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Scorpio Tankers fixed three ships on time charter and secured $ 101 million

For three MR and LR2 tankers, rentals with daily installments ranging from 27 to 38 thousand dollars were closed

The Monegasque shipping company Scorpio Tankers led by Emanuele Lauro and listed in New York has announced that it has just signed three three-year time charter contracts relating to two of its unspecified Long Range 2 ships and a Medium Range.Shipping Italy reported

For one of the latter, the daily payment is $ 32,750 for a total of € 35.9 million in revenue expected from an oil major in the three-year period starting in November; the other earned 35,000 dollars in freight from a primary refinery starting from December for a total of 38.3 million dollars in 36 months.

A refinery is also the charterer of the Medium Range tanker which from November will operate under a time charter worth $ 25,000 per day for a total of $ 27.4 million over three years.

Scorpio Tankers Inc. (STNG) Is Bullish on the Tanker Market, But Is it Right? - Insider Monkey

In total, these three time charters ensure the coffers of Scorpio Tankers 101.6 million dollars and could be interpreted as a choice by Emanuele Lauro to want to capture and monetize, for a long period, an average high market return compared to the past.

On the other hand Scorpio Tankers Announces Repurchases of Its Common Shares where over the last few days, the Company purchased 379,845 of its common shares in the open market at an average price of $39.77 per share as part of the Company’s securities repurchase program.

Scorpio Tankers Inc. is a provider of marine transportation of petroleum products worldwide. Scorpio Tankers Inc. currently owns, lease finances or bareboat charters-in 113 product tankers (39 LR2 tankers, 60 MR tankers and 14 Handymax tankers) with an average age of 6.7 years.

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