Scorpio Tankers timecharters two handys

Scorpio Tankers timecharters two handys

Scorpio Tankers has timechartered two of its handymax tankers to an unnamed charterer for three years each, and has repurchased over 2m of its shares over the past seven weeks.

The two undisclosed tankers will each be employed for three years at a daily rate of $18,000, beginning by the end of January 2016, Scorpio said. Both vessels have ice class 1A notation.

Meanwhile, the NYSE-listed company has purchased some 2,696,365 of its common shares in the open market since November 4. The units were acquired at an average price of $8.38 per share, Scorpio said, which makes the tranche worth around $22.6m in total.

Some 175,335,400 shares were outstanding as of December 22, the company said. At the time of writing, the stock is trading at $7.73 per share.

Scorpio set aside $250m in May with which to buy back its securities and, as of today, still has $178.3m left to spend in the scheme. The common shares acquired are being held as treasury shares.

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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