Scorpio Tankers announced that it has exercised the purchase options on six ships and that it has repurchased its common shares in the open market.
The Exercise of Purchase Options
The Company has given notice to exercise its purchase options on one 2019 built LR2 product tanker (STI Lobelia) and five 2019 built MR product tankers (STI Magic, STI Mystery, STI Marvel, STI Mythic, and STI Magister). The leases bear interest at LIBOR plus a margin of 3.50% per annum. The purchases, which are expected to occur in June 2023, will result in a debt reduction of $147.3 million for the Company.
Repurchase of Common Shares
Recently, the Company purchased 396,706 of its common shares in the open market at an average price of $54.41 per share as part of the Company’s securities repurchase program.