NYSE-listed dry bulk shipping company Scorpio Bulkers has received a nod from its Board of Directors to repurchase up to USD 50 million of its common stock.
The shares would be repurchased in open market or through privately negotiated transactions.
“The specific timing and amounts of the repurchases, will be in the sole discretion of management and may vary based on market conditions and other factors,” Scorpio Bulkers said, adding that it is not obligated under the terms of the program to repurchase any of its common stock.
The share repurchase authorization has no expiration date.
Scorpio Bulkers owns 46 vessels, consisting of 18 Kamsarmax and 26 Ultramax ships. The owned fleet will have a total carrying capacity of around 3.2 million deadweight tonnes.