Steady Sailing for Scorpio Tankers

Scorpio Tankers Inc. had a net loss of $0.6 million, or $0.00 basic and diluted loss per share, according to the shipper’s first quarter results.

 
The company’s fleet expanded for 12 vessels, as it took delivery of four vessels (one LR2, two MR, and one ice-class 1A Handymax) in July 2014 and eight vessels (six MR and two ice-class 1A Handymax) during the second quarter of 2014. Builders of these vessels are Hyundai Mipo Dockyard, SPP Shipyard and Hyundai Samho Heavy Industries.

However, the charter rates of the existing fleet were somewhat lower when compared to those from last year, amounting to $12,733 from $15,444 per day. Overall, nevertheless, the total vessel earnings reached $56.8m growing by $6.7m due to fleet expansion. Charter hire expenses ticked up by $9.5m to $36.2m.

Scorpio made a $10.9m gain on a swap deal involving 3,422,665 shares of Dorian LPG for 7,500,000 of its own common shares.

The company’s half year results show that the company has made a profit of $52.8m, up by a $51.4m gain from the sale of seven VLCCs in late April.

Scorpio made $235.1m of payments for its 43 newbuilds it has outstanding during the quarter.

On July 28, 2014, the Board of Directors approved a new stock buyback program with authorization to purchase up to $150 million of shares of the company’s common stock, replacing the one announced in June 2014, which is being terminated.

The company said that it expects to “repurchase these shares in the open market, at times and prices that are considered to be appropriate by the company, but is not obligated under the terms of the program to repurchase any shares.”

During 2014, Scorpio has purchased an aggregate of $105.9 million of shares in the open market at an average price of $9.35 during 2014.

Press release, July 30, 2014; Image: Wikimedia

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