New York-listed Scorpio Tankers Inc. authorized a new securities buyback program to purchase up to an aggregate of USD 250 million of the company’s common stock and bonds.
The program includes convertible senior notes due 2019, unsecured senior notes due 2020 and unsecured senior notes due 2017, which were issued in October 2014.
This program replaces the company’s stock buyback program that was previously announced in July 2014 and was terminated in conjunction with this new repurchase program.
Scorpio also said that it took delivery of an MR product tanker, STI Notting Hill, from Hyundai Mipo Dockyard of South Korea in May 2015. Upon delivery, this vessel began a time charter for up to 120 days at approximately USD 18,000 per day.
The shipping company added that it would not exercise the options to purchase two LR2s currently under construction (with deliveries expected in the fourth quarter of 2016 and first quarter of 2017) from Scorpio Bulkers Inc.