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Scorpio Tankers Inc. - STNG STOCK NEWS

Welcome to our dedicated page for Scorpio Tankers news (Ticker: STNG), a resource for investors and traders seeking the latest updates and insights on Scorpio Tankers stock.

Scorpio Tankers Inc. (NYSE: STNG) is a leading international provider of marine transportation services for refined petroleum products. With a diverse fleet of 110 product tankers, the company operates 39 LR2, 57 MR, and 14 Handymax tankers. This fleet is recognized as the largest, newest, and most eco-friendly on the water, dedicated to hauling clean petroleum products globally.

Headquartered in Monaco, Scorpio Tankers Inc. focuses on chartering its vessels to various oil majors, national oil companies, and trading and transportation companies. The majority of its revenue is generated from its MR vessels, which are highly efficient in transporting refined petroleum products.

In recent news, Scorpio Tankers Inc. has signed a non-binding Memorandum of Understanding with Fowe Eco Solutions Ltd. to install fuel emulsion systems across its entire fleet. This initiative is aimed at reducing fuel costs by at least 3% and cutting down 100,000 tons of carbon emissions annually, marking a significant step towards sustainability.

Scorpio Tankers' commitment to innovation and environmental responsibility is evident through its ongoing projects and partnerships. The company is well-positioned to benefit from the global demand for clean and efficient transportation solutions.

For investor relations or more information, you can contact James Doyle, Head of Corporate Development & Investor Relations at +1 646-432-1678 or via email at investor.relations@scorpiotankers.com.

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Scorpio Tankers Inc. (NYSE:STNG) has announced its plans to release its second quarter 2024 earnings on Tuesday, July 30, 2024. The company will issue a press release in the morning (Eastern Daylight Time) and host a conference call at 9:00 AM EDT and 3:00 PM CEST.

Investors and interested parties can access the conference call through the company's website or via telephone. The webcast link will be available at www.scorpiotankers.com, and participants are advised to register about 10 minutes before the start. For those joining by phone, the US/Canada dial-in number is 1-833-636-1321, while the international number is 1-412-902-4260.

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Scorpio Tankers Inc. (NYSE:STNG) has provided an update on its 2023 Securities Repurchase Program. The company recently repurchased 756,312 common shares in the open market at an average price of $78.07 per share. Since June 1, 2024, Scorpio Tankers has repurchased a total of 1,397,966 common shares at an average price of $78.16 per share. As of July 12, 2024, there is $140.7 million remaining available under the repurchase program.

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Scorpio Tankers (NYSE: STNG) announced updates regarding its securities repurchase program and Q2 2024 daily TCE revenues. The company repurchased 641,654 common shares at an average of $78.26 per share, leaving $199.8 million available under the 2023 Securities Repurchase Program as of June 14, 2024.

For Q2 2024, Scorpio Tankers provided estimates of average daily TCE revenues and revenue days for its vessels. Key metrics include:

  • LR2 vessels: $55,000 TCE revenue per day over 2,575 revenue days (81% of days).
  • MR vessels: $37,000 TCE revenue per day over 4,380 revenue days (88% of days).
  • Handymax vessels: $28,000 TCE revenue per day over 1,225 revenue days (80% of days).

This data helps investors assess the company's performance and revenue potential irrespective of changes in charter types.

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Scorpio Tankers (NYSE:STNG) has announced agreements to sell five MR product tankers. These include four vessels built in 2012, STI Garnet, STI Onyx, STI Ruby, and STI Topaz, which will be sold for a total of $142.5 million to three separate buyers. Additionally, a 2013-built vessel, STI Beryl, will be sold for $36.6 million. The company will not make any debt repayments as these vessels are unencumbered. All sales are expected to close by Q3 2024. Following these transactions, Scorpio Tankers' fleet will exclusively consist of vessels built in 2014 or later.

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Scorpio Tankers (NYSE: STNG) announced the approval for a $223.6 million prepayment under its 2023 $1.0 Billion Credit Facility. This prepayment will be applied to the term loan's eight quarterly principal installments from Q3 2024 to Q2 2026. The prepayment is expected to reduce the company’s cash break-even rates by approximately $3,500 per day in the first year following the prepayment. The revolving portion of the credit facility remains at $288.2 million. After this prepayment, the future principal repayments on Scorpio Tankers' outstanding debt are structured over various quarters until 2026, amounting to a total of $1.401 billion.

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Scorpio Tankers Inc. announced its financial results for Q1 2024, reporting a net income of $214.2 million and declaring a cash dividend of $0.40 per share. The company's board of directors aims to increase shareholder returns through debt reduction. Recent vessel sales and debt repayments showcase the company's focus on deleveraging and financial stability.

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Scorpio Tankers Inc. plans to release its first quarter 2024 earnings on May 9, 2024, and host a conference call to discuss the results.
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Scorpio Tankers Inc. announced the filing of its Annual Report on Form 20-F for the year ended December 31, 2023. Shareholders can access the report on the Company's website or request a hard copy for free. The report includes the Company's complete 2023 audited financial statements.
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Scorpio Tankers Inc. announced the sale of two 2013 built MR product tankers for $36.15 million each, with no debt repayments. The vessels are unencumbered, and the sales are set to close in the first half of 2024.
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Scorpio Tankers Inc. (STNG) has signed a non-binding Memorandum of Understanding with Fowe Eco Solutions Ltd. to install fuel emulsion systems across its fleet. The agreement is expected to reduce fuel costs by at least 3% and carbon emissions by 100,000 tons annually, with no upfront costs. The FOWE system has shown potential fuel savings of up to 6.3% for boilers and 8.7% for marine four-stroke engines, offering financial and environmental benefits.
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FAQ

What does Scorpio Tankers Inc. do?

Scorpio Tankers Inc. provides marine transportation services for refined petroleum products through its fleet of 110 tankers.

How does Scorpio Tankers generate revenue?

The majority of Scorpio Tankers' revenue comes from chartering its MR vessels to oil majors, national oil companies, and trading companies.

How many tankers does Scorpio Tankers Inc. operate?

Scorpio Tankers Inc. operates a fleet of 110 tankers, including 39 LR2, 57 MR, and 14 Handymax tankers.

What recent sustainability initiative has Scorpio Tankers undertaken?

Scorpio Tankers has signed a Memorandum of Understanding to install Fowe Eco Solutions' fuel emulsion systems across its fleet, aiming to reduce fuel costs and carbon emissions.

Who can I contact for investor relations at Scorpio Tankers Inc.?

For investor relations, you can contact James Doyle, Head of Corporate Development & Investor Relations, at +1 646-432-1678 or email investor.relations@scorpiotankers.com.

Where is Scorpio Tankers Inc. headquartered?

Scorpio Tankers Inc. is headquartered in Monaco.

What are MR vessels?

MR vessels, or Medium Range vessels, are tankers designed to transport refined petroleum products efficiently over medium distances.

What types of tankers are in Scorpio Tankers' fleet?

Scorpio Tankers' fleet includes LR2, MR, and Handymax tankers.

How does Scorpio Tankers contribute to environmental sustainability?

Scorpio Tankers contributes to sustainability by investing in eco-friendly technologies like fuel emulsion systems to reduce fuel consumption and carbon emissions.

How can I get more information about Scorpio Tankers Inc.?

You can visit the company's website or contact Investor Relations at investor.relations@scorpiotankers.com for more information.

Scorpio Tankers Inc.

NYSE:STNG

STNG Rankings

STNG Stock Data

4.06B
54.58M
13.19%
69.79%
2.91%
Deep Sea Freight Transportation
Transportation and Warehousing
Link
United States of America
9 Boulevard Charles Iii