Scorpio Tankers buys $13.7m in own shares

Buyback programme announced in December has nearly $165m to go, tanker owner says.

Scorpio Tankers snapshot

Scorpio Tankers is one of two US-listed shipowning companies launched by the Lolli-Ghetti family's Scorpio Group.

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Scorpio Tankers has spent $13.7m on its own shares as part of a buyback programme announced four weeks ago.

The New York-listed products tanker owner said it paid an average price of $5.96 for nearly 2.23 million shares.

That leaves nearly $165m to go in the $250m repurchase effort, although Scorpio said it is not obligated to spend the full amount.

The price paid suggests that the Emanuele Lauro-led company purchased many of the shares in recent days, as the New York-listed shares hovered around a 52-week low.

The purchases take 1.3% of Scorpio’s shares off the market, leaving it with 173 million shares outstanding.

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