Following on the breaking news that Scorpio Tankers is to buy the 10 LR1/2s owned by Navig8 Product Tankers, as well as take over the 17 vessels on Bare Boat Charter to Navig8, VV has put together some quick stats.
It’s interesting that Scorpio Tankers are buying now. 5 year old LR1 tanker values have been pretty flat since mid January 2017. Here is VesselsValue's Fixed Age market value for a 5 year old LR1 vessel over the last 5 years:

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Navig8 Product Tankers owned 10 of the vessels involved in this deal, a mix of LR1 and LR2 tankers. They are worth a total of 362.52 million USD today.
The other 17 involved in the deal are chartered in on bare boat from CSSC Shipping, China Merchants Bank, Bank of Communications and Ocean Yield ASA.  These 17 vessels have a market value today of 661.64 million USD. Scorpio are going to take over the charter contract for these vessels, with the possibility of buying them once the charter is over. At this stage we are going to keep these vessels belonging to their owners until Scorpio buy them.
Here are the new rankings of the top 5 tanker owners before and after the 10 Navig8 Product Tanker vessels are bought by Scorpio Tankers:

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Tags: market report vesselsalue

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