Scorpio Tankers signs LOIs to construct two VLCCs

Scorpio Tankers (STNG) signed letters of intent to construct two Very Large Crude Carriers at Hanwha Ocean Co. Ltd., South Korea. The purchase price is $128M per vessel with deliveries expected in the third and fourth quarters of 2028. Since October 28, the company has sold 2,382,226 common shares of DHT Holdings (DHT) at an average price of $13.25 per share. The company owns 1,169,568 common shares of DHT. Emanuele Lauro, CEO, commented “We have a strong and long-term view of the fundamentals of the crude tanker market, and our investment in DHT reflected that outlook. These VLCC newbuilding 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.”