Scorpio Tankers sells five MRs to Bahri

NYSE-listed Scorpio Tankers is to sell five MR product tankers to the National Shipping Company of Saudi Arabia (Bahri) for $166.5m en bloc.

The 2014-built vessels are the STI Chelsea, STI Lexington, STI Mythos, STI Olivia (all 52,000 dwt) and STI Powai (50,000 dwt). VesselsValue.com currently estimates the vessels’ collective market value at $173.61m.

Scorpio said the sell-off will incur a $3.2m loss on the vessels’ combined book value.

The sales of two of the vessels are expected to close in March, and the three remaining transactions are expected to close in the second quarter this year, Scorpio said.