Scorpio Tankers Stock Price, News & Analysis

Scorpio Tankers (STNG) provided an update on estimated average daily Time Charter Equivalent (TCE) revenue for its vessels. For the quarter ending June 30, 2020, the estimated TCE revenue for LR2, LR1, MR, and Handymax are $47,000, $35,500, $21,700, and $17,500 respectively. For the following quarter, these figures drop significantly, with LR2 at $29,300 and LR1 at $28,700. This decline reflects a notable decrease in charter revenue, with only 26% of LR2 days booked for the upcoming quarter.

The company's fleet consists of 137 tankers, with a focus on petroleum products.

Scorpio Tankers (NYSE: STNG) has priced a public offering of $25 million in fixed rate senior unsecured notes due 2025, bearing interest at 7.00% per annum. The notes will mature on June 30, 2025, with redemption options starting June 30, 2022. Proceeds will be used for general corporate purposes and working capital. The offering is expected to close on May 29, 2020. The company also plans to list the notes on the NYSE under the symbol 'SBBA.'

Scorpio Tankers (NYSE: STNG) announced a public offering of fixed-rate senior unsecured notes due 2025, aiming to raise capital for general corporate purposes. The notes will be offered in minimum denominations of $25.00, with trading expected on the NYSE under the symbol SBBA within 30 days of issuance. Major underwriters for this offering include B. Riley FBR, Ladenburg Thalmann, and others. The offering is backed by a shelf registration statement effective with the SEC. This initiative aims to bolster liquidity amid market fluctuation.

Scorpio Tankers (NYSE: STNG) announced the closure of a $225 million credit facility with European financial institutions. This facility comprises a $150 million term loan and a $75 million revolving credit. Proceeds will refinance existing debt on nine vessels. The loan has a five-year maturity, with quarterly repayments and a balloon payment at maturity, and follows similar terms to current credit facilities. The company operates a fleet of 137 product tankers, averaging 4.6 years in age.

Scorpio Tankers reported that Scorpio Services Holding Limited purchased 100,000 common shares at an average price of $17.36 each. The total shares outstanding are 58,672,080, with the Scorpio Group owning 2,657,839 shares, representing 4.5%. The company operates a fleet of 137 product tankers globally, averaging 4.6 years in age, and holds a leasehold interest in an MR tanker under construction.

Scorpio Tankers Inc. (NYSE: STNG) reported a strong first-quarter 2020 performance with a net income of $46.6 million or $0.85 per share, up from $14.5 million or $0.30 per share in Q1 2019. The company's average daily Time Charter Equivalent (TCE) revenue rose to $22,644 from $18,570 year-over-year, driven by favorable supply-demand dynamics and an increase in operating vessels. A quarterly cash dividend of $0.10 per share was also declared. However, the ongoing impact of COVID-19 on oil demand poses uncertainties for future performance.

Scorpio Tankers (STNG) announces plans to release its first quarter 2020 earnings on May 6, 2020. The release will occur in the morning Eastern Daylight Time, followed by a conference call later that day. Scorpio Tankers, a leader in marine transportation of petroleum products, operates a fleet of 137 tankers with a weighted average age of 4.5 years. Upcoming earnings might shed light on the company's financial health amid fluctuating market conditions. Investors are encouraged to stay tuned for detailed performance metrics.