STNG - Scorpio Tankers exercises purchase options for six ships

2023-04-11 14:27:35 ET

Scorpio Tankers ( NYSE: STNG ) +2.2% in Tuesday's trading after saying it exercised purchase options on six ships , with the purchases expected to occur in June and reduce the company's debt by $147.3M.

Scorpio ( STNG ) said the purchase options apply to the STI Lobelia 2019-built LR2 product tanker and five 2019-built MR product tankers: STI Magic , STI Mystery , STI Marvel , STI Mythic and STI Magister .

The company also said it bought 396.7K common shares in the open market at an average price of $54.41/share as part of its stock buyback program.

Scorpio Tankers' ( STNG ) net debt-to-equity and net debt-to-EBITDA ratios dropped sharply in 2022 to 0.62x and 1.56x, respectively, SM Investor writes in an analysis newly posted on Seeking Alpha .

For further details see: