sti highlander

Marine transportation provider Scorpio Tankers has revealed plans to sell its Handymax product tanker, STI Highlander.

The company’s Handymax product tanker was built in 2007, and is being sold for $19.35m.

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The sale of this vessel is expected to close in October this year, without any debt repayment associated with it as the vessel is not collateralised under any of the company’s credit facilities.

Additionally, the company has taken the delivery of STI Carnaby, an LR2 product tanker from Sungdong Shipbuilding & Marine Engineering.

The vessel has already started its voyage for 53 days at approximately $41,000 per day.

The company also received an MR product tanker, STI Black Hawk, from Hyundai Mipo Dockyard Co. of South Korea.

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This vessel also began a voyage in the Scorpio MR Pool for 13 days at approximately $31,000 per day.

“The sale of this vessel is expected to close in October this year, without any debt repayment associated with it as the vessel is not collateralised under any of the company’s credit facilities.”

Furthermore, the company has signed an agreement with ING Bank to upsize its previously announced $52m credit facility to $87m.

Under the terms of the agreement, the credit facility has a final maturity of seven years from the original date of signing of 24 June and bears interest at LIBOR plus a margin of 1.95% per annum.

The loan facility is expected to be used to purchase two LR2 product tankers, which are currently under construction at Daehan Shipbuilding Co. They are expected to be delivered in the first and second quarter of 2016.

In addition, the credit facility will be used partially to purchase STI Black Hawk as well as settle the debts on an MR product tanker that was delivered in March this year.

Image: The ship ‘STI Highlander’ in the Øresund strait, Helsingborg / Helsingør, Southern Sweden. Photo: courtesy of Bjoertvedt.