Scorpio Tankers reports $84 million cash, $1.3 billion debt to date

By Lisa Kerner

Charlotte, N.C., Oct. 27 – Scorpio Tankers Inc. had $84 million cash, $724 million of availability under its credit facilities and debt of $1.3 billion as of Tuesday, according to its third-quarter earnings news release.

During the quarter, Scorpio made $451.2 million of installment payments on its newbuilding vessels. The estimated payments for the fourth quarter total $353.4 million.

The company had an adjusted net loss of $1.2 million, or $0.01 basic and diluted loss per share.

Adjusted net income was $0.6 million, or $0.00 basic and diluted earnings per share, the release stated.

In July, Scorpio’s board approved a new stock buyback program with authorization to purchase up to $150 million of the company’s common stock. The program replaces previous programs announced in July 2010, April 2014 and June 2014, which have been terminated.

Since July 28, the company has purchased $67.5 million of shares in the open market at an average price of $8.64 per share during 2014. There is $82.5 million remaining under Scorpio’s stock buyback program to date.

Scorpio is a Monaco-based oil tanker business.

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