Scorpio Tankers reported that its liquidity position has improved to $783.9 million available under revolving credit facilities as of January 9 2026, a result of the sale of its remaining 3,551,794 shares in DHT Holdings at an average price of $13.40 per share and the completion of several vessel sales. The company’s net debt fell from $896.6 million on September 30 2025 to $628.4 million on January 9 2026, leaving a pro‑forma net cash position of $382.7 million and a pro‑forma debt of $609.2 million. The reduction reflects aggressive deleveraging through asset sales and debt prepayments, improving the company’s credit profile and freeing capital for future growth.
The vessel sales that drove the liquidity boost included the 2020‑built MR product tanker STI Maestro, sold for $42 million in November 2025; the 2014‑built MRs STI Battery, STI Venere, and STI Milwaukee, each sold for $32 million in November 2025; the 2014‑built MR STI Yorkville, sold for $32 million in early December 2025; and the 2019‑built LR2 STI Lobelia, sold for $61.2 million in early December 2025. These sales capitalized on a high secondhand market, reduced operating costs associated with older tonnage, and sharpened the fleet’s age profile.
Scorpio Tankers confirmed newbuilding commitments that expand its capacity and diversify its product mix. Two VLCCs are scheduled for delivery in the second half of 2028, two LR2s in the third quarter of 2027, and four MRs with deliveries in 2026 and 2027. The VLCC orders, placed with Hanwha Ocean, signal a strategic pivot into the crude tanker market, while the LR2 and MR orders, sourced from Dalian Shipbuilding Industry Co. and Jingjiang Nanyang Shipbuilding respectively, reinforce the company’s focus on modern, scrubber‑equipped vessels that offer lower operating costs and higher environmental compliance.
Management highlighted the strategic rationale behind the moves. "We have a strong and long‑term view of the fundamentals of the crude tanker market," CEO Emanuele Lauro said. "These VLCC new‑building agreements, with capital expenditures weighted toward the end of 2027 and beyond, represent a logical and efficient extension of that conviction and position the Company to benefit directly from a constructive crude tanker market." The combination of deleveraging and newbuilds positions Scorpio to capture demand in both product and crude tanker segments while maintaining a lean balance sheet.
The broader market context underscores the timing of the transactions. Secondhand vessel prices peaked in late 2025, creating an opportune window for sales, while newbuilding capacity remained constrained, allowing the company to secure favorable terms for its VLCC, LR2, and MR orders. Headwinds such as pricing pressure in the product tanker market are offset by tailwinds from a recovering crude tanker market and the company’s focus on efficient, low‑emission vessels, which are increasingly demanded by charterers and regulators alike.
The liquidity and debt improvements, coupled with a forward‑looking fleet expansion, signal a confident management team that is positioning Scorpio Tankers for sustained growth in a volatile market.
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