Scorpio Tankers acquired subsidiaries of Trafigura Maritime Logistics for $803m.

Scorpio Tankers, a provider of marine transportation of petroleum products worldwide, acquired subsidiaries of Trafigura Maritime Logistics, which have leasehold interests in 19 product tankers, for $803m. “This transaction represents a close alignment between Scorpio Tankers and Trafigura, a strategic customer and now a valued shareholder. We share common beliefs in quality assets, quality service, and most importantly, the favorable fundamentals currently unfolding in the product tanker market. This fleet of 19 ultra-modern product tankers is a singular opportunity in an otherwise diminished global orderbook. The average age of our fleet will be reducing (from 4.1 to 3.7 years) and our fuel efficiency is expected to increase with the addition of these modern scrubber fitted vessels. At the same time, IMO 2020 and other demand drivers are set to increase ton-mile demand significantly over the coming months." Emanuele A. Lauro, Chief Executive Officer of Scorpio Tankers.