Scorpio Tankers Fixes Three Product Tankers on Three-Year Charters Worth Over $110m
Key Takeaways
- •Scorpio Tankers has fixed three product tankers on three-year charters representing more than $110m in aggregate gross revenue at disclosed rates.
- •The LR2s STI Gladiator and STI Jermyn were fixed at $40,188 and $42,500 per day respectively, with the MR STI Pontiac at $23,900 per day starting in the fourth quarter.
- •As of September 3, Scorpio had covered 85% of LR2 spot and pool days at an average of $64,900 per day, 79% of MR days at $30,000 and 70% of handymax days at $25,500.
- •SEB analysts project third-quarter EBITDA of around $145m, modestly above the bank's $141m estimate and broadly in line with the $146m consensus.
- •Scorpio's owned fleet comprises 75 product tankers, with 13 newbuildings scheduled for delivery between 2027 and 2030.
Monaco-based Scorpio Tankers has fixed three product tankers on three-year charters that, at the disclosed headline rates, carry more than $110m in aggregate gross revenue.
The owner, led by Emanuele Lauro, has fixed the LR2s STI Gladiator and STI Jermyn at $40,188 and $42,500 per day respectively, with both charters commencing this month. The MR tanker STI Pontiac has been fixed at $23,900 per day from the fourth quarter. Scorpio did not disclose the identities of the charterers. Multi-year fixtures of this kind lock in contracted revenue over the charter duration, though the agreed daily rates sit below the averages Scorpio has been achieving on shorter-term spot and pool employment, a trade-off owners typically accept in exchange for income visibility across market cycles.
The term deals come as the company's spot and pool book remains firm heading through the third quarter. As of September 3, Scorpio had covered 85% of its LR2 spot and pool days at an average of $64,900 per day, 79% of MR days at $30,000 and 70% of handymax days at $25,500.
Shipping analysts at SEB said the latest booking progression points to third-quarter EBITDA of around $145m when current spot assumptions are applied to the remaining open days — modestly above the bank's $141m estimate and broadly in line with the consensus figure of $146m. The bank described the update as neutral, with the charter book filling at broadly expected levels.
Scorpio's owned fleet now stands at 75 product tankers, comprising 25 LR2s, 36 MRs and 14 handymaxes. A further 13 directly controlled newbuildings are on order: five MRs, six LR2s and two VLCCs scheduled for delivery between 2027 and 2030.
The company has been aggressively reshaping its fleet this year. In May, Scorpio agreed to sell four LR2s for $285.8m while lining up two new MR newbuildings. In July, it added two more LR2s in China and took a stake of less than 15% in a joint venture holding eight VLCC newbuildings, providing additional crude tanker exposure beyond its directly controlled orderbook.
