The bullish president of Scorpio Tankers is back in buy mode, swooping on nearly $5m in company stock.

Robert Bugbee has purchased 150,000 common shares at $33.68 each for a total outlay of $5.05m, according to a statement on Tuesday from the New York-listed tanker owner. The exact timing of the buy is not indicated.

Meanwhile, a Scorpio insiders group that is majority-owned by the family of Scorpio chief executive Emanuele Lauro also has come in for 150,000 shares, but at a slightly higher price.