Continuing its march into the medium-range (MR) market, Scorpio Tankers has agreed to buy a second-hand MR product tanker for US$37.1m.

The NYSE-listed company declined to name the seller of the 2014-built vessel, which was built at SPP Shipbuilding, South Korea. The ship is forecast to be delivered to Scorpio in August.

The acquisition shines more light on Scorpio's new mid-sized strategy. Scorpio Tankers last week ordered two MR product tankers to be built at South Korea's Hyundai Mipo yard. The contract was priced at US$34.5m per vessel and includes options for six more.