© Luigi Angelica

17 ship sale deals finalized

Scorpio looking for liquidity

by Port News Editorial Staff

SCORPIO Tankers has agreed to sell 17 of its tankers to acquire new funds. The shipping company itself announced it during the presentation of its first quarter figures.

The ships up for sale include two LR2-type vessels, 12 LR1 vessels and three Medium Range (MR) vessels.  Seven vessels have  already been sold for a total of $91.6 million. Three more sales deals  will close in April, worth an estimated  $39.8 million. The remaining seven vessels will be sold by the end of the third quarter.

The company is heavily in debt. It reported a net loss of $84.4 million in the first three months of the year, while the adjusted net loss was nearly $15 million, therefore not counting the surplus  generated by the depreciation of vessels sold (amounting to $67.7 million).

Translation by Giles Foster

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