Scorpio Tankers advances fleet renewal with newbuilds and sales

Scorpio Tankers is continuing its fleet renewal strategy by committing $415.6m to four newbuilding vessels, Asia Shipping Media reported. The company has doubled its directly controlled VLCC orderbook by contracting two scrubber-fitted units at Hengli Shipbuilding in Dalian for $135m each, with delivery expected in September and October 2028. This addition complements two 320,000 dwt VLCCs previously ordered at South Korea’s Hanwha Ocean for $128m per vessel, which are scheduled for arrival in the third and fourth quarters of 2028. These investments mark the company's ongoing expansion within the crude tanker sector.

The owner is also growing its product tanker fleet by ordering two scrubber-fitted LR2 vessels from Jiangsu Hantong Ship Heavy Industry for $72.8m each, due for delivery in October and November 2029. This contract follows a letter of intent for two additional LR2s at the same yard. Furthermore, Scorpio maintains four LR2s on order at Dalian Shipbuilding. These commitments are part of a broader programme that now includes 17 directly controlled newbuildings, consisting of five MRs, eight LR2s, and four VLCCs, with all deliveries scheduled through 2030.

Alongside its newbuilding programme, the company is divesting older assets to modernise its fleet. Scorpio has agreed to sell three product tankers for a total of $180.5m, with transactions expected to conclude before the end of the year. The sale includes the 2014-built MR STI Dama for $37.5m, as well as the 2014-built LR2 STI Elysees and the 2015-built STI Veneto, which are fetching $70m and $73m respectively. These disposals follow a series of fleet recycling efforts undertaken by the company over the past year, including a $300m disposal package announced in April.

Beyond its directly controlled fleet, the company is increasing its exposure to crude shipping through a joint venture. In July, Scorpio acquired a stake of less than 15% in a venture that holds eight scrubber-fitted VLCC newbuildings scheduled for delivery between 2029 and 2030. These strategic moves reflect the company's focus on maintaining a modern, efficient fleet. Currently, Scorpio operates 74 product tankers, including 25 LR2s, 35 MRs, and 14 handymaxes, with an average vessel age of 10.2 years.

The ongoing fleet renewal programme underscores a consistent effort by the Emanuele Lauro-led owner to balance newbuilding investment with the systematic removal of older tonnage. By securing positions in both the crude and product tanker markets through direct orders and joint ventures, the company is positioning its portfolio for the coming years. The combination of high-specification newbuildings and the sale of mid-aged assets remains a central component of Scorpio’s commercial strategy as it manages its existing fleet of 74 vessels while preparing for the arrival of its future newbuilding programme.