Scorpio Tankers Announces an Agreement to Sell an MR Product Tanker and the Exercise of Purchase Options on Five Ships
Portfolio Pulse from Benzinga Newsdesk
Scorpio Tankers Inc. (NYSE:STNG) has announced the sale of the MR product tanker, STI Tribeca, for $39.1 million, expected to close in Q1 2024. Additionally, the company has exercised purchase options on five ships, including one MR product tanker and four Handymax product tankers, which will lead to a debt reduction of $61.1 million when the transactions are completed in the first half of 2024.
January 16, 2024 | 11:30 am
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Scorpio Tankers is selling the STI Tribeca tanker for $39.1M and exercising purchase options on five ships, leading to a significant debt reduction.
The sale of the STI Tribeca tanker and the exercise of purchase options on five ships are likely to be viewed positively by investors as they indicate proactive asset management and debt reduction. This could lead to a short-term positive impact on STNG's stock price as the market reacts to the company's efforts to optimize its balance sheet and improve financial flexibility.
CONFIDENCE 90
IMPORTANCE 75
RELEVANCE 100