Scorpio Tankers’ President Buys Another 2K Call Option Contracts

Scorpio TankersIllustration. Image Courtesy: Pixabay under CC0 Creative Commons license

Monaco-based tanker owner and operator Scorpio Tankers said that its President, Robert Bugbee, has bought call options on 200,000 common shares of the company.

As informed, 2,000 call option contracts were purchased for USD 450,000, with a USD 32 strike price and a January 2020 expiration.

This is a third round of calls bought by Bugbee in the past few months, following the ones in October and September.

Earlier this month, Scorpio Tankers said in its Q3 2019 report that the company narrowed its net loss year over year. For the three-month period ended September 30, 2019, the company reported a net loss of USD 45.3 million, compared to a net loss of USD 71.7 million seen in the same quarter a year earlier. The loss-narrowing trend was supported by higher revenues.

Vessel revenues for the third quarter of 2019 increased to USD 136 million from USD 119.3 million reported a year earlier.

Scorpio Tankers currently owns or finance leases 124 product tankers with an average age of 3.9 years and bareboat charters-in 10 product tankers. In addition, the company will bareboat charter-in four MR tankers that are currently under construction and are scheduled to be delivered in 2020.

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