Scorpio Tankers Inc. has announced a major fleet expansion move with the signing of letters of intent to construct two Very Large Crude Carriers (VLCCs) at Hanwha Ocean in South Korea. Alongside this, the company updated its investment position in DHT Holdings, highlighting its continued confidence in the long-term fundamentals of the crude tanker market.
New VLCC Orders Mark Strategic Growth
Scorpio Tankers will build two 2028-delivery VLCCs at Hanwha Ocean for $128 million each, with deliveries scheduled for the third and fourth quarters of 2028. The company noted that capital expenditures for these vessels are weighted toward late 2027 and beyond, allowing financial flexibility in the near term.
CEO Emanuele Lauro emphasized that the VLCC additions are aligned with the company’s strong outlook for the crude tanker sector. These newbuilding decisions extend Scorpio’s strategy of positioning itself for long-term market opportunities and benefiting directly from healthy global crude transportation demand.
Update on DHT Investment and Company Fleet Outlook
Since October 28, 2025, Scorpio Tankers has sold more than 2.38 million shares of DHT Holdings at an average price of $13.25, reducing its position to just over 1.16 million shares. Lauro noted that the initial DHT investment reflected Scorpio’s positive outlook on the crude tanker market, and the new VLCC projects are a natural continuation of that confidence.
Scorpio Tankers currently owns or lease-finances 98 product tankers, with several fleet changes underway. The company plans to sell six existing vessels between late 2025 and early 2026 and has four MR newbuildings scheduled for delivery in 2026–2027. With the addition of the two VLCCs slated for 2028, Scorpio is positioning itself for a balanced and modernized fleet tailored to future market conditions.
Scorpio Tankers’ decision to invest in two new VLCCs underscores its confidence in the long-term strength of the crude shipping sector. Coupled with strategic portfolio adjustments, such as the gradual reduction of its DHT holdings, the company continues to shape its fleet for future growth. As global energy markets evolve, Scorpio Tankers is positioning itself to capitalize on rising demand, modern fleet requirements, and shifting trade patterns in the years ahead.
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Source: SCORPIO Tankers Inc.
