Scorpio Tankers Exercises Purchase Options on Six Ships

Scorpio Tankers announced Tuesday it has exercised purchase options on six ships and that it has repurchased its common shares in the open market.

The company said it has given notice to exercise its purchase options on the 2019-built LR2 product tanker STI Lobelia as well as the 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.

In addition, Scorpio Tankers said it recently 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.