On paper, it seems like a “win win” — Scorpio Tankers picked up four long-range-two (LR2) tankers currently valued at around $60m for $51m each.
Affilliate Scorpio Bulkers shed four newbuilding contracts for capesize bulkers at a time when the dry market is expected to remain depressed, saving $120m in capital expenditures. It is booking a loss of $41m in the process but the boost to its capital structure seems clear.
Why,
