Join our crew and become one of the 104,428 members that receive our newsletter.

Scorpio Tankers President Robert Bugbee Continues to Binge on STNG Call Options

Image courtesy Scorpio Tankers

Scorpio Tankers President Robert Bugbee Continues to Binge on STNG Call Options

Mike Schuler
Total Views: 1414
August 12, 2021

Robert Bugbee, the well-known President of NYSE-listed Scorpio Tankers (NYSE: STNG), spent another $465,000 on STNG call options on Wednesday, bringing his weekly total to more than $3.6 million across three transactions.

Bugbee has been an active buyer of STNG call options since the second half of 2019 and has continued buying throughout the pandemic. Year-to-date, company disclosures indicate he has spent over $9.1 million across 10 transactions.

His single biggest transaction of the year was announced August 9th after Bugbee purchased call options on 1,000,000 common shares, or 10,000 call option contracts, for a total consideration of $2,698,000. The call option contracts have a strike price of $14.00 and an expiration of January 2022.

With a market cap of over $900 million, Scorpio Tankers currently owns, finance leases or bareboat charters-in 131 product tankers, comprising 42 LR2 tankers, 12 LR1 tankers, 63 MR tankers and 14 Handymax tankers with an average age of 5.5 years. The company this week reported a net loss of $52.8 million in the second quarter of 2021, bringing its first half net loss to $115.2 million.

Shares of STNG closed down 0.38% on the day at $15.68, well below their 52-week high of over $24 in June.

Unlock Exclusive Insights Today!

Join the gCaptain Club for curated content, insider opinions, and vibrant community discussions.

Sign Up
Back to Main
polygon icon polygon icon

Why Join the gCaptain Club?

Access exclusive insights, engage in vibrant discussions, and gain perspectives from our CEO.

Sign Up
close

JOIN OUR CREW

Maritime and offshore news trusted by our 104,428 members delivered daily straight to your inbox.

gCaptain’s full coverage of the maritime shipping industry, including containerships, tankers, dry bulk, LNG, breakbulk and more.