Scorpio Tankers Inc. Delivery of MR Newbuilding

By MarEx 2014-05-01 15:27:00

Scorpio Tankers Inc, ("Scorpio Tankers," or the "Company") announced today that it has taken delivery of an MR tanker, STI Meraux, from SPP Shipbuilding Co. Ltd. of South Korea. After delivery, this 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).

The products and services herein described in this press release are not endorsed by The Maritime Executive.