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 marine transportation company in the deep sea freight transportation industry, focused on moving petroleum products worldwide using a fleet of LR2, MR and Handymax product tankers. The news flow around Scorpio Tankers centers on fleet developments, chartering activity, financial performance and capital structure updates, all of which can influence how investors view the STNG stock.
Recent press releases filed on Form 6-K highlight vessel sale and purchase agreements, including the sale of scrubber-fitted MR and LR2 product tankers and the acquisition of scrubber-fitted MR and LR2 newbuildings. The company has also announced letters of intent to construct Very Large Crude Carriers (VLCCs), providing insight into its long-term fleet plans. These items appear frequently in Scorpio Tankers’ news and reflect its approach to fleet renewal and capital allocation.
Another key category of Scorpio Tankers news involves time charter-out and bareboat charter arrangements. The company has disclosed multi-year time charter-out agreements for LR2 product tankers such as STI Rose, STI Alexis, STI Spiga and STI Orchard, as well as a bareboat charter-out of the MR tanker STI Bosphorus in connection with participation in the U.S. Government’s Tanker Security Program. Updates on average daily Time Charter Equivalent revenue and contracted days also feature in its quarterly results releases.
Scorpio Tankers’ news releases additionally cover liquidity, debt and equity-related actions, including unscheduled prepayments on credit facilities, repayments of lease obligations, availability under revolving credit facilities, and activity under its securities repurchase program. Quarterly earnings announcements, dividend declarations and conference call details provide further context on the company’s financial results and communication with shareholders.
Investors and observers who follow STNG news can use this stream of information to track changes in the company’s fleet composition, charter coverage, leverage and capital commitments over time.
On September 9, 2020, Scorpio Tankers (NYSE: STNG) provided an update on its daily Time Charter Equivalent (TCE) rates for Q3 2020. The company reported improved TCE rates compared to Q3 2019, despite seasonal weaknesses and inventory reductions. The TCE rates for LR2, LR1, MR, and Handymax vessels were $19,250, $18,500, $14,250, and $10,000 respectively, with significant vessel utilization. CEO Emanuele Lauro emphasized the company’s focus on liquidity management and shareholder value amid an optimistic outlook for the remainder of 2020 and into 2021.
Scorpio Tankers (NYSE: STNG) announced a new $250 million Securities Repurchase Program aimed at enhancing shareholder value. From July 1 to now, the company repurchased $52.3 million of its Convertible Notes due 2022 and acquired 1,170,000 shares for $13.1 million in September. The current outstanding Convertible Notes face value is $151.2 million. The new buyback reflects the company's commitment to managing its capital structure effectively and is expected to potentially impact earnings per share while reinforcing investor confidence.
On September 2, 2020, Scorpio Tankers (NYSE: STNG) announced that Scorpio Services Holdings Limited purchased 103,896 common shares of the company at an average price of $11.10 per share. Scorpio Tankers operates a fleet of 134 tankers with an average age of 4.8 years, providing marine transportation of petroleum products globally.
Scorpio Tankers (NYSE: STNG) disclosed that Scorpio Services Holdings Limited has acquired 100,000 common shares at an average price of $11.32 each. Scorpio Tankers operates a fleet of 134 tankers, including various vessel types with an average age of 4.8 years, contributing to its marine transportation services worldwide. This acquisition by a related party may indicate confidence in the company's stock value amidst market fluctuations.
Scorpio Tankers (NYSE: STNG) announced the acquisition of 100,000 shares by Scorpio Services Holdings Limited at an average price of $12.67. The company operates a fleet of 134 tankers with an average age of 4.7 years, focusing on the transportation of petroleum products worldwide. Scorpio Tankers emphasizes its strategic positioning in the maritime industry, although it notes potential risks including market fluctuations and operational challenges stemming from the COVID-19 pandemic. Investors are advised to consider these factors, along with the company's growth strategies.
Scorpio Tankers (NYSE: STNG) reported a strong financial performance for Q2 2020, achieving a net income of $143.9 million or $2.63 per share, contrasting with a net loss of $29.7 million in Q2 2019. For the six months ended June 30, 2020, net income reached $190.6 million or $3.48 per share. The company declared a quarterly cash dividend of $0.10 per share, payable September 29, 2020. Notably, net debt decreased by $228.8 million to $2.9 billion. Average daily Time Charter Equivalent revenue for Q2 2020 was strong, highlighting the company's operational resilience amid ongoing market volatility.
Scorpio Tankers (NYSE: STNG) will release its Q2 2020 earnings on August 6, 2020, accompanied by a conference call at 9:30 AM EDT. Investors can join via a US/Canada dial-in number or an international number, and a live webcast will be available on the company's website. Scorpio Tankers operates a fleet of 134 tankers with a weighted average age of 4.7 years, providing marine transportation of petroleum products globally. The company emphasizes its commitment to transparent communication during earnings announcements.
On July 14, 2020, Scorpio Tankers announced that Scorpio Services Holdings Limited purchased 100,000 common shares in the open market at an average price of $12.83 per share. Additionally, President Robert Bugbee acquired call options on 550,000 common shares for $2.1 million, with options set to expire in January 2021 and January 2022, at strike prices of $15.00 and $18.00, respectively. The company operates a fleet of 135 tankers and is focused on petroleum product transportation worldwide.
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.'
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