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