en.Wedoany.com Reported - Scorpio Tankers has acquired a minority stake in a joint venture for eight newbuilding VLCCs and ordered two additional LR2 product tankers, expanding its fleet renewal program across three tanker segments.
The New York-listed company signed a letter of intent with Jiangsu Hantong Ship Heavy Industry for two LR2 tankers fitted with scrubbers, priced at $72.8 million each, with delivery scheduled for the second and third quarters of 2029.
Scorpio agreed to hold less than a 15% stake in a joint venture that owns eight scrubber-fitted VLCCs under construction, with deliveries set between the third quarter of 2029 and the second quarter of 2030. The company did not disclose the partner, shipyard, or VLCC contract value, and will pay its equity share proportionally according to the shipbuilding agreement's payment schedule.
The company, led by Emanuele Lauro, separately finalized an agreement in June to order two scrubber-fitted MR newbuildings at Jiangsu Yangzi-Mitsui Shipbuilding, each costing $46.33 million, for delivery in the first quarter of 2030. Apart from a 10% deposit, no further payments are due until 2028.
The latest moves bring Scorpio's directly controlled newbuilding program to 14 vessels, including six MRs, six LR2s, and two VLCCs. The company also has exposure to an additional eight VLCCs through the new joint venture. As of July 28, $97.2 million has been paid toward the program, with approximately $978.2 million remaining, including its share in the VLCC joint venture.
Scorpio's existing newbuilding projects include four LR2s at Dalian Shipbuilding, with the first two priced at $70.8 million each for delivery in the third quarter of 2027, and two optional vessels at $68.5 million each for delivery in the second half of 2029. Four MR newbuilding resale contracts at Jingjiang Nanyang Shipbuilding are priced at $45 million each, with deliveries between 2026 and 2027.
The company returned to crude tanker newbuildings last year, ordering two VLCCs at Hanwha Ocean for $128 million each, scheduled for delivery in the third and fourth quarters of 2028, marking its first VLCC order since selling seven newbuilding contracts in 2014.
The expansion was announced alongside the disclosure of a second-quarter net profit of $387.5 million (compared to $73.5 million in the same period last year), with adjusted profit of $243.7 million and average daily TCE earnings more than doubling to $52,661 per vessel.
As new vessels join, Scorpio continues to sell older tonnage, completing the sale of 10 vessels for a total of $465 million in the second quarter, and another five vessels for $320.8 million in July. The remaining fleet consists of 74 product tankers, including 25 LR2s, 35 MRs, and 14 Handymax tankers.
