Scorpio Tankers Inc. (NYSE:STNG) (the "Company") announced today that it has reached an agreement with an unrelated third party to sell two of its 2013 built MR product tankers (STI Sapphire and STI Emerald) for approximately $56.4 million in aggregate.
The sales are expected to close in June 2017 at which time the Company will repay the outstanding secured debt for these vessels of $27.6 million in aggregate. The Company will record a write-down of approximately $9.3 million during the second quarter of 2017 in connection with the entry into this agreement.