Scorpio Tankers: Latest Financial & Ship Delivery News

Scorpio Tankers Inc. says it has updated its stock buyback program; lists its latest new vessel deliveries, and gives the release date of its second quarter 2014 earnings report.

Stock Buyback Program
The company has purchased 6,327,861 of its common shares in the open market at an average price of $9.74 per share since July 1, 2014 under its $150 Million Stock Buyback Plan that was announced on June 30, 2014 and has $88.1 million remaining under the Plan.

During 2014, the Company has acquired 29.0 million of its common shares that are being held as treasury shares at an average price of $9.26 per share. 

The acquisitions include (i) 11,326,646 common shares that were purchased in the open market at an average price of $9.35 per share, (ii) 7,500,000 common shares at $8.94 per share that were acquired in exchange for 3,422,665 shares in Dorian and (iii) 10,127,600 common shares at $9.38 per share that were acquired in conjunction with the Company's offering of $360 million of Convertible Senior Notes due 2019.

As of July 22, 2014, the Company has 172,206,301 common shares issued and outstanding.

New vessel deliveries

• Scorpio Tankers has recently taken delivery of four product tankers as follows:
• STI Powai, an MR product tanker, was delivered in July 2014 from Hyundai Mipo Dockyard of South Korea. Upon delivery the vessel began a time charter for up to 120 days at approximately $18,000 per day.
• STI Aqua, an MR product tanker, was delivered in July 2014 from SPP Shipyard of South Korea . Upon delivery the vessel began a time charter for up to 120 days at approximately $18,000 per day.
• STI Pimlico, a Handymax Ice Class 1A product tanker, was delivered from HMD in July 2014. Upon delivery, this vessel began a time charter for up to 120 days at approximately $15,000 per day.
• STI Elysees, an LR2 product tanker, was delivered from Hyundai Samho Heavy Industries in July 2014.
  

Q2 2014 earnings release date
The company says it will announce its second quarter 2014 earnings before the open of trading on the NYSE on Monday, July 28, 2014.