Scorpio Tankers repurchases 2.4 million shares since July 2024

Scorpio Tankers Inc. has announced significant share repurchases since July 30, 2024, totaling 2,415,321 common shares at an average price of $72.45 each. This action is part of the company's ongoing 2023 Securities Repurchase Program, which has seen a total of 3,813,287 shares repurchased since April 1, 2024, at an average price of $74.54 per share. As of September 6, 2024, the company has 50,760,778 shares outstanding and retains $225 million of the $400 million authorized for repurchase. The company currently operates a fleet of 102 product tankers, which includes various types such as LR2, MR, and Handymax tankers, with an average age of 8.4 years. Additionally, Scorpio Tankers has entered agreements to sell two MR tankers, expected to finalize in the fourth quarter of 2024. This strategic move reflects the company's efforts to optimize its capital structure and enhance shareholder value. The repurchase program is a response to market conditions and aims to provide a return to shareholders while managing the company's equity. The company’s management believes that repurchasing shares at current prices is a prudent use of capital, given the company's financial position and market outlook. Scorpio Tankers continues to navigate challenges in the shipping industry, including fluctuating charter rates and operational costs. The company remains focused on its growth strategy and maintaining a strong balance sheet, which is crucial for future investments and operational stability.