Scorpio Tankers amends tanker order, repurchases more shares

Scorpio Tankers amends tanker order, repurchases more shares

Scorpio Tankers has upsized its vessel order with South Korea’s Hyundai Mipo shipyard to four MR product tankers with 10 options, superceding both of the two-option-six orders for MR tankers and handymax tankers agreed in July.

The vessels will cost Scorpio $34.5m each, the same price tag as previously.

The four firm vessels are scheduled for delivery in the first and second quarter of 2017, the company said.

Meanwhile, the NYSE-listed company has spent $17.6m in repurchasing another 1,850,000 of its common shares in the open market, at an average price of $9.49 per share.

Since the company announced the buy-back scheme in May, Scorpio Tankers has repurchased 3,836,504 of its shares, costing around $35.6m in total. These will be held as treasury shares, the company said.

Scorpio Tankers still has around $210m left to spend on the scheme.

 

Holly Birkett

Holly is Splash's Online Editor and correspondent for the UK and Mediterranean. She has been a maritime journalist since 2010, and has written for and edited several trade publications. She is currently studying for membership of the Institute of Chartered Shipbrokers. In 2013, Holly won the Seahorse Club's Social Media Journalist of the Year award. She is currently based in London.

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