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.
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.
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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.