Scorpio Tankers says it has taken delivery of a new MR tankship, has authorized stock buyback, and declares a quarterly dividend. Details as follows:
After delivery, the new tankship vessel began a one year time charter at a rate level consistent with current one year time charter contracts, which includes a profit sharing mechanism whereby earnings in excess of the base time charter rate will be split between the Company and charterer.
Stock Buyback Authorization
On April 28, 2014, the Board of Directors of the Company authorized a share buyback program of $100.0 million of its common stock. The Company expects to repurchase these shares in the open market, at times and prices that are considered to be appropriate by the Company, but is not obligated under the terms of the program to repurchase any shares.
Declaration of the Quarterly Dividend
On April 28, 2014, the Board of Directors of the Company declared a quarterly cash dividend of $0.09 per share, payable on June 12, 2014 to all shareholders as of May 27, 2014 (the record date).
About the Company
Scorpio Tankers Inc. is a provider of marine transportation of petroleum products worldwide. Scorpio Tankers Inc. currently owns 20 tankers (two LR1 tankers, one Handymax tanker, 16 MR tankers, and one post-Panamax tanker) with an average age of 2.8 years, time charters-in 28 product tankers (eight LR2, six LR1, six MR and eight Handymax tankers), and has contracted for 54 newbuilding product tankers (28 MR, 12 LR2, and 14 Handymax ice class-1A product tankers).