Scorpio Tankers Reaches 1st Quarter Forecasts

Monaco-based tanker owner Scorpio Tankers has seen its net income for the first quarter of 2016 drop to USD 28 million, in line with forecasts, compared to a net income of USD 40.7 million reported in the corresponding period in 2015.

The company added that its vessel revenue for the period reached USD 165.1 million, while it was at USD 160.7 million in the first quarter of 2015.

Scorpio Tankers said that diluted earnings per share were at USD 0.18, while its dividend was at USD 0.125 per share.

In March, Scorpio Tankers amended and restated its previously announced USD 87 million credit facility with ING Bank N.V. to increase the borrowing capacity to USD 132.5 million.

The facility bears interest at LIBOR plus a margin of 1.95 percent per annum, and the proceeds from the upsizing were used in April to partially finance the purchase of an LR2 product tanker STI Lombard and refinance the existing indebtedness on STI Osceola.

The company further said that during the first quarter of 2016 it made USD 72.3 million of installment payments on its newbuilding vessels.

Scorpio Tankers currently has 11 newbuilding vessel orders, eight of which are MRs and three are LR2s. The vessels will be built by DHSC, Hyundai Mipo Dockyard Co., Ltd. and Sungdong Shipbuilding and Marine Engineering Co., Ltd.

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