Scorpio Tankers Inc. Announces Agreements to Construct VLCCs

Core Viewpoint - Scorpio Tankers Inc. has signed letters of intent to construct two Very Large Crude Carriers (VLCCs) at a price of $128 million each, with expected deliveries in late 2028, reflecting a strong long-term outlook for the crude tanker market [1][3]. Company Developments - The company has sold 2,382,226 common shares of DHT Holdings Inc. at an average price of $13.25 per share, retaining ownership of 1,169,568 shares as of the press release date [2]. - Scorpio Tankers currently owns or finances 98 product tankers, including 38 LR2, 46 MR, and 14 Handymax tankers, with an average age of 9.6 years [3]. - The company has agreements to sell four MR and two LR2 product tankers, expected to close in Q4 2025 and Q1 2026, and has four MR newbuildings under construction for delivery in 2026 and 2027 [3]. Market Outlook - The CEO expressed confidence in the fundamentals of the crude tanker market, indicating that the newbuilding agreements are a strategic extension of the company's positive outlook [3].