Scorpio Tankers Inc. (NYSE:STNG) announced on January 5 that it has entered into five-year time charter agreements for two of its LR2 product tankers, the STI Rose and STI Alexis. Both vessels were built in 2015 and will be chartered at a daily rate of $29,000 per ship. The charters are set to commence in the first quarter of 2026.
The company currently operates a fleet of 93 product tankers with an average age of 9.8 years. This fleet includes 42 MR tankers, 14 Handymax tankers, and 37 LR2 tankers. Scorpio Tankers has also agreed to sell three LR2 product tankers, with closings anticipated in the first quarter of 2026. Additionally, the firm has newbuildings on order: four MR tankers expected in 2026 and 2027, two LR2 tankers due in the third quarter of 2027, and two VLCC tankers planned for delivery in the second half of 2028.
On January 2, BTIG analyst Gregory Lewis maintained a Buy rating on the stock with a price target of $75. This target suggests a potential 36.4% increase from current levels, aligning with the median Wall Street analysts' upside projection of 35%.
Scorpio Tankers Inc. is involved in the global seaborne transportation of refined petroleum and crude oil products. As of March 20, 2025, the company's fleet comprises 99 owned and leased financed tankers. Founded in 2009, it is headquartered in Monaco.