Scorpio Tankers(US:STNG) Newsfilter·2024-06-17 10:45Core Viewpoint - Scorpio Tankers Inc. has provided updates on its securities repurchase program and reported daily Time Charter Equivalent (TCE) revenues for the second quarter of 2024, indicating a proactive approach to capital management and operational performance [1][7]. Securities Repurchase Program - The company repurchased 641,654 common shares at an average price of $78.26 per share under the 2023 Securities Repurchase Program [1]. - As of June 14, 2024, there is $199.8 million remaining under the 2023 Securities Repurchase Program [1]. Second Quarter 2024 TCE Revenues - The estimated average daily TCE revenue for different vessel classes in the second quarter of 2024 is as follows: - LR2 tankers: $55,000 with 2,575 expected revenue days, representing 81% of total days [10]. - MR tankers: $37,000 with 4,380 expected revenue days, representing 88% of total days [10]. - Handymax tankers: $28,000 with 1,225 expected revenue days, representing 80% of total days [10]. - The TCE revenue is a key performance measure used to compare period-to-period changes in the company's performance [8]. Company Overview - Scorpio Tankers Inc. is engaged in the marine transportation of petroleum products globally, owning or leasing 108 product tankers with an average age of 8.3 years [3]. - The company has agreements to sell six MR tankers, expected to close in the third quarter of 2024 [3].