Scorpio Tankers - STNG STOCK NEWS

Scorpio Tankers (NYSE:STNG) has scheduled its fourth quarter 2024 earnings release for Thursday, February 13, 2025. The company will issue the results in the morning Eastern Standard Time, followed by a conference call at 9:00 AM EST (3:00 PM CET).

The earnings conference call will be accessible via webcast through the company's website and through telephone dial-in options. Participants joining the webcast should register approximately 10 minutes before the start time. For telephone access, US/CANADA participants can dial 1-833-636-1321, while international callers should use 1-412-902-4260.

Scorpio Tankers (NYSE: STNG) has successfully placed USD 200 million of new senior unsecured bonds in the Nordic bond market. The bonds will mature in January 2030 and carry a fixed coupon of 7.5% per annum, paid semi-annually. The proceeds will be used to refinance the company's existing USD 70.6 million senior unsecured notes and for general corporate purposes.

The company plans to list the bonds on the Oslo Stock Exchange. The bond placement was coordinated by DNB Markets, Arctic Securities AS, and Pareto Securities AS as Global Coordinators and Joint Bookrunners, while Nordea Bank Abp, Credit Agricole Corporate and Investment Bank, and Clarksons Securities AS served as Joint Lead Managers.

Scorpio Tankers (NYSE: STNG) has announced plans to conduct fixed income investor calls starting January 13, 2025, potentially leading to a five-year USD denominated senior unsecured bond issue. The company aims to use the proceeds to refinance its existing 7.0% senior unsecured notes due June 30, 2025, which have an outstanding balance of USD 70.6 million, and for general corporate purposes.

The potential new bonds would be offered exclusively to qualified institutional buyers in the United States under Rule 144A of the Securities Act of 1933. The bonds will not be registered under the Securities Act or state securities laws and cannot be sold in the US without registration or applicable exemption.

Scorpio Tankers (NYSE:STNG) has secured commitments for a new $500.0 million Revolving Credit Facility with a seven-year maturity. The facility offers 100% revolving loan capability with flexible draw-down options and bears interest at SOFR plus 1.85% margin, with a 0.74% commitment fee on undrawn amounts. The loan will be secured by 26 product tankers and includes an uncommitted accordion feature of up to $100.0 million. Amortization begins after two years with quarterly installments and a balloon payment at maturity. The facility is expected to close in Q1 2025.

The company currently owns or lease finances 100 product tankers with an average age of 8.7 years and has agreed to sell one MR tanker in Q4 2024.

Scorpio Tankers (NYSE: STNG) reported Q3 2024 net income of $158.7 million ($3.31 basic EPS), including adjusted net income of $87.7 million ($1.83 basic EPS). The company declared a quarterly dividend of $0.40 per share. Q3 performance showed mixed results with TCE revenue decreasing to $258.2 million from $289.2 million year-over-year, primarily due to fleet reduction from 112.1 to 104.8 vessels. The company completed several vessel sales and made strategic investments, including acquiring a 4.9% stake in DHT Holdings for $89.1 million. The company maintained strong liquidity with $220.5 million in unrestricted cash and $288.2 million available under credit facilities.

Scorpio Tankers Inc. (NYSE:STNG) has announced plans to release its third quarter 2024 earnings on Tuesday, October 29, 2024. The company will issue a press release in the morning (Eastern Daylight Time) and host a conference call at 9:00 AM EDT / 2:00 PM CET.

Interested parties can access the conference call through:

• Webcast: Available on the company's website (www.scorpiotankers.com)
• Telephone: US/Canada: 1-833-636-1321, International: 1-412-902-4260

Participants are advised to register for the webcast approximately 10 minutes before it starts and to dial in 10 minutes before the scheduled call time.

Scorpio Tankers Inc. (NYSE:STNG) has announced an agreement to sell its 2019-built LR2 product tanker, STI Lily. The vessel sale is set at a price of $73.5 million and is expected to be finalized within the fourth quarter of 2024. This strategic move by the Monaco-based company represents a significant transaction in the tanker market, potentially impacting the company's fleet composition and financial position.

Scorpio Tankers Inc. (NYSE:STNG) has announced that its President, Robert Bugbee, has made a significant investment in the company's future. Bugbee has purchased call options on 234,300 common shares of the company, equivalent to 2,343 call option contracts, for a total consideration of $1.5 million.

The call options have a strike price of $67.50 and are set to expire in January 2025. This move by the company's president demonstrates confidence in Scorpio Tankers' potential for growth and increased value in the coming years.

Scorpio Tankers Inc. (NYSE:STNG) has provided an update on its 2023 Securities Repurchase Program. Since July 30, 2024, the company has repurchased 2,415,321 common shares at an average price of $72.45 per share. Additionally, since April 1, 2024, Scorpio Tankers has repurchased a total of 3,813,287 common shares at an average price of $74.54 per share.

As of September 6, 2024, the company has 50,760,778 common shares outstanding. The 2023 Securities Repurchase Program, which initially authorized $400 million for repurchases, still has $225.0 million remaining available for future share buybacks.