Monaco-based Scorpio Tankers has exercised purchase options on five ships and has repurchased its common shares in the open market.

Emanuele A. Lauro-led company is taking over ownership of more product tankers in a move that will see Scorpio Tankers further reduce its dept.

The New York-listed company has this time opted to buy five MRs slashing the debt for the company.

The company said it has given notice to exercise its purchase options on two 2020 built MR product tankers, the STI Mighty and STI Maestro, and three 2019 built MR product tankers, the STI Modest, STI Maverick and STI Millennia.

According to the related press release, the leases bear interest at LIBOR plus a margin of 3.50% per annum.

The purchases, which are expected to occur in July 2023, will result in a debt reduction of $119.4 million for the company.

Recently, Scorpio Tankers purchased 2,009,179 of its common shares in the open market at an average price of $47.03 per share, as part of the company’s securities repurchase program.

Scorpio Tankers currently owns, finance leases or bareboat charters-in 113 product tankers (39 LR2 tankers, 60 MR tankers and 14 Handymax tankers) with an average age of 7.3 years.