Scorpio Tankers has agreed to sell and leaseback to CMB Financial Leasing of China six MR product tankers – STI Battery, STI Milwaukee, STI Tribeca, STI Bronx, STI Manhattan and STI Seneca.
Scorpio Tankers stated the aim was to boost liquidity by US$52M in aggregate after the repayment of outstanding debt.
Scorpio Tankers will bareboat charter-in the vessels for eight years, and holds purchase options beginning at the start of the fourth year of each agreement. There is also a purchase obligation for each vessel upon the expiration of each agreement.
In Aug 2017, Scorpio Tankers bought 10 LR1 and LR2s owned by Navig8 Product Tankers, and took over the vessels on bareboat charter to Navig8.