Scorpio Tankers Inc. announced Monday it has signed letters of intent to construct two Very Large Crude Carriers at Hanwha Ocean in South Korea, marking a strategic shift for the company and signaling its confidence in the crude tanker market.
The $256 million investment—$128 million per vessel—marks the Monaco-based company’s entry into the VLCC segment, a departure from its traditional focus on product tankers. Deliveries expected in the second half of 2028.
The move comes as the company simultaneously unwinds its position in DHT Holdings Inc., a major crude tanker operator.
Since late October, Scorpio Tankers has sold nearly 2.4 million shares of DHT at an average price of $13.25 per share, reducing its stake to just over 1.1 million shares. This follows earlier divestments totaling more than 5.2 million shares during the third quarter and October at prices ranging from $12.50 to $12.71 per share.
“We have a strong and long-term view of the fundamentals of the crude tanker market, and our investment in DHT reflected that outlook,” said Emanuele Lauro, Chairman and Chief Executive Officer. “These VLCC newbuilding agreements, with capital expenditures weighted toward the end of 2027 and beyond, represent a logical and efficient extension of that conviction and position the Company to benefit directly from a constructive crude tanker market.”
The timing of the orders is notable. With deliveries scheduled for 2028, Scorpio Tankers is positioning itself to capitalize on what management views as favorable long-term crude market fundamentals while minimizing near-term capital commitments.
The company currently operates or lease finances 99 product tankers, including 38 LR2 tankers, 47 MR tankers, and 14 Handymax tankers, with an average fleet age of 9.6 years. It has also entered agreements to sell six product tankers and is taking delivery of four MR newbuildings in 2026 and 2027.
The transition from financial investment in DHT to direct ownership of crude tankers represents a calculated bet that hands-on operation will deliver superior returns in a market Lauro characterizes as structurally sound for years to come.
