Scorpio Tankers' handymax tanker STI Batterdea enters the port of Rotterdam. Photo: MartinLueke / Shutterstock.com
Scorpio Tankers Inc. (NYSE: STNG) has announced the repurchased of its common shares in as part of its $250 million securities repurchase program announced in February.
The latest purchase comprises 1,269,864 common shares purchased in the open market at an average price of $54.30 per share.
The announcement comes as tanker stocks were pummeled Monday following OPEC+’s shock decision to cut oil production by about 1 million barrels per day. Scorpio Tankers’ stock fell by over 4% before regaining 2% in after-hours trading following the share repurchase announcement.
Since January 1, 2023, Scorpio Tankers has repurchased a total of 3,161,167 common shares in the open market for $164.0 million. As of today, Scorpio Tankers currently has 59,900,921 issued and outstanding shares and $181.0 million available under its current Securities Repurchase Program.
Scorpio Tankers has been busy repurchasing its shares since July. During the third quarter of 2022, the company repurchased an aggregate of 2,241,881 of its common shares at an average price of $37.87 per share, followed by 1,667,992 common shares purchased in the open market at an average price of $45.85 per share in the fourth quarter of 2022.
On February 15, 2023, Scorpio Tankers’ Board of Directors authorized a new Securities Repurchase Program, replacing the previous program that was authorized on October 31, 2022. The new Securities Repurchase Program covers Scorpio Tankers’ common shares and its Senior Unsecured Notes due 2025 (NYSE: SBBA).
Overall, Scorpio Tankers has been active in repurchasing its securities over the past 9 months, with a total of 7,071,040 common shares repurchased since July 2022.
Scorpio Tankers is provider of marine transportation of petroleum products worldwide, with 113 product tankers (39 LR2 tankers, 60 MR tankers and 14 Handymax tankers) either owned, lease finances or bareboat chartered-in with an average age of 7.2 years.
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