New York-listed Scorpio Tankers is putting its money where its mouth is with a $50m buyback of shares that are trading below the company’s net asset value.
Scorpio had tipped stock repurchases as its top priority in its capital-allocation strategy in a 20 March interview with TradeWinds, then restated the tack in reporting first-quarter earnings.
The buybacks follow on $490m worth of repurchases in 2023, but they are the first since last autumn, as Scorpio has been working to reduce net debt to the approximate scrap value of the fleet at $810m.
