Scorpio Wraps Up Merger with Navig8 Product Tankers
- Business & Finance
Monaco-based tanker owner and operator Scorpio Tankers has closed its merger with Navig8 Product Tankers Inc, the company informed.
To make the merger a reality, Scorpio has issued 55 million shares of its common stock to the holders of NPTI’s common shares or 19.7% of the current 279,663,300 Scorpio common shares issued and outstanding.
Through the merger, Scorpio has acquired an operating fleet of 27 eco-design product tankers, comprised of 15 LR2s and 12 LR1s with a weighted average of 1.2 years and an aggregate carrying capacity of 2.6 million DWT.
Hence, Scorpio’s operating fleet now consists of 105 owned or finance leased tankers with a weighted average age 2.1 years, and 20 time or bareboat chartered-in tankers.
In addition, Scorpio has contracts for the construction of four newbuilding MR product tankers, which are slated for delivery throughout the remainder of 2017 and first quarter of 2018.
As World Maritime News reported earlier, the company said it would finalize the merger by September following clearance from NPTI’s shareholders last week.
In connection with the merger, Merrick Rayner, will join the board of directors of Scorpio as an independent director.