal to sell one ship bought out of lease financing in 2022, while it continues to buy back more vessels to further reduce financial costs, maritime news website reports.

The Monaco-based Emanuele Lauro-led product tanker giant is selling the 2015-built MR2 STI Tribeca for $39.1m, with delivery in the first quarter. The 50,000 dwt ship ordered by Scorpio in 2013 for $32.5m, was under a sale-and-leaseback agreement with CMB Financial Leasing until mid-December 2022. 

In addition, the Monaco-headquartered company has given notice that it will be buying back the 2015-built MR2 STI Westminster and the 2014-built MR1s STI Brixton, STI Comandante, STI Pimlico and STI Finchley.

All five ships are financed under a deal with CMB Financial Leasing. The latest series of Scorpio buybacks should take place in the first half of 2024 and result in a debt reduction of $61.1m.

Scorpio Tankers, with a total fleet of 111 ships, freed another 13 ships of debt or lease obligations in December 2023.


FEATURED IMAGE: Scorpio Tankers