Scorpio Tankers has entered into an agreement to purchase two LR1 ice-class-1A product tankers for $92m, as part of its $190m fleet expansion plan.

The deal for the 74,000dwt vessels, each with an existing time charter contract, includes an estimated $2.5m related to charter value.

The Sanko Harmony and Sanko Heritage are scheduled to be delivered by the end of June.

Scorpio owns two LR1 product tankers and one post-Panamax tanker, with an average age of 6.9 years and has signed agreements to purchase four Handymax tankers.

Upon delivery of the six vessels, the average age of its fleet will be nearly 5.5 years, the company said.