Scorpio Tankers sells five ships and leases them back

Robert Bugbee's tanker carrier sells five product tanker ships as part of efforts to increase liquidity. The ships will be leased back on charter contracts.

Scorpio Tankers, headed by president Robert Bugbee, has signed so-called sale and leaseback deals for five ships in an effort to boost the tanker shipping company's liquidity.

This means that five of the carrier's product tanker ships will be sold to Avic International leasing Co. The deal is expected to boost Scorpio Tankers' liquidity by USD 42 million after repayment of outstanding debt, according to a press release.

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