The transformation of Scorpio Tankers’ balance sheet continues as the New York-listed shipowner buys back six more vessels from expensive lease-financing and repurchases more of its own stock.
Scorpio on Tuesday announced that it would slash a further $147.3m in debt as it purchases the half-dozen tankers, which had been lease-financed at 350 basis points over Libor. The purchases from China’s Bank of Communications Financial Leasing are expected to close in June.
