Scorpio Bulkers said its board of directors authorised the repurchase of up to $50m of the common stock in open market or privately negotiated transactions.

It said the timing and amounts of the repurchases will be at its discretion. The Emanuele Lauro-led company has some 75 million shares outstanding.

Scorpio shares reacted positively to the news in after-hours trading, rising 2% to $7.