If you want to get Scorpio Tankers president Robert Bugbee going, ask whether his company should be handing out extraordinary or “special” dividends, or even high-payout regular ones.

He is not having it, at least as long as Scorpio continues to trade at a significant discount to its net asset value.

Bugbee and Scorpio chief executive Emanuele Lauro are fans of stock buybacks in that mode and have been quite clear in communicating that strategy to shareholders now that the owner has paid down its debt to below the scrap value of the fleet.