VLCC Sales Spur Scorpio Tankers’ Profit

New York-listed tanker owner Scorpio Tankers reported adjusted net income for 2014 worth USD 7.7 million resulting from the sale of seven newbuild Very Large Crude Carriers (VLCCs) announced in March 2014, the company said.

For the year ended December 31, 2014, the company had net income of USD 52.1 million, or USD 0.30 basic and diluted earnings per share.

The company closed the fourth quarter of 2014 with USD 495,000 net result compared to USD 5.7 million from 2013.

The company’s earnings, adjusted for non-recurring costs, were 12 cents per share, lower than forecast by Zacks Investment Research, totaling in earnings of 13 cents per share, writes the Associated Press.

Scorpio Tankers vessel operating costs increased to USD 31.1 million from USD 12.6 million for the three months ended December 31, 2014 and 2013, respectively driven by an increase in the company’s owned fleet to an average of 50.8 from 19 vessels.

The company has taken delivery of 21 vessels under its newbuilding program since September 30, 2014.

Scorpio Tankers currently owns 65 tankers with an average age of 1.3 years, time charters-in 21 product tankers  and has contracted for 16 newbuilding product tankers, three of which are expected to be delivered in the first quarter of 2015.

 

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