The New York-listed tanker owner said the vote puts in place an effort to spend $150m to take more shares off the market.

The Emanuele Lauro and Robert Bugbee-led company, whose shares stood inched up by 0.5% to $9.71 today, has spent $105m to buy back its own shares so far this year.

Canaccord Genuity analyst Noah Parquette said the new buyback programme will likely be carried out within the third quarter of this year.

“Scorpio