Scorpio Tankers is buying another chartered-in LR2 vessel to reduce financial costs.

The New York-listed product tanker specialist said it has served notice to exercise its option to acquire the 110,000-dwt STI Sanctity (built 2016) from Norwegian sale-and-leaseback company Ocean Yield.

The vessel was brought into the Scorpio fleet as part of the takeover of Navig8 Product Tankers in 2017.

The STI Sanctity is currently on a bareboat charter to Scorpio for more than 11 years.