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Scorpio Tankers announces $150m buyback plan, bags $60m in bonus notes

Scorpio Tankers announces $150m buyback plan, bags $60m in bonus notes
Scorpio tankers has started a programme to buy back a further $150m of its common stock.

The latest buyback push replaces a $100m programme which began at the end of April, and had acquired almost 5m shares worth around $45m.

Last week's $300m offering of convertible senior notes had buyers exercise the full extent of attached options, bringing the total to $360m in notes due in 2019. Scorpio stated that proceeds will be used for corporate purposes including its share buyback scheme.

The company also announced it had taken delivery of Handymax Ice class product tanker STI Brixton from Hyundai Mipo Dockyard and MR product tankers STI Venere and STI Virtus from Hyundai Mipo Dockyard and SPP Shipyard. All three vessels began 120 day charters on delivery.

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