Stock Photo: Anatoly Menzhiliy / Shutterstock
A number of notable US-listed tanker companies have announced significant share repurchase programs this week, signaling confidence in the sector despite recent market volatility.
International Seaways, Inc. (NYSE: INSW) on Tuesday announced it has repurchased 501,646 shares at an average price of $49.81 per share, totaling approximately $25 million. The company still has $25 million available under its current repurchase program, which expires at the end of 2025.
“Seaways continues to deliver on its commitment to returning value to shareholders by utilizing our share repurchase program,” said Lois K. Zabrocky, International Seaways’ President and CEO.
On Monday, Teekay Corporation (NYSE:TK), a leading provider of crude oil transportation services, announced it has nearly completed its $25 million share repurchase program, buying back 3.25 million common shares at an average price of $7.49 per share. Since August 2022, Teekay has repurchased 14.7% of its outstanding common shares. The company has also authorized a new $40 million share repurchase program.
Also on Monday, Scorpio Tankers Inc. (NYSE:STNG) reported repurchasing 2,415,321 common shares at an average price of $72.45 per share since July 30, 2024. The company has $225.0 million remaining in its $400 million repurchase program.
These repurchase programs come as the tanker sector has suffered through a “summer slump,” with shares of several listed companies down 15-20% over the last three months. However, some industry players, like Frontline plc (NYSE: FRO), anticipate seasonal strength in the upcoming months.
Over the past two and a half years, the tanker market has garnered significant attention from investors as freight rates have benefitted since the start of Russia’s war in Ukraine. The sector’s performance has been further boosted by the ongoing situation in the Red Sea.
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