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Scorpio Tankers merges with Navig8

The consolidation wave in product tanker is now reality. Robert Bugbee's Scorpio Tankers will merge with Navig8 and issue new shares for USD 200 million. The new behemoth will have a fleet of 105 vessels and will compete directly with carriers such as Torm, Ardmore, and Hafnia Tankers.

Robert Bugbee | Photo: Tomas Kristiansen

Scorpio Tankers merges with competitor Navig8 and thus creates a new behemoth player in the product tanker sector.

The plan is characterized as "definitive" and means that the US and Monaco-based carrier will acquire Navig8's fleet of 27 tanker vessels. And the carrier will then issue new shares for USD 200 million, and will thus mark the realization of observations made by several market players as recently as last week in comments to ShippingWatch, namely that consolidation in the sector is needed to attract investors.

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