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Stock Market & Financial Investment News

News Breaks
May 30, 2014
09:30 EDTSTNGScorpio Tankers announces agreement to acquire 7.5M shares
Scorpio Tankers announced that it has entered into an agreement whereby the company will purchase from an existing shareholder 7.5M common shares of the company in exchange for the sale to said shareholder of 3.42M common shares the company currently owns in Dorian LPG in a privately negotiated transaction. As a result of the disposal of the 3.42M Dorian shares, the Company will recognize a gain of approximately $11M and its ownership in Dorian will be reduced to 9.4M shares. This transaction is subject to the execution of definitive agreements and satisfaction of customary closing conditions and is expected to close in June. In addition to the transaction announced today, the company has repurchased 2.76M of its common shares at an average price of $8.89 per share before commissions. As of today, the company has $75.3M remaining on its $100M stock buyback authorization, which was announced on April 28. The Company also announced that it has recently taken delivery of four product tankers under its Newbuilding Program.
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May 29, 2015
07:58 EDTSTNGScorpio Tankers announces securities repurchase program
Scorpio Tankers announced a new $250M Securities Buyback Program that it has recently taken delivery of an MR product tanker and that it will not exercise the options to purchase two LR2s currently under construction from Scorpio Bulkers Inc., a related party. The company recently took delivery of an MR product tanker, STI Notting Hill, from Hyundai Mipo Dockyard of South Korea in May 2015. Upon delivery, this vessel began a time charter for up to 120 days at approximately $18,000 per day.
May 18, 2015
10:01 EDTSTNGOn The Fly: Analyst Initiation Summary
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06:42 EDTSTNGScorpio Tankers initiated with a Neutral at JPMorgan
Target $11.

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