If content does not display, please refresh your browser.
Not a subscriber?
Find out about tailored subscription packages:
T: +44 (0) 20 3377 3792
Register for our free email digests:
Chaired by Emanuele Lauro, Scorpio Tankers is the tanker arm of Scorpio Group. The New York-listed company is one of the world’s largest owners of product tankers. It owned or finance leased 109 vessels of LR, MR and handymax sizes as of late August. Also, the company has bareboat or time chartered in 17 product tankers of various sizes. The fleet is one of the youngest in the industry.
Scorpio Tankers is incorporated in the Marshall Islands and has principal executive offices in Monaco and New York.
Scorpio Tankers declared a net loss of $68.9m in the second-quarter period, compared with a net loss of $68.3m in the same period a year earlier.
For the first six months of the year, the company posted a net loss of $100.7m, up from $79.8m a year earlier.
The second-quarter results included a $17m loss on convertible notes due in 2019 and a $7m write-off of deferred financing fees.
Early performance indicators for the third quarter suggest time charter rates in key vessel categories are not improving compared with the second quarter.
As of late July, Scorpio had secured average TCE earnings for its pooled LR2 tankers of about $12,000 per day for 45% of the days in the third quarter. In the second quarter, its daily earnings averaged $12,669 per day.
For its pooled LR1s, Scorpio had secured average daily earnings of about $8,000 for 35% of the days in the third quarter, compared with $11,090 per day secured through the previous three months.
Latest From Scorpio Tankers
Product tanker owners report profitable first quarters of the year, but the second quarter is shaping up to reach unprecedented earnings levels
After evangelising about an 'eco-fleet' of tankers, the president and chief executive are now staking the group's profitability on 75 of its vessels being fitted with scrubbers
The company said 18 scrubber installations were completed in the third quarter, with 13 more in progress. The majority will be fitted through the first half of next year
Trafigura buys $135m stake in Scorpio Tankers and offloads $668m loan on the vessels
A new sale prospectus does not mean the Scorpio Bulkers and SSH are looking to sell stock
A $160m impairment is one adjustment, a new capital structure and financing another
All set! This article has been sent to email@example.com.
All fields are required. For multiple recipients, separate email addresses with a semicolon.
Please Note: Only individuals with an active subscription will be able to access the full article. All other readers will be directed to the abstract and would need to subscribe.