Scorpio Tankers Inc. (NYSE: STNG) (the “Company”) announced today that it has entered into time charter-out agreements for two ice class 1A Handymax product tankers and an update on its Securities Repurchase Program.
Time Charter-Out Agreements
The Company has entered into time charter-out agreements with an unrelated third party on two ice class 1A Handymax product tankers.
The term of each agreement is for three years at $18,000 per day, with each charter scheduled to commence by the end of January 2016.
$250 Million Securities Repurchase Program
Since the Company’s previous announcement on November 4, 2015, the Company has purchased 2,696,365 of its common shares in the open market at an average price of $8.38 per share. As of December 22, 2015, there were 175,335,400 shares outstanding.
The Company has $178.3 million remaining under its Securities Repurchase Program as of the date of this press release. The acquired common shares are being held as treasury shares. The Company expects to repurchase any securities 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 securities.