Scorpio Tankers announces update on securities repurchase program and delivery of two LR2 product tankers
Scorpio Tankers Inc. announced today an update on its Securities Repurchase Program and delivery of two LR2 product tankers.
So far during the month of August 2015, the Company has purchased 1,716,155 of its common shares in the open market at an average price of $10.48 per share.
Since the $250 Million Securities Repurchase Program was authorized by the Company's Board of Directors at the end of May 2015, the Company has acquired the following:
an aggregate of 1,986,504 of its common shares at an average price of $10.42 per share.
$1.5 million face value of its Convertible Senior Notes Due 2019 at an average price of $1,088.10 per $1,000 principal amount.
The Company has $227.6 million remaining under its securities buyback program as of the date of this press release. The acquired common shares are being held as treasury shares. The Company expects to repurchase any securities in the open market, at times and prices that are considered to be appropriate by the Company, but is not obligated under the terms of the program to repurchase any securities.
The Company took delivery of two LR2 product tankers in August 2015:
STI Lombard was delivered from Daehan Shipbuilding Co., Ltd. under the previously announced bareboat charter-in agreement for $10,000 per day. Upon delivery, this vessel began a voyage for 45 days at approximately $45,000 per day.
STI Kingsway was delivered from Sungdong Shipbuilding and Marine Engineering Co., Ltd. Upon delivery, this vessel began a voyage for 46 days at approximately $45,000 per day.
About Scorpio Tankers Inc.
Scorpio Tankers Inc. is a provider of marine transportation of petroleum products worldwide. Scorpio Tankers Inc. currently owns 77 tankers (17 LR2 tankers, 15 Handymax tankers, and 45 MR tankers) with an average age of 1.0 years and time charters-in 17 product tankers (four LR2, four LR1, four MR and five Handymax tankers). The Company has reached an agreement to acquire an MR product tanker in August 2015 and has contracted for 10 newbuilding product tankers (two Handymax, three MR and five LR2), two of which are expected to be delivered in the third quarter of 2015, four throughout 2016 and four throughout 2017.