MONACO, Sept. 21, 2022 (GLOBE NEWSWIRE) — Scorpio Tankers Inc. (NYSE:STNG) (“Scorpio Tankers,” or the “Firm”) introduced right now that it has bought its widespread shares within the open market and exercised a purchase order choice for an LR2 product tanker that’s at present leased.
Buy of Widespread Shares
The Firm bought 137,459 of its widespread shares within the open market at a median value of $43.27 per share as a part of the Firm’s securities repurchase program.
The Firm has $169.1 million remaining underneath its securities repurchase program as of the date of this press launch. The acquired widespread shares are being held as treasury shares. The Firm expects to repurchase any securities within the open market, at instances and costs which might be thought of to be acceptable by the Firm, however is just not obligated underneath the phrases of this system to repurchase any securities.
The Train of Buy Possibility
The Firm has given discover to train its buy choice on an LR2 product tanker (STI Sanctity). This vessel was acquired as a part of the acquisition of Navig8 Product Tankers Inc. in 2017. The lease bears curiosity at LIBOR plus a margin of 5.40% each year. The acquisition, which is predicted to happen today techs within the first quarter of 2023, is predicted to end in a debt discount of $27.8 million for the Firm.
About Scorpio Tankers Inc.
Scorpio Tankers Inc. is a supplier of marine transportation of petroleum merchandise today techs worldwide. Scorpio Tankers Inc. at present owns, lease funds or bareboat charters-in 113 product tankers (39 LR2 tankers, 60 MR tankers and 14 Handymax tankers) with a median age of 6.7 years. Extra details about the Firm is offered on the Firm’s web site www.scorpiotankers.com, which isn’t part of this press launch.
Issues mentioned on this press launch might represent ahead‐trying statements. The Non-public Securities Litigation Reform Act of 1995 supplies secure harbor protections for ahead‐trying statements with a view to encourage corporations to offer potential details about their enterprise. Ahead‐trying statements embrace statements regarding plans, targets, objectives, methods, future occasions or today techs efficiency, and underlying assumptions and different statements, that are aside from statements of historic information. The Firm wishes to reap the benefits of the secure harbor provisions of the Non-public Securities Litigation Reform Act of 1995 and is together with this cautionary assertion in reference to this secure harbor laws. The phrases “consider,” “anticipate,” “anticipate,” “estimate,” “intend,” “plan,” “goal,” “challenge,” “doubtless,” “might,” “will,” “would,” “might” and related expressions determine ahead‐trying statements.
The ahead‐trying statements on this press launch are based mostly upon numerous assumptions, lots of that are based mostly, in flip, upon additional assumptions, together with with out limitation, administration’s examination of historic working traits, knowledge contained within the Firm’s information and different knowledge obtainable from third events. Though administration believes that these assumptions had been affordable when made, as a result of these assumptions are inherently topic to important uncertainties and contingencies that are tough or inconceivable to foretell and are past the Firm’s management, there may be no assurance that the Firm will obtain or accomplish these expectations, beliefs or projections. The Firm undertakes no obligation, and particularly declines any obligation, besides as required by regulation, to publicly replace or revise any ahead‐trying statements, whether or not on account of new info, future occasions or in any other case. Along with these essential components, different essential components that, within the Firm’s view, might trigger precise outcomes to vary materially from these mentioned within the ahead‐trying statements embrace unexpected liabilities, future capital expenditures, revenues, bills, earnings, synergies, financial efficiency, indebtedness, monetary situation, losses, future prospects, enterprise and administration methods for the administration, the size and severity of the continued novel coronavirus (COVID-19) outbreak, together with its impact on demand for petroleum merchandise and the transportation thereof, enlargement and progress of the Firm’s operations, dangers referring to the combination of property or operations of entities that it has or might sooner or later purchase and the likelihood that the anticipated synergies and different advantages of such acquisitions is probably not realized inside anticipated timeframes or in any respect, the failure of counterparties to completely carry out their contracts today techs with the Firm, the energy of world economies and currencies, common market situations, together with fluctuations in constitution charges and vessel values, adjustments in demand for tanker vessel capability, adjustments within the Firm’s working bills, together with bunker costs, drydocking and insurance coverage prices, the marketplace for the Firm’s vessels, availability of financing and refinancing, constitution counterparty efficiency, capacity to acquire financing and adjust to covenants in such financing preparations, adjustments in governmental guidelines and rules or actions taken by regulatory authorities, potential legal responsibility from pending or future litigation, common home and worldwide political situations, together with the battle in Ukraine, potential disruption of delivery routes resulting from accidents or political occasions, vessels breakdowns and situations of off‐hires, and different components. Please see the Firm’s filings with the SEC for a extra full dialogue of sure of those and different dangers and uncertainties.
Scorpio Tankers Inc.
James Doyle – Head of Company Growth & Investor Relations
Tel: today techs +1 646-432-1678
E mail: email@example.com