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Tuesday, April 23, 2019

Finance Leases News

Photo: Scorpio Tankers

Scorpio Tankers Sells, Leaseback Six Tankers

Scorpio Tankers  announced  that it has agreed to sell and leaseback six MR product tankers (STI Battery, STI Milwaukee, STI Tribeca, STI Bronx, STI Manhattan, and STI Seneca) to CMB Financial Leasing. Upon completion, the Company’s liquidity is expected to increase by $52 million in aggregate after the repayment of outstanding debt. These lease financing arrangements are part of the Company’s new financing initiatives that were announced on April 25, 2018. As part of the agreements, the Company will bareboat charter-in the vessels for a period of eight years.

Photo: Scorpio Tankers

Scorpio Tankers to Sell, Leaseback Five Product Tankers

Scorpio Tankers announced that it has agreed to sell and leaseback three MR product tankers (STI Ville, STI Fontvieille and STI Brooklyn) and two LR2 product tankers (STI Rose and STI Rambla) to AVIC International Leasing Co., Ltd. Upon completion, the Company’s liquidity is expected to increase by $42 million in aggregate after the repayment of outstanding debt. These lease financing arrangements are part of the Company’s new financing initiatives that were announced on April 25, 2018. As part of the agreements, the Company will bareboat charter-in the vessels for a period of eight years.

Photo: Scorpio Tankers

Scorpio Tankers Signs Sale-Leaseback with Bocomm

Scorpio Tankers has agreed to sell and leaseback five 2012 built MR product tankers (STI Amber, STI Topaz, STI Ruby, STI Garnet, and STI Onyx) to Bank of Communications Financial Leasing  (Bocomm Leasing). As of today, three of the five transactions have been completed, which has increased the Company’s liquidity by approximately $21 million in aggregate after the repayment of the outstanding debt. The sales price for each vessel is $27.5 million, and the Company will bareboat charter-in the vessels for a period of seven years at $9,025 per day per vessel.

Sami Chowdhury

Ince Promotes Three New Partners

International law firm Ince & Co. announced the imminent promotion of three lawyers to the partnership. Rania Tadros – Rania has experience in commercial arbitration and litigation within the shipping and energy and offshore markets. She has had experience handling a range of matters for clients in the offshore support and oilfield services sector. Rania has also advised on a number of shipping disputes concerning the Middle East and has a particular focus on construction disputes and claims relating to refund guarantees. Rania will relocate from London to Dubai this summer.