Scorpio Tankers Inc. (NYSE:STNG) posted a gain of 5.15%, during the December 8 trading session, on a trade volume of 4.18 million, as it continues to fluctuate in the market. The stock has been observing the fluctuating trend, for over the last 1-month, following the filing of the company’s financial results for the 3Q2016 and the death of one of its directors. STNG is currently trading at $4.39 per share, as compared to $3.97 per share, when it filed the financial report.
In its most recent announcement, the company revealed that Scorpio Services Holding Limited, its related party affiliate, has bought a total of 300,000 shares of STNG’s common stock, from the open market; the shares were bought at an average price of $4.45. It should be noted here that Scorpio Tankers had earlier announced that it would issue a quarterly dividend,of $0.125 per share, on December 22, 2016, to shareholders, as of record November 25, 2016. The number of STNG shares outstanding, as of November 11, 2016, were just under 174.63 million.
During the previous month, Scorpio Tankers also dealt with the passing of one of its directors, Donald C. Trauscht. Apart from being an independent member of the board, Mr. Trauscht was also a part of the audit committee. Emanuele Lauro, the CEO of STNG, commented that Mr. Tauscht has been an invaluable member of the board, since 2010 and also expressed the company’s gratitude for his services. He further claimed that the directors extensive experience, as well as his judgment, would be missed by the company and its employees. Mr. Tauscht’s replacement has not been announced as yet.
Prior to this, Scorpio Tankers recorded an adjusted net loss of $18.3 million, for the 3Q2016, as compared to a net income of $88.1 million, on a year-over-year basis. The company also revealed that it has a cash position of $119.4 million, with a debt of $1.976 billion. Despite the financial position of Scorpio tankers, the company is moving ahead with its Newbuilding Program, which is expected to provide the company with ten new vessels.