Scorpio Tankers (NYSE: STNG) lifts TCE rates and builds over $380M net cash
Filing Impact
Filing Sentiment
Form Type
6-K
Rhea-AI Filing Summary
Scorpio Tankers Inc. provides an update on its first and second quarter 2026 Time Charter Equivalent (TCE) rates along with current liquidity and debt levels. For the first quarter of 2026, LR2 vessels have average daily TCE revenue of $51,000 in the pool and spot market and $31,000 under time charters, while MR vessels earn $32,000 and $26,800 respectively. In the second quarter of 2026 so far, LR2 pool and spot market TCE rises to $101,000 per day, with MR pool and spot market at $36,500 per day.
As of December 31, 2025, total debt was $628.433 million and cash was $751.955 million, resulting in net cash of $123.522 million. As of March 20, 2026, total debt stands at $589.056 million and cash at $974.000 million, for net cash of $384.944 million and availability under revolving credit facilities of $747.481 million. Pro forma for vessel sales yet to close, cash would be $1,101.822 million and net cash $512.766 million. The company has prepaid $20.2 million of debt related to two vessels and repaid an $18.9 million lease, and has agreed to sell three scrubber-fitted product tankers for $35.0 million, $35.0 million, and $60.0 million.
Positive
- Liquidity and net cash have strengthened materially, with cash of $974.000 million and total debt of $589.056 million as of March 20, 2026, resulting in net cash of $384.944 million and pro forma net cash of $512.766 million after pending vessel sales.
- Debt reduction and asset sales support balance sheet flexibility, including a $20.2 million prepayment on vessel-related debt, an $18.9 million lease repayment, and agreements to sell three scrubber-fitted product tankers for $35.0 million, $35.0 million, and $60.0 million.
Negative
- None.
Insights
Scorpio Tankers reports strong TCEs, rising cash, and lower net debt.
Scorpio Tankers shows robust earning power with LR2 average daily TCE at $101,000 in the second quarter of 2026 and MR at $36,500. These spot and pool rates, alongside contracted time charters, indicate solid vessel utilization across LR2, MR, and Handymax fleets.
On the balance sheet, cash increased to $974.000 million against total debt of $589.056 million as of March 20, 2026, yielding net cash of $384.944 million. Pro forma for pending vessel sales, net cash would be $512.766 million, supported by $747.481 million of availability under revolving credit facilities.
The company has prepaid $20.2 million of debt and repaid an $18.9 million lease, while agreeing to sell three scrubber-fitted product tankers for $35.0 million, $35.0 million, and $60.0 million. Future disclosures in company filings may provide more detail on how this stronger liquidity position supports fleet renewal and newbuilding commitments through 2029.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13A-16 OR 15D-16 OF THE SECURITIES EXCHANGE ACT OF 1934
For the month of March 2026
Commission File Number: 001-34677
SCORPIO TANKERS INC.
(Translation of registrant’s name into English)
99, Boulevard du Jardin Exotique, Monaco 98000
(Address of principal executive office)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F [X] Form 40-F [ ]
INFORMATION CONTAINED IN THIS FORM 6-K REPORT
Attached to this Report on Form 6-K (this “Report”) as Exhibit 99.1 is a copy of the press release issued by Scorpio Tankers Inc. (the “Company”) announcing updates on its first and second quarter 2026 TCE rates and liquidity.
The information contained in this Report on Form 6-K is hereby incorporated by reference into the Company's registration statements on Form F-3 (Registration No. 333-286015) and S-8 (Registration No. 333-290540) that were filed with the U.S. Securities and Exchange Commission, with effective dates of March 21, 2025 and September 26, 2025, respectively.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| SCORPIO TANKERS INC. | ||||||||||||||||||||
| (registrant) | ||||||||||||||||||||
Dated: March 25, 2026 | ||||||||||||||||||||
| By: | /s/ Christopher Avella | |||||||||||||||||||
| Christopher Avella | ||||||||||||||||||||
| Chief Financial Officer | ||||||||||||||||||||
Exhibit 99.1
Scorpio Tankers Inc. Announces Updates on First and Second Quarter 2026 TCE Rates and Liquidity
MONACO, March 25, 2026 (GLOBE NEWSWIRE) -- Scorpio Tankers Inc. (NYSE:STNG) (“Scorpio Tankers,” or the “Company”) announced today an update on its first quarter and second quarter of 2026 average daily Time Charter Equivalent (“TCE”) rates, and its liquidity and outstanding debt.
First and Second Quarters 2026 TCE Rate Update
Below is a summary of the average daily TCE revenue and duration of contracted voyages and time charters for the Company’s vessels (both in the pools and outside of the pools) thus far in the first and second quarters of 2026 as of the date hereof:
First Quarter of 2026
| Pool and Spot Market | Time Charters Out of the Pool | Bareboat Charter Out of the Pool | ||||||||||||||||||||||||||||||
Average Daily TCE Revenue (1) | Expected Revenue Days (2) | % of Days | Average Daily TCE Revenue (1) | Expected Revenue Days (2) | Average Daily Revenue | Expected Revenue Days (2) | % of Days | |||||||||||||||||||||||||
| LR2 | $ | 51,000 | 2,095 | 97 | % | $ | 31,000 | 950 | $ | — | — | 100 | % | |||||||||||||||||||
| MR | $ | 32,000 | 3,300 | 97 | % | $ | 26,800 | 355 | $ | 12,986 | 90 | 100 | % | |||||||||||||||||||
| Handymax | $ | 34,000 | 1,160 | 95 | % | $ | 23,000 | 89 | $ | — | — | 100 | % | |||||||||||||||||||
Second Quarter of 2026
| Pool and Spot Market | Time Charters Out of the Pool | Bareboat Charter Out of the Pool | ||||||||||||||||||||||||||||||
Average Daily TCE Revenue (1) | Expected Revenue Days (2) | % of Days | Average Daily TCE Revenue (1) | Expected Revenue Days (2) | Average Daily Revenue | Expected Revenue Days (2) | % of Days | |||||||||||||||||||||||||
| LR2 | $ | 101,000 | 1,780 | 16 | % | $ | 30,200 | 1,040 | $ | — | — | 100 | % | |||||||||||||||||||
| MR | $ | 36,500 | 3,273 | 16 | % | $ | 26,800 | 264 | $ | 12,986 | 90 | 100 | % | |||||||||||||||||||
| Handymax | $ | 32,000 | 1,170 | 10 | % | $ | 23,000 | 90 | $ | — | — | 100 | % | |||||||||||||||||||
(1)Freight rates are commonly measured in the shipping industry in terms of time charter equivalent per day (or TCE per day), which is calculated by subtracting voyage expenses, including bunkers and port charges, from vessel revenue and dividing the net amount (time charter equivalent revenues) by the number of revenue days in the period.
(2)Expected Revenue Days are the total number of calendar days in the quarter for each vessel, less the total number of estimated off-hire days during the period associated with repairs or drydockings. Consequently, Expected Revenue Days represent the total number of days the vessel is expected to be available to earn revenue. Idle days, which are days when a vessel is available to earn revenue, yet is not employed, are included in revenue days. The Company uses revenue days to show changes in net vessel revenues between periods.
The above rates and coverage percentages are subject to change as the pool results, which include, but are not limited to, estimated results of voyages currently in progress, are finalized.
Update on Current Liquidity and Debt
The table below summarizes the Company’s outstanding indebtedness and liquidity as of the dates presented, and on a pro-forma basis to illustrate the impact of announced vessel sales which have not yet closed:
| In thousands of U.S. dollars | Outstanding at December 31, 2025 | Outstanding at March 20, 2026 | Pro forma outstanding at March 20, 2026 (3) | |||||||||||||||||
| 2023 $225.0 Million Revolving Credit Facility | $ | 73,370 | $ | 73,370 | $ | 73,370 | ||||||||||||||
| 2023 $49.1 Million Credit Facility | 27,164 | 27,164 | 27,164 | |||||||||||||||||
| 2023 $117.4 Million Credit Facility | 40,860 | 40,860 | 40,860 | |||||||||||||||||
2023 $1.0 Billion Credit Facility (1) | 213,593 | 193,418 | 193,418 | |||||||||||||||||
| 2023 $94.0 Million Credit Facility | 54,244 | 54,244 | 54,244 | |||||||||||||||||
| 2025 $500.0 Million Revolving Credit Facility | — | — | — | |||||||||||||||||
Ocean Yield Lease Financing (2) | 19,202 | — | — | |||||||||||||||||
| Unsecured Senior Notes Due 2030 | 200,000 | 200,000 | 200,000 | |||||||||||||||||
| Total Debt | $ | 628,433 | $ | 589,056 | $ | 589,056 | ||||||||||||||
| Cash | 751,955 | $ | 974,000 | 1,101,822 | ||||||||||||||||
| Net Cash | $ | 123,522 | $ | 384,944 | $ | 512,766 | ||||||||||||||
| Availability under revolving credit facilities | $ | 783,876 | $ | 747,481 | $ | 747,481 | ||||||||||||||
(1)In March 2026, we prepaid the outstanding debt balances related to STI Solidarity and STI Osceola of $20.2 million in aggregate.
(2)In February 2026, we repaid the outstanding lease obligation on STI Symphony of $18.9 million.
(3)Amounts reflect the balances as of March 20, 2026, adjusted for net proceeds from the sale of vessels (after estimated selling costs) which have not yet closed. These include the sales of two 2015 built scrubber-fitted MR product tankers, STI Seneca and STI Osceola, for $35.0 million each and a 2015 built scrubber-fitted LR2 product tanker, STI Solidarity, for $60.0 million.
About Scorpio Tankers Inc.
Scorpio Tankers Inc. is a provider of marine transportation of petroleum products worldwide. Scorpio Tankers Inc. currently owns 89 product tankers (33 LR2 tankers, 42 MR tankers and 14 Handymax tankers) with an average age of 10.1 years. The Company has reached agreements to sell an LR2 product tanker and two MR product tankers, which are expected to close in the second quarter of 2026. The Company has also reached agreements for four MR newbuildings that are currently under construction with deliveries expected in 2026 and 2027, four LR2 newbuildings with deliveries expected in 2027 and 2029 and two VLCC newbuildings with deliveries expected in the second half of 2028. Additional information about the Company is available at the Company’s website www.scorpiotankers.com, which is not a part of this press release.
Forward-Looking Statements
Matters discussed in this press release may constitute forward‐looking statements. The Private Securities Litigation Reform Act of 1995 provides safe harbor protections for forward‐looking statements in order to encourage companies to provide prospective information about their business. Forward‐looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts. The Company desires to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and is including this cautionary statement in connection with this safe harbor legislation. The words “believe,” “expect,” “anticipate,” “estimate,” “intend,” “plan,” “target,” “project,” “likely,” “may,” “will,” “would,” “could” and similar expressions identify forward‐looking statements.
The forward‐looking statements in this press release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, management’s examination of historical operating trends, data contained in the Company’s records and other data available from third parties. Although management believes that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond the Company’s control, there can be no assurance that the Company will achieve or accomplish these expectations, beliefs or projections. The Company undertakes no obligation, and specifically declines any obligation, except as required by law, to publicly update or revise any forward‐looking statements, whether as a result of new information, future events or otherwise.
The forward‐looking statements in this press release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, management’s examination of historical operating trends, data contained in the Company’s records and other data available from third parties. Although management believes that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond the Company’s control, there can be no assurance that the Company will achieve or accomplish these expectations, beliefs or projections. The Company undertakes no obligation, and specifically declines any obligation, except as required by law, to publicly update or revise any forward‐looking statements, whether as a result of new information, future events or otherwise.
Contact Information
Scorpio Tankers Inc.
James Doyle – Head of Corporate Development & Investor Relations
Tel: +1 203-900-0559
Email: investor.relations@scorpiotankers.com
FAQ
What TCE rates did Scorpio Tankers (STNG) report for early 2026?
Scorpio Tankers reported strong early 2026 TCE rates. LR2 vessels earned $51,000 per day in the first quarter and $101,000 in the second quarter pool and spot market, while MR vessels earned $32,000 and $36,500 per day respectively over the same periods.
How strong is Scorpio Tankers’ (STNG) liquidity as of March 20, 2026?
Scorpio Tankers reported a sizable liquidity position. Cash totaled $974.000 million against total debt of $589.056 million, producing net cash of $384.944 million and $747.481 million of availability under revolving credit facilities as of March 20, 2026.
What is Scorpio Tankers’ (STNG) pro forma net cash after pending vessel sales?
Pro forma net cash would rise significantly after vessel sales. Adjusting for net proceeds from announced but not yet closed vessel sales, cash would be $1,101.822 million and net cash $512.766 million as of March 20, 2026, according to the company’s table.
Which debt repayments did Scorpio Tankers (STNG) highlight in the update?
The company highlighted targeted debt and lease repayments. In March 2026 it prepaid $20.2 million of debt linked to STI Solidarity and STI Osceola, and in February 2026 it fully repaid an $18.9 million lease obligation on STI Symphony.
What vessel sale agreements did Scorpio Tankers (STNG) disclose?
Scorpio Tankers agreed to sell three scrubber-fitted product tankers. These include two 2015-built MR product tankers, STI Seneca and STI Osceola, for $35.0 million each, and a 2015-built LR2 product tanker, STI Solidarity, for $60.0 million.
How large is Scorpio Tankers’ (STNG) current fleet and newbuilding pipeline?
The company operates a sizeable product tanker fleet. It owns 89 product tankers with an average age of 10.1 years, and has agreements for MR, LR2, and VLCC newbuildings with deliveries expected in 2026, 2027, 2028, and 2029.
Filing Exhibits & Attachments
1 documentPress Releases
Scorpio Tankers