Scorpio Tankers has returned to the very large crude carrier (VLCC) segment after more than a decade, signing letters of intent (LOIs) for two 320,000 dwt vessels at South Korea’s Hanwha Ocean. Each ship is priced at about $128 million, with deliveries scheduled for the third and fourth quarters of 2028.
The move marks the Monaco-based company’s first VLCC commitment since 2014, when it sold seven VLCC newbuilding contracts worth approximately $735 million — five from Daewoo Shipbuilding & Marine Engineering (now Hanwha Ocean) and two from Hyundai Samho Heavy Industries.
Chairman and chief executive Emanuele Lauro said the investment reflects Scorpio’s long-term confidence in the fundamentals of the crude tanker market. He noted that the newbuilding program positions the company to “benefit directly from a constructive crude tanker market,” with capital expenditures concentrated toward the end of 2027 and beyond.
The VLCC LOIs follow Scorpio’s purchase of four medium-range (MR) newbuilding resales under construction at Jingjiang Nanyang Shipbuilding in China, each priced around $45 million and set for delivery between the second quarter of 2026 and mid-2027.
At the same time, the company has been adjusting its investment portfolio. Since late October, Scorpio has sold more than 2.38 million shares of DHT Holdings at an average price of $13.25 per share, retaining about 1.17 million shares. The divestment aligns with its strategy to focus on operational assets over financial holdings.
Scorpio currently operates or leases 98 product tankers averaging 9.6 years of age, including 38 LR2s, 46 MRs, and 14 handymax vessels. It has also agreed to sell four MR and two LR2 units, with deliveries expected between late 2025 and early 2026.
The company’s re-entry into the VLCC market adds exposure to the crude transportation segment, diversifying its primarily product tanker fleet. It also reinforces Hanwha Ocean’s position as a leading builder in the current VLCC ordering cycle, which includes clients such as Capital, Tsakos, Chandris, Carlova Maritime, Advantage Tankers, Asyad Shipping, and DHT — in which Scorpio holds about 1.17 million shares.
