Friday, December 14, 2012

[Marine] Scorpio's timely MR order

Scorpio's timely MR order

Scorpio Tankers announced early this week that it had executed options with Hyundai Mipo Dockyard of Korea for the construction of two MR product tanker newbuildings.

And it also executed a letter of intent with SPP Shipbuilding of Korea for the construction of four MR product tanker newbuildings.

The six newbuildings are scheduled to be delivered to the company in the second and third quarters of 2014.

Evercore Partners analyst Jonathan Chappell said the delivery dates attached to the six newbuildings penned at two top tier shipyards in Korea bodes well for the shipowner.

He forecast that the supply and demand balance in the product tanker segment will have improved by 2014.

“Scorpio has an envious capital structure that should render it as an attractive counterparty for banks in a tight lending environment,” Chappell said.

“We believe Scorpio will garner 60% financing for the newbuilds, roughly $120m, leaving it with excess funds from the recent capital raise that can be used for even more fleet expansion in 2013,” he added.

Published : December 13, 2012

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