scorpio tankers

Scorpio Tankers Takes Minority Stake in Eight VLCC Newbuilds and Orders Two LR2s

Scorpio Tankers has taken a minority stake in an eight-vessel VLCC newbuilding venture and signed a letter of intent for two LR2 product tankers at Jiangsu Hantong Ship Heavy Industry. The company also completed MR newbuilding agreements at Jiangsu Yangzi-Mitsui. The moves expand Scorpio's directly controlled newbuilding programme to 14 ships, with exposure to additional eight VLCCs through the joint venture. Net income surged to $387.5 million in the second quarter.