Scorpio Tankers Stock Price, News & Analysis

Scorpio Tankers (NYSE: STNG) announced its decision to exercise purchase options on eight product tankers, which include six MR and two LR2 vessels. This move is set to reduce the Company's debt by a total of $141.4 million, with $85.8 million expected from the fourth quarter of 2022 and $55.6 million in 2023. Additionally, the Company plans to repay a $17.5 million credit facility within October 2022. Scorpio Tankers operates a fleet of 113 vessels, averaging 6.8 years in age, specializing in petroleum product transportation globally.

Scorpio Tankers (NYSE:STNG) has announced its third quarter 2022 earnings release date, set for November 1, 2022. The earnings report will be issued in the morning Eastern Daylight Time, followed by a conference call at 8:30 AM EDT. Participants can join the call via the company's website or by calling in using specific dial-in numbers. Scorpio Tankers operates a fleet of 113 product tankers, emphasizing its focus on marine transportation of petroleum products worldwide.

Scorpio Tankers (NYSE:STNG) has announced the signing of three new time charter-out agreements, enhancing its revenue potential with a total estimated revenue of $101.6 million. The agreements include:

• Two LR2 tankers with scrubbers, under a three-year term at rates of $32,750 and $35,000 per day.
• One MR tanker without a scrubber under a three-year term at $25,000 per day.

These contracts are set to commence between September and December 2022 with major refiners, contributing positively to Scorpio's revenue structure.

Scorpio Tankers (NYSE:STNG) announced a repurchase of 220,504 common shares at an average price of $40.90 each as part of its securities repurchase program. This buyback aims to enhance shareholder value by reducing the number of shares outstanding. Scorpio Tankers operates a fleet of 113 product tankers, and continues to navigate the dynamics of marine transportation and petroleum product markets.

On September 21, 2022, Scorpio Tankers (NYSE: STNG) announced the purchase of 137,459 common shares at an average price of $43.27, as part of its buyback program. The company has $169.1 million remaining in this program. Additionally, Scorpio exercised a purchase option for the LR2 product tanker, STI Sanctity, from a lease, which is expected to complete in Q1 2023 and will reduce debt by $27.8 million. These moves reflect a commitment to enhancing shareholder value and financial stability.

Scorpio Tankers (NYSE:STNG) provided an update on Q3 2022, highlighting an average Daily Time Charter Equivalent (TCE) revenue of $50,000 for LR2 tankers and $42,000 for MR tankers. The company exercised purchase options on eight vessels, including Handymax and MR product tankers, resulting in a $133 million debt reduction. Additionally, a new time charter for LR2 tanker STI Lombard was signed at $32,750 per day for three years. The fully diluted share count for Q3 is estimated at 63 million shares.

Scorpio Tankers (NYSE:STNG) announced the repurchase of 1,293,661 common shares at $38.65 each, totaling $50 million, from related party Eneti Inc. This buyback reflects the company’s commitment to enhancing shareholder value and managing its capital effectively. Scorpio Tankers operates a fleet of 113 product tankers, maintaining a strategic position in the marine transportation sector for petroleum products. The ongoing management aims to bolster investor confidence through this strategic share repurchase.

Scorpio Tankers (STNG) reported a significant turnaround in Q2 2022, achieving a net income of $191.1 million ($3.44 EPS), compared to a net loss of $52.8 million in Q2 2021. Adjusted net income was $196.1 million ($3.53 EPS). For H1 2022, net income stood at $106.7 million ($1.92 EPS), up from a net loss of $115.2 million in H1 2021. The Company declared a quarterly dividend of $0.10 per common share, payable September 15, 2022. TCE revenue surged to $381.6 million, marking a $243.5 million increase from the previous year, driven by heightened demand amidst global market changes.

Scorpio Tankers (NYSE: STNG) will release its Q2 2022 earnings on July 28, 2022, followed by a conference call at 8:00 AM EDT. Participants can join via the company's website or by phone using the provided dial-in numbers. Scorpio Tankers currently operates a fleet of 114 product tankers, with an average age of 6.5 years, and plans to sell one LR2 tanker by Q3 2022. Forward-looking statements in the press release caution that actual results may differ due to various risks and uncertainties.