Monaco-based marine transportation provider Scorpio Tankers has completed its merger with Navig8 Product Tankers (NPTI), which specialises in acquiring and operating LR1 and LR2 tankers.

Scorpio has issued 55 million of its common stock shares to the NPTI common shareholders as part of the transaction, representing 19.7% of its current 279 million common shares, including both issued and outstanding shares.

Scorpio has also acquired an operating fleet of 27 eco-design product tankers from NPTI as a result of the merger, which was initially announced in May.

The tanker fleet includes 15 LR2 and 12 LR1 vessels with a weighted average of 1.2 years and a combined carrying capacity of around 2.6 million deadweight tonnes (DWT).

The newly closed deal has brought Scorpio’s operating fleet to 105 owned or finance leased tankers, including 38 LR2, 12 LR1, 41 MR tankers and 14 Handymax vessels.

Scorpio’s new fleet represents a weighted average age of around 2.1 years and includes 20 time or bareboat chartered-in tankers such as two LR2, nine MR tankers and nine Handymax.

Former EAGibson director Merrick Rayner has also been appointed to join the board of directors of Scorpio as an independent member.

In addition, Scorpio has announced that the company has been contracted to build four new MR product tankers under its Newbuilding Programme.

The vessels in the Newbuilding Programme are due to be delivered throughout the remainder of this year and the first quarter of 2018.