Scorpio Tankers Update Finance & Newbuilding News

By George Backwell
Tuesday, July 01, 2014
Scorpio tankship: Photo courtesy of the owners

Scorpio Tankers inform of a new $150 million stock buyback program; initial purchasers' exercise of their option to purchase additional $60 million in convertible senior notes due 2019, and newbuilding vessel deliveries. Main points follow:

New $150 Million Stock Buyback Program
On June 27, 2014, the Board of Directors approved a new stock buyback program with authorization to purchase up to $150 million of shares of the Company's common stock. This program replaces the Company's stock buyback program that was previously announced in April 2014, which is being terminated effective immediately. 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.

The Company says it has 178,534,162 shares outstanding as of June 30, 2014.

Full Exercise of the Option to Purchase an Additional $60 million in Convertible Senior Notes due 2019
The initial purchasers in the Company's previously announced offering of $300 million of the Notes fully exercised their option to purchase an additional $60 million in the Notes for an aggregate of $360 million in the Notes. The Company intends to use the net proceeds of the offering of the Notes for general corporate purposes including additional potential repurchases of its common stock.

Newbuilding Vessel Deliveries
The Company also announced that it has recently taken delivery of three product tankers under its Newbuilding Program.
 

  • STI Brixton, a Handymax Ice Class 1A product tanker was delivered from Hyundai Mipo Dockyard of South Korea on June 27, 2014. Upon delivery, this vessel began a time charter for up to 120 days at approximately $15,000 per day.

  • STI Venere and STI Virtus, MR product tankers, were delivered on June 30, 2014 from Hyundai Mipo Dockyard of South Korea and SPP Shipyard of South Korea, respectively. Upon delivery, these vessels began time charters for up to 120 days at approximately $18,000 per day.



The Company has also made the anticipated drawdowns from its 2013 Credit Facility, KEXIM Credit Facility, and K-Sure Credit Facility to fund the above mentioned and previously announced vessel deliveries that occurred during the second quarter of 2014.

www.scorpiotankers.com

Maritime Reporter August 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

MNZ Inspectors Board Fishing Vessels Off South Island

A joint operation by Maritime New Zealand (MNZ) and the New Zealand Defence Force – Operation Moana – has seen 16 fishing vessels operating off the west coast of

Australian Navy Delivers Solomon Island Supplies

Two Royal Australian Navy landing craft have delivered vital supplies to remote communities in Solomon Islands as part of Australia’s commitment to provide support to the region.

Seacure Higher Flow-Rate BWTS Certified by BSH

Evoqua inform that the Federal Maritime and Hydrographic Agency of Germany (Bundesamt für Seeschifffahrt und Hydrographie- BSH), which previously granted the Evoqua

Shipbuilding

Aiming to Make Less Fuel Go Further: Maersk Drilling

Maersk Drilling says it is engaged in an energy efficiency project for its newbuilds together with Maersk Maritime Technology. The project involves an Energy Management System (MSPS),

Two Prestigious Awards for Fincantieri

In the presence of the Minister for Education, University, and Research Stefania Giannini, at the Auditorium at Villa Farnesina in Rome, Fincantieri, represented by its Chairman Vincenzo Petrone,

Upcoming Expo 'Offshore Marintec Russia'

ExpoForum Convention and Exhibition Centre in St. Petersburg, October 7-10  will host the International Specialised Offshore Exhibition and Conference 'Offshore

Tanker Trends

For Europe's LNG Ports, Russia Gas Fears and US Exporters Buoy Demand

Gas buyers nervous of Russia cutting supply are helping solve Europe's problem of too many underused liquefied natural gas (LNG) terminals, as they seek space at France's Dunkirk plant.

Buckeye Pipeline Quietly Makes Key Acquisition

Houston-based logistic firm Buckeye Partners has spent more than $3.5 billion buying assets since 2010, transforming itself from a quiet regional pipeline utility into an emerging energy powerhouse.

Scorpio Tankers Receive 7 More Newbuildings

Scorpio Tankers Inc. say it has recently taken delivery of seven newbuilding vessels as follows: STI Madison and STI Park, LR2 product tankers, were delivered

Finance

Aiming to Make Less Fuel Go Further: Maersk Drilling

Maersk Drilling says it is engaged in an energy efficiency project for its newbuilds together with Maersk Maritime Technology. The project involves an Energy Management System (MSPS),

Sound Oil Announce 2014 Interim Results

Sound Oil, the European / Mediterranean focused upstream oil and gas company, announced its unaudited interim results for the six months ended 30 June 2014.   Highlights   *

Tax Relief for Indian Seafarers

Indian seafarers serving on Indian flagged vessel are forced to pay income tax if their vessel touches two Indian ports during a voyage whereas Indians serving

 
 
Maritime Careers / Shipboard Positions Maritime Security Naval Architecture Offshore Oil Pipelines Port Authority Salvage Ship Electronics Shipbuilding / Vessel Construction Winch
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1804 sec (6 req/sec)