Ongoing Merger with Navig8 Postpones Scorpio’s 2Q Results
- Business & Finance
Monaco-based tanker shipping company Scorpio Tankers revealed it will release its second quarter 2017 earnings on September 18 as a result of the pending merger with petroleum products shipping company Navig8 Product Tankers.
On May 23, 2017, Scorpio entered into definitive agreements to merge with NPTI. In conjunction with the merger, the company completed the purchase of four subsidiaries of NPTI, each of which owned an LR1 tanker.
As informed, the merger is expected to close in the third quarter of 2017 and is subject to the completion of certain customary conditions, including the approval of the merger by holders of a majority of the outstanding shares of common stock of NPTI and the listing on the New York Stock Exchange of the company’s shares to be issued as consideration in the merger.
Currently, Scorpio Tankers owns 82 product tankers with an average age of 2.5 years and 20 time or bareboat charters-in product tankers. Scorpio Tankers has contracted for four newbuilding MR product tankers, which are expected to be delivered throughout the remainder of 2017 and the first quarter of 2018. The company has also entered into a merger agreement with NPTI to acquire 23 product tankers, which is expected to close during the third quarter of 2017.