Scorpio bosses seize shares

Four senior executives at Scorpio Tankers have coughed up coin to grab 63,575 shares of their New York-listed shipping syndicate, according to a filing with the US Securities and Exchange Commission (SEC).

President, Robert Bugbee.

At a price of $10.57 a piece, the holding is worth nearly $672,000 in total.

Speaking at Jeffries' annual shipping and logistics conference in New York City, Scorpio president Robert Bugbee said that he and his brethren have been buying stock over the past few weeks because the units "represent a better value than any vessel acquisition opportunities they've seen lately".

While Bugbee bagged 19,000 shares between 19 August and 3 Septemeber, Scorpio chairman chief executive Emanuele Lauro led the pack in securing a 22,500-unit slice.

Chief operating officer Cameron Mackey and finance chief Brian Lee boosted their stakes by snagging 12,275 and 9,800 shares, respectively.

While Bugbee was busy working a crowd of investors at the Mandarin Hotel in Manhattan Wednesday, shares in Monaco and New York-based Scorpio Tankers jumped 0.76% to hit $10.59 in midday trading.

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