Scorpio Tankers has taken an $89m stake in New York-listed VLCC specialist DHT Holdings in a power statement of faith in a resurgent market for the largest crude tankers.
The investment in 4.9% of DHT’s outstanding shares was described as “passive” by Scorpio on Tuesday as it announced earnings for the third quarter.
It is Scorpio Tankers’ first direct investment outside of product tankers in more than a decade, when it put money into a series of newbuilding LPG carriers that later were sold to Dorian LPG, and VLCCs that were ultimately sold to Peter Georgiopoulos’ General Maritime.
