New User:

-or-
Username:
Password:
Forgot your password?

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.
News For STNG From The Last 14 Days
Sign up for a free trial to see the rest of the stories you've been missing.
August 24, 2015
05:21 EDTSTNGScorpio Tankers reports update on newbuilding program, delivery of tanker
Scorpio Tankers has amended its agreement with Hyundai Mipo Dockyard Co. Ltd. of South Korea, or HMD, to construct MR and Handymax product tankers. The company has contracted for four MR product tankers to be built at HMD for approximately $34.5M and has options to construct up to 10 more MR product tankers with fixed delivery dates and at fixed prices. The four vessels are scheduled for delivery in Q1 and Q2 of 2017. Previously, the company had ordered two MR product tankers for approximately $34.5M and two Handymax product tankers for $32.5M and had options to construct up to six more MR product tankers and six more Handymax product tankers with delivery. The company recently took delivery of an MR product tanker that was built in 2014 at SPP Shipbuilding Co., Ltd. of South Korea, STI Memphis. Upon delivery, this vessel began operating in the Scorpio MR Pool.

Sign up for a free trial to see the rest of the stories you've been missing.
I agree to the theflyonthewall.com disclaimer & terms of use