Friday, January 28, 2022

Scorpio in the Basin

 The Scorpio Tankers fleet of about 130 tankers is active world wide, and so it is not unusual to see one of its ships in Halifax.

 STI Modest, one of many MidRange tankers in the fleet, arrived early Friday morning January 28 from Amsterdam and anchored in Bedford Basin. I am assuming it will wait out some nasty weather over the next few days before delivering cargo to Irving Oil.

The scrubber fitted ship was built by Hyundai Vinashin Shipyard Co in Ninh Hoa, Vietnam in 2019. It is a 29,991 gt, 47,499 dwt product tanker.

In an unintended pun, owners Scorpio Tankers recently announced the sale of 16 of its tankers to Singapore based Hafnia Tankers to "increase liquidity". Certainly the half billion US dollar price tag will return a lot of cash to Scorpio, but Scorpio's capacity to carry liquid cargo is reduced by 10% - a reduction in liquidity ?

For more detail on the complicated deal see Hafnia's press release

Scorpio is publicly traded in the NYSE. Chairman and CEO is Emanuele A. Lauro. Hafnia is the world's largest product tanker owner and is listed on the Oslo stock exchange.


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